The past few months have shown promising signs of an improving real estate market in Sarasota in Southwestern Florida. The Sarasota real estate market has posted significant increases in new and resale house and condo sales as well as a stabilizing median sales price. Many real estate experts hold optimistic views of the future of the Sarasota real estate and believe that the market may have already hit bottom, being poised for a rebound in the coming months. However, there are a handful of real estate experts who are worried that another wave of foreclosures may be coming, reducing the chances of a successful recovery of the Sarasota real estate market in the near future.

According to the Sarasota Herald Tribune, the Sarasota-Bradenton real estate market in Southwestern Florida, just south of Tampa Bay, has posted a stabilized level of home sales. In November, the region posted 784 new and resale home sales, slightly higher than the 738 sold in November of 2008. The median price has also been stable around $160,000, a level that hasn’t changed much since the summer of 2009. Many residents and local real estate experts have interpreted these signs as indicators that the Sarasota real estate market has hit bottom. However, some people believe that the real estate struggles aren’t over yet. The local economy is still plagued by high unemployment rates and distressed properties, suggesting that another wave of foreclosures could come in the coming months. The federal tax credit has offered some support for the Sarasota real estate market though. Many buyers have admitted that the tax credit was a major factor in deciding to invest in real estate in the past few months.

The Sarasota Herald Tribune has also noted that the condo real estate market in Sarasota has also experienced major improvements over the past several months. In November, Sarasota and Bradenton posted a 130 percent increase in condo sales from the same month a year earlier. Some realtors have reported that the federal tax credit has been a major motive for recent real estate investments, with many real estate companies posting more sales in the three weeks prior to the expected deadline of the tax credit at the end of November than in the last three years. However, the median price for condos has declined by 20 percent between November of 2008 and 2009.