The city of Sarasota, like most of the metropolitan areas in the state of Florida, has seen one of the worst housing market slowdowns in its history.

Although Sarasota and its nearby areas are not as downtrodden as what others may like you to see it, the fact is that the property markets here are feeling the pinch of mounting foreclosures and heaps of unpaid mortgages too, but are showing signs of slowly moving up to recover from this malaise.

January Pending Home Sales Levels Are Up

According to figures taken from the Sarasota MLS system, pending home sales in January 2008 were at its highest levels since June of last year, although January also saw a drop in overall property sales in the local market.

One of the major reasons for the dip was the pending vote on the state’s property tax reform package , which probably did contribute to some home buyers sitting on the sidelines for the moment. However according to market observers, with the passage of the reforms by voters, a rebound in property sales in the Sarasota area, and across the state as well, is predicted in the coming months.

How Are Single-Family Units And Condos Faring In This Market?

According to January figures, there were 329 overall property sales, of which 221 were for single family homes and 108 for condos. This represents a 19 percent drop from total sales in the same period last year, which was at 407.

The reduction was more than 20 percent below the total of 426 closed transactions recorded in the city’s MLS in December 2007. For the state of Florida, single-family home sales were down 28 as compared to January levels last year, while condominium sales were down 30 percent. According to housing experts, the figures continue to indicate that in a down market, the Sarasota area is faring much better than other state housing markets.

According to the Sarasota Association of Realtors, there was obviously some hesitation from buyers during the month of January, with the pending property tax reform vote coming up. However the SAR notes that with that property amendment issue settled already, and one that is favorable to home buyers, the market should see prospective buyers taking advantage of historically low interest rates, great property selections, and other factors that entice home buyers to purchase homes in Sarasota and nearby counties.

Some housing analysts have suggested that the actual arrival of baby boomers from other areas over the next few years will surely be a good factor in helping the region rebound from its current troubles. Housing analysts surmise that the projected supply of retirees for this area will grow explosively, although only around 20 percent of Americans aged 60 and older end up moving across state lines. Despite this, many see that the Sarasota-Bradenton area will get more than its share of retiring baby boomer home buyers, and along with those retirees will also come another group of migrants, who will mow their lawns and pour their drinks as well.