Market Statistics

2013 Real Estate Sales Up Double Over Last Year

By | January 22, 2014

business graph in blueSarasota County median sale prices for single family homes and condos in December 2013 were up double figures over last December as the real estate market ended the year on another high note. Single family home prices were at $189,950 in December, compared to $165,000 last year at this time for a 15.1 percent increase. Condos also saw a big rise, hitting $182,000 in December 2013 compared to $165,100 last year for a 10.2 percent increase.

The 12-month rolling median, which moderates monthly swings, for single family homes was $184,900 in December 2013, up nearly 20 percent from last year at this time ($155,000). For condos the rolling median was $164,900, up 10.1 percent over last year’s figure at this time ($150,000).

Total property sales in Sarasota County in December 2013 stood at 920, with 621 single family homes and 299 condominiums changing hands. This compares to 906 for last December.

December 2013 sales bested November’s 787 sales by 16.9 percent. For the full year 2013, Sarasota County had the second highest number of sales ever tracked in the MLS system at 11,184.

To view the full press release from the Sarasota Association of Realtors visit

http://www.sarasotarealtors.com/files/monthlystatistics/Dec2013Stats14012030603.pdf

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Sarasota Home Prices Continue to Rise

By | December 20, 2013

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a-housing-graph

The Sarasota Association of Realtors just released the sales numbers for the month of November. They report that median sale prices for single family homes sold in Sarasota County in November 2013 were up 20.6 percent over last November, a clear sign that recent price appreciation in the single family home market is continuing unabated. Single family home prices were at $187,000 this November compared to only $155,000 last November. The median sale price for single family for the 12 month period ending Nov. 30, 2013 was $181,700, up 23 percent over last year at this time ($147,000). Comparing November to October, prices were up slightly for single family from $185,776 last month.

Condo prices were slightly down this November compared to last year at this time – $157,750 compared to $160,000 in November 2012. But the 12-month rolling median, which moderates monthly swings, for condos was $163,000, up 10.1 percent over last year at this time. Condo prices were down 10.9 percent from October’s figure of $175,000.

For the full press release and statistical charts click here.

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Sarasota Real Estate Sales in September

By | October 26, 2013

a-housing-graph

a-housing-graphThe Sarasota Association of Realtors recently reported that property sales in September 2013 in Sarasota County hit 817 (545 single family homes, 272 condos), 22.5% higher than in September 2012. However, the total sales figure was down 14.6% from August 2013, when 957 sales were closed, mirroring a similar late summer drop last September.

To view the full report and statistics click here.

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Sarasota Home Sales in August Up Over Last Year

By | October 2, 2013

The Sarasota Association of Realtors recently released the sales statistics for the month of August which show property sales in Sarasota County stood at 957, a dozen sales less than recorded in July 2013, but 11.6 percent higher than in August 2012. In addition, the median sale price for single family homes in the county rose to $195,000, 30 percent higher than last August’s figure of $150,000, and higher than July’s figure of $189,900. Condo prices were at $161,000, slightly higher than July’s figure of $159,000 and 7.1 percent higher than last August’s figure of $148,889.

Monthly median prices are susceptible to swings based on sales at one end of the price spectrum. A look at the 12-month rolling median removes that volatility. The 12-month rolling median sale price for single family homes was $176,500 in August 2013, up substantially from the August 2012 figure of $146,100, and also up from the July 2013 figure of $173,000. For  condominiums, the figure was $160,200 this August, compared to $150,000 a year ago, and $160,000 in July. The price trend is clearly upward.

Pending sales stood at 864 in August 2013, up about 1.7 percent from the 849 figure in July 2013 and up 6.8 percent from last August’s total of 808. Pending sales represents properties that went under contract during the month, and indicates sales in September and beyond could also be at higher levels.

To view the full report along with statistical charts visit their website.

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Sarasota Real Estate Sales in July 2013

By | August 22, 2013

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a-housing-graphThe Sarasota Board of Realtors just released the sales statistics for July.

The Sarasota real estate market continued an amazing streak in July, with members of the Sarasota Association of Realtors® closing 911 sales during the month – a 30.3 percent increase over July 2012, and 3.2 percent higher than the June 2013 total. The first seven months of 2013 are still tracking to make the overall year one of the biggest in SAR’s history.

