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SARASOTA — The real estate market in Sarasota saw 1,830 closings in 2010, up 18% from the prior year. Of those, 544 took places in the fourth quarter, giving the region its best quarter for closings since the end of 2008.
Housing starts increased as well, with 1,679 in 2010, up 40.6% over the year, according to data released by Metrostudy.
“This market is typically one of the first to recover from housing market downturns, and the trend again appears to be evident,” said Tony Polito, Metrostudy's regional director for the Sarasota market.
Inventory fell 14.3% over the course of 2010. The market now has a total inventory of 906 units, representing a 5.9-month supply. A two-month supply is considered to be in market equilibrium, Metrostudy says.
Data for the Tampa Bay market were not as encouraging, although there were some positive pieces. Housing starts increased by 18.4% in the region, but closings fell 4.6%. At the end of the year, Tampa Bay inventory stood at 3,007 units, an 8.1-month supply.
In Lee County, quarterly housing starts decreased over the year, from 218 to 178. Starts decreased in Collier County as well, falling from 200 to 153. Metrostudy did not provide data on closings for the region.
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