Pending sales rise in Sarasota

SARASOTA — The Sarasota Association of Realtors reports a decrease in closings for January compared with December, but a 38% jump in pending sales during that time.

The association says in January, its members sold 513 residential properties, of which 365 were single-family homes and 148 were condominiums, according to a release. This is down from 644 properties sold in December and 537 properties sold in January 2011.

Of those, 40% were distressed sales, either bank-owned or short sales. That is nearly the same as December's portion of distressed sales, at 41.6%.

Meanwhile, prices increased 20% in the condominium sales from December to January, to $180,000. The median sales price for single-family homes remained flat, at about $160,000, according to the release.

The association says inventory in the Sarasota market is declining. In January there were 8.3 months of inventory for single-family homes, compared with 10.2 months of inventory during the same month a year ago. That figure is 11.3 months for condos, compared with 14.1 months in January 2011. An inventory of six months is considered a market equilibrium.

The SAR says its increase in pending sales, with 963 contracts signed in January, indicates strong selling activity during the next few months.

The Sarasota Association of Realtors compiles information from properties listed in the Multiple Listing Service by its members. The listings include some listings in Manatee, Englewood, Venice and other areas.