Sarasota County Short Sale buyers save 37%/Sq. Ft.
Posted by Key Realty on Monday, January 24th, 2011 at 11:23am.  |
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Short sale buyers get best deals in 2010
I just ran some stats on 2010, residential sales in Sarasota Ciounty. In 2010, short sales buyers were rewarded for their patience of enduring a short sale by gettting the best deals on residential homes. Short Sale buyers saved an average of 37% or $56/sq.ft. compared to buyers of non-distressed proeprties in Sarasota County in 2010. Buyers of REO/Bank Owned properteis paid an average of $119.54/sq.ft.
In Sarasota County in 2010 there were a total of 8934 residential sales. Although, the bank owned properties sold faster and for haigher percentage of of the listed (asking price), they were not the best deals based on the average cost per square foot.
5,174 of these sales were non-distressed sales or fair market sales. They sold for an average of $150.92/sq.ft. and 91.55% of listed price after 141 days on the market and closed after 182 days (averaged 41 days under contract).
There were 1,773 short sales closed in Sarasota county in 2010. They sold for an average of $94.91/sq.ft. and 94.11% of the listed price. They were on the market an average of 167 days before closing 282 days after being listed (averaged 115 days under contract).
1,986 bank owned properties closed in 2010 for an average of $119.54/sq.ft.. These were on the market the shortest time averaging only 46 days to contract and 82 days to closing. (averaged 36 days under contract).
Bank owned proeprties also sold for a higher percentage of the asking price. On average the bank owned proeprties sold for 98% of the listed price. I will be writiing more about the percentage of sales price to list price, based on days on the market in a blog later this week.
All figures used above are the average value. Since I was interested in comparing cost per square foot, these stats are for residential sales in Sarasota County in 2010, as reported in MFR MLS.
Adam Robinson, Broker
SarasotaForeclosures.com Inc.
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