Area property sales slow to pre-tax levels

According to the Sarasota Association of Realtors, property sales in the Sarasota real estate market in July 2010 slowed to pre-tax credit numbers following the expiration of the federal $8,000 homebuyer incentive.

Property sales in July 2010 stood at 525 total sales, declining 47.8 percent from the June 2010 figure of 776 sales. Pending sales also dropped to 653, slower than the period during which homebuyers were eligible for tax credits.

The property inventory level remained fairly consistent, rising slightly above the 6,000 level in July 2010 at 6,045, still one of the lowest monthly levels since late summer of 2005. The months of inventory for single-family homes in July 2010 rose to 10.4 months from 6.6 months in June. This figure represents the number of months it would take to sell all available homes at the current pace. For condos, the figure rose to 14.4 months from 10.6 months, still lower than last July’s figure of 16.9 months.