Home sales and prices in Sarasota-Bradenton, Florida rose from May to June driven by the large volume of cheap bank foreclosed homes and short sales in the area. For the period, six more properties were sold and the $162,700 median home sales price rose by 3.8 percent.
However, year-to-year comparative price dropped by 30 percent, making it the biggest decline in Florida. Home sales figures also dropped from June 2008 to June 2009.
The Sarasota-Bradenton market was among the three communities in the state where home sales last month declined from the previous year. But this does not mean that the Sarasota-Bradenton market is languishing. Industry experts said that the market has been buzzing with activity. They said that buyers looking for cheap bank foreclosed homes to buy flocked to the region in the past several months.
Many out-of-town buyers have been snapping houses with prices ranging from $30,000 to $800,000. Experts said that buyers consider properties in Florida as good deals because of the large number of bank foreclosed homes and short sales that accounted for majority of properties sold on the Southwest Florida market.
Meanwhile, market activities in Charlotte County-North Port showed a rosy picture, with home sales increasing by 10 percent and prices also rising both month-over-month and year-over-year. The median home sales price rose by $145,600 in June from $97,200 the previous month, representing an increase of 49 percent. The year ago price of $141,000 represented a 3 percent increase, the only region in Florida to show an annual rise.
Statewide, May to June home sales increased by 28 percent and sales price jumped by 2.5 percent. Nationwide, June sales of pre-owned homes increased by 3.6 percent, making it the third month that sales increases were posted. The figures were the highest since last October.
Meanwhile, in Sarasota-Bradenton, distressed properties make up as much as 90 percent of home sales in the region. Some industry experts are quite skeptical that the market is currently experiencing a turnaround, saying that they need to see a trend of recovery for six consecutive months.
Experts said that distressed properties continue to have the biggest share in the region’s residential real estate market and they expect the number of bank foreclosed homes in the luxury market to rise in the next months.
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