Tracking Sarasota Short Sales and Foreclosures

Posted by Steve Del Viscio on Wednesday, December 14th, 2011 at 1:36pm.

Just like everybody else who reads the paper or listens to the news, I keep hearing about ALL the foreclosures that are going to be flooding the market when the banks decide to finally release them.

The only problem is, I've been hearing and reading this for the last two and a half years. In the meantime, I watch the available inventory of bank-owned & short sale homes & condos continue to drop! But every month it is the same tune - "yes, short sales & bank-owned properties are decreasing in availablity, but just wait until the banks open the floodgates!"

So I am now keeping copious records on the numbers. On the tenth of every month I am recording the total number of short sale properties there are at that time on the market as well as the number of bank-owned properties. These two numbers include all single family homes, condos, townhomes, villas, half of a duplex and manufactured homes.

The geographic area is Sarasota County but only from University Parkway in the north to Osprey in the south. Since all real estate is local, I try to worry about the Sarasota area, not Port Charlotte or Manatee. (Although those areas are seeing the same reduction in available inventories of distressed properties)

I started on November 10th, when there were 96 bank-owned properties on the market and 353 short sales. On December 10th, the numbers were 84 and 327. So both were down about 10%.

But fear not, I know the latest word is "the first quarter of the new year will see a big increase". For some reason, it's always "the next quarter" when the tsunami of properties will occur. But we shall see.

I'll keep you posted.

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