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SARASOTA -- Of the 5,068 homes sold in 2011, roughly 68% -- 3,424 units — closed for less than $250,000, according to a year-end report published by Michael Saunders & Co.'s Michael Moulton.
In 2005 and 2006, just 25% of existing homes sold in Sarasota were moved below the $250,000 price point. That ratio jumped to 67% in 2009, and has held roughly level since then.
The $250,000-or-less price point's domination of the condo market was even higher, at roughly 70%. Of the 2,812 units sold in 2011, 1,960 went for less than $250,000.
The continued prevalence of distressed transactions in 2011 appears to have increased the number of cheap home sales for the year. Roughly 49% of all homes sold in 2011 were either short sales or bank-owned (REO) properties, including 2,114 -- or 62% -- of homes sold for less than $250,000.
Fewer condos were impacted by distressed sales. Just 31% of condos sold, or 867 units, were short sales or REO transactions.
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