Sarasota Foreclosures Down for 2011

The total number of new foreclosures in Sarasota County for 2011 came in at 3,020 new filings according to the Sarasota Clerk of Courts.  Filings for 2010 were 4,984 which represents a 40% drop in new foreclosure filings for the year.  While the second half of 2011 saw a modest up-tick in new filings, foreclosures are well below 2010 levels.  The number of sold foreclosures continues to be quite less impressive given these new filings.  Foreclosure cases usually take at least six months but can run for several years.  It is not until the bank is awarded the house through the foreclosure process that the bank can list and sell the property.  The expectation is that foreclosures will be part of this market for some time to come.

Foreclosures were 1,753 out of the 9,328 total units sold in Sarasota County in 2011 or only about 19% of the total market.  Nearly two-thirds of this market for what I’d like to call “normal sales.”  These are sale transactions where the seller is not being controlled by the bank.Sarasota Foreclosures for 2011 vs 2010

While there are excellent bargains to be found if you are looking for a Sarasota Foreclosure, don’t limit yourself just to this small segment of the real estate market.  Sellers must compete with the foreclosures in order to sell.  This represents an excellent opportunity to find a home that has been well taken care of by the owner vs. an "as-is" home with a questionable history.

We are the local Sarasota real estate experts and we look forward to helping you find that next perfect Sarasota home.