Recent Market Activity

Bank-Owned REO's in Sarasota County

      This report was updated Dec 22, 2009. There are 228 properties owned by banks banks on the MLS today in Sarasota County. The number of foreclosures on the market has dropped about 70% since the first of the year because of high demand. The single family houses are selling within 2 months compared to over 12 months for houses that are not bank-owned. The bank-owned condos are selling in 2 months compared to 16 months for non-REO units.

     In Sarasota County, there are over 5,800 houses and condo's that are in some phase of the foreclosure process but are not yet in the possession of the banks.  The foreclosure process is taking 6 to 12 months in Sarasota County from the time the borrower receives the foreclosure lawsuit ( lis pendens ) notification. New MLS listings of foreclosures are coming on the market at the rate of about 200 per month.

    During the last 6 months, 973 single family bank-owned houses have been sold. Eighty percent of these sales were for less than $150,000.  There were also 159 bank-owned condo/townhouse/villa sales in the last 6 months.

    In North Port, relatively new houses (built since 2000) with 1,100 to 1,600 sq ft are selling for an average price of $83,000 and 1,600 to 2,100 sq ft houses are selling for an average price of $108,000.

   In the City of Sarasota area, most foreclosures are of houses built before 1995 and the average selling price is $81,000.

    If you want more specific information about an area or a type of housing, send me an e-mail at abroslat@ureach.com or call me at 941-661-2577. I'll also be glad to set up a search that will notify you when a new bank-owned listing comes on the market.