Sales moderate, inventory is lowest in decade - Longboat Key News

So far in 2011, there have been four months with more than 700 sales, reaching 728 in June and hitting a peak of 796 sales in May. Last July, sales also moderated as the slower summer season kicked in and the federal homebuyer tax credit expired. This is more than a 7 percent drop from the June 2011 total of 4,830, and it's a 25 percent drop from the July 2010 figure of 6,054. The decreased inventory could spur stronger competition for homes and condos, and subsequent price appreciation, according to the Sarasota Association of Realtors. The condo median price slipped to $145,000 from $185,00 in June, but was 14 percent higher than last July's median of $127,000. For condos, the months of inventory also rose to 10. Last year, pendings were trending downward in late summer, which brought a decrease in total sales in the fall. The inventory of available properties remains at a low for the past decade, and this historically means we should experience upward pressure on prices. The percentage of distressed property sales has remained stable, which is another positive factor. That compares to 47 percent as recently as February 2011 and a high of 51 percent in November 2010. I will curtail vising downtown Sarasota if the meters are. Realtors