Sarasota real estate picks up

SARASOTA — Although total sales are up just 4% over the year, the Sarasota residential real estate market is reporting one of its best months in terms of volume since late 2005.

With 796 properties sold, the Sarasota Association of Realtors says May 2011 saw the second-highest number of property sales in the past six years.

The association also reports that 38% of all transactions in May were distressed sales (short sales and foreclosures). That would be much improved from activity earlier this year; last week, area Realtor Michael Moulton estimated that 52% of Sarasota real estate sales were distressed in the year's first five months.

The median sale price for single-family homes fell slightly over the year, from $169,000 in May 2010 to $159,000 this year. But the median price for condos went up, from $184,500 to $218,750 last month.