The median sale prices for standard transactions were 150% higher than the distressed property sales prices!
Sarasota Area: Foreclosure sales are bringing in a median price of about $80k whereas short-sale prices are showing about $120k median.
”Our market is rebounding from the recession, particularly in the category of normal arm’s length transactions,” said 2010 SAR President Erick Shumway. “We are seeing a stark contrast between these two markets, and this probably reflects the fact that some buyers don’t want to wait for additional months often involved in closing a purchase of a distressed property. Also, the condition of normal, non-distressed properties can be far superior to the short sales and foreclosures on the market. Once the number of distressed properties begins to drop substantially, we should see the median sale prices start to recover.”
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