Area real estate sales up 20% last two months

Real estate sales regionally surged to more than $1 billion during the first two months of 2012, a gain of one-fifth over last year.

Sales totaled $1.05 billion for the year's initial two months in Sarasota, Manatee and Charlotte counties, a 20 percent jump compared with $874 million during the same period of 2011, county records show.

"I think it kind of comes back to the same story, the resumption of the flow of retirees and what kind of retirees are attracted to Southwest Florida," said University of Central Florida economist Sean Snaith.

That resumption is critical, because the region lost tens of billions of dollars in real estate wealth during the downturn.

This new round of retirees "is bringing back wealth that was lost," Snaith said.

The sales figures are based on a state 0.7 percent documentary stamp tax on deeds, data for which was released Wednesday. "Doc stamps," as they are commonly known, are collected on total prices of newly sold and conveyed property throughout Florida.