Distressed sales hurt Sarasota

SARASOTA — A broker with Michael Saunders & Co. estimates 45% of all real estate sales in Sarasota so far in 2011 were either short sales or bank-owned properties.

Real estate broker Michael Moulton says year-to-date sales are up slightly from last year, with 2,677 properties sold through April 2011, compared to 2,567 last year.

But short sales and bank deals are keeping prices down for many would-be sellers: nearly 1,200 of those 2,677 closings were distressed sales, Moulton says.

At the very least, sales are happening. Says Moulton in his report: “Showings have definitely increased over the prior year and 'right-priced' properties are selling.”

Moulton's latest report is based on data from the Sarasota Association of Realtors.