M. Saunders & Co. Q1 sales up

Sarasota's Michael Saunders & Company sold $342.1 million worth of properties in the first quarter of 2010 — a 73% increase over the same quarter last year, according to a release from the company.

The company sold $149.4 million in properties in March 2010 alone, the release said.

“We're absolute thrilled with these results,” said Michael Saunders, founder and chief executive officer of the company, in a release.

An increase in the company's first quarter pending sales, up 94% relative to 2009, suggest the boost may be sustainable. But Saunders is aware of other market trends that may impact sales going forward.

“As improved as our market is, most of the improvement is clustered in the lower end among properties priced below $350,000,” he noted. “The upper end is lagging in the correction and is even experiencing its first wave of foreclosures.”

Regardless, Saunders has qualified hope for increased market activity. “I remain cautiously optimistic that the market will continue to improve even after the tax credit expires and interest rates go up,” he said in the release.