The Sarasota Association of Realtors reported its pending sales soared in April to 981 units -- up 21 percent from the previous month and up nearly 30 percent the same time in 2008. Sales prices also edged up about 5 percent compared to April 2008, giving sales professionals another reason to suspect the bottom has finally been reached in the region.
"Last month we saw a lot of major positive signs in our local real estate market," said 2009 SAR President Bill Geller on the SAR web site. "The fact that sales went up, while prices also rose, is an indicator that healthy conditions are returning. We also saw overall inventory drop to the lowest level of the year. Pending sales were almost at the 1,000 level -- all very good news that shows we have many, many buyers in the marketplace looking for good deals."
Nevertheless, the inventory is large enough to keep the sales in a buyers market with a 15 months' supply. Buyers are getting off the dime because of the dropping prices and ample inventory, low interest rates (in the 5 range) and the $8,000 tax credit, Geller said.
Sales have hit the over-500 mark for the 16th consecutive month "and have trended steadily upward all year. The statistic is a strong indicator for the next two or three months of sales activity, when many of these pendings will become closed sales," according to SAR. "Pending sales reflect contracts executed by buyers and sellers during the month. The numbers indicate a continuing steady, strong pattern... ."