National vs. Sarasota Real Estate Sales
Good news has emerged recently for both the national housing market and the Sarasota real estate market.
In January, the number of pending home sales (the number of Americans who signed contracts in January to purchase homes) rose 2%, according to the National Association of Realtors (NAR). This is the highest level of pending home sales since April 2010.
In the Sarasota real estate market, even better data emerged. In the territory covered by the Sarasota Association of Realtors (SAR), pending home sales in January rose by a whopping 38% over December. More healthy signs for the housing market arose this past February:
* Existing Home Sales reached their highest level since May 2010
* First-time Homebuyers are making more purchases
* January’s New Home Sales Annual Rate topped 321,000 (the second-highest monthly figure since the home buyer tax credit ended back in April 2010)
National vs. Sarasota Real Estate Inventory
The inventory level of available homes for sale fell nationally in January to 151,000 homes, the lowest point in almost seven years, and a factor which will almost certainly drive home prices higher. The figure signifies a 5.6 month supply at the current sales rate. Anything under a 6-month supply is considered good and could even mean a shortage in some real estate markets.
When pending sales are factored in, the inventory level in Sarasota County, 4.4 months, is far below even the 5.6 month national supply figure of homes for sale. Combine all these indicators with generally affordable current prices and all-time low mortgage rates, and 2012 looks like the year when the housing market will see a steady, mostly vigorous recovery, especially in the Sarasota area.
Overall Outlook for Sarasota Real Estate
Still, most observers believe that easier mortgage lending conditions, historically low rates, and an improving employment picture are all contributing to the start of a significant upturn in home sales.
For those thinking about purchasing a home in the near future, there’s no time like now to start shopping, and there’s no one you can trust more to help you buy the Sarasota real estate than True Sarasota Real Estate, your Exclusive Buyers Agents and Luxury Real Estate Experts in Sarasota, Florida.