The other major news of the month was the major rebound in the median sale price for single family homes. The price went from $200,000 in June 2013 to $227,500 in July 2013, a 7.2 percent increase. For the 12-month rolling median price, the single family home figure was at $195,000, a 16 percent increase over last year at this time when the rolling median price was at $168,500. If current trend levels continue, this will be the biggest year-to-year increase for single family home prices in four years.

To view the full press release click here

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The Big Fish Have Come Out To Feed

By | July 30, 2013

Last week, the Sarasota Herald-Tribune published a fantastic article about the state of our market and the challenges today’s buyers are facing.  Much of the data in this update is drawn from this article and you can read the entire text here.

The Big Fish Have Come Out To Feed

It’s no big secret that there are a lot of cash buyers out there right now – they’ve always been prevalent in our resort market, but what’s surprising is the overall number of sales going to cash buyers right now.  The Sarasota-Bradenton area is the #4 market in the entire country overall for cash buyers with 59% of all transactions going to contracts without financing contingencies (bested only by Cape Coral [70%], Miami [64%], and Las Vegas [62%).  That’s DOUBLE the U.S. average for cash transactions and it’s making it much harder for buyers who require a mortgage to purchase.

Our summer months tend to be much slower than our winter ones and there’s less competition for the best homes when it’s hot outside.  If you’re thinking about buying, DON’T WAIT until 2014 – you’ll be competing with a massive influx of seasonal buyers who will scoop up the cream of the crop before you even know it’s on the market.

10% Of All Transactions Go To Corporate Buyers

Right now, there are at least three major hedge funds investing unheard of amounts of dollars into our market; one company alone has pledged to spend $1 billion (that’s billion with a ‘b’) between Tampa and Ft. Myers.  These buyers accounted for 10% of all last month’s sales and they purchased almost entirely in the under-$200k range.  Their contracts call for fast closings, quick inspection decisions, and are typically full-price or above cash offers.

Traditional buyers can still get into the market with an aggressive agent and a little bit of patience.  We’ll use every tool at our disposal to make sure you’re able to take advantage of today’s incredible housing opportunities.

Interest Rates Are Going Up, Up, Up

You may have heard the news about today’s record-setting interest rates.  For the past few years, interest rates have hovered in the 3.5%-4% range on 30-year fixed-rate mortgages; rates have never been lower in U.S. history.  Over the past month or so, the Fed has hinted that they’re going to back off the quantitative easing that’s been keeping rates low and rates have jumped substantially as a result.  The chart at right (courtesy bankrate.com) graphs rates over the past six months – in the last 30 days alone, interest rates have gone up almost an entire percentage point.

That rate difference really impacts your monthly payment.  On a $150,000 purchase with 20% down, it would jump your monthly payment from $726.35 (principal and interest only) to $795.52 and cost you $24,900.74 over the life of the loan.

Interested In Buying or Selling?


When you hire Alex Krumm at Re/Max Alliance Group, you’ll get an award-winning expert agent ready to work for YOU!  I’m in the top 2% of active local agents for homes sold and I’m used to selling more homes for more money in less time.  Put the benefit of our area’s #1 brokerage to work and call today!

Alex Krumm, GRI, CDPE
Broker Associate, Re/Max Alliance Group
SAR Professional Development Committee
4-Year Winner, Five-Star Best In Customer Satisfaction – Sarasota Magazine
941-234-3597 Direct
srqbroker@gmail.com

Send Me An E-Mail Today!

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June Real Estate Statistics

By | July 24, 2013

Housing-InventoryThe inventory of available homes in the Sarasota market
fell to only 3,114 in June 2013 – the lowest level in longer
than a decade, and an 18 percent drop from last year at
this time. Declining inventory generally results in greater
competition for available homes and condos and subsequent
price escalation.

Members of the Sarasota Association of Realtors® sold 883
properties in June 2013, a drop from the May 2013 figure
of 1,020 which represented an eight-year high, but up 2
percent over June of last year. The Sarasota real estate market
tallied 642 single family homes and 241 condominiums
in June 2013, compared to June 2012 totals of 603 single
family homes and 261 condos sold in June 2012.

To view the full press release click here

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May Sales in Sarasota Hit New 8 Year High

By | June 25, 2013

business graph in blueMembers of the Sarasota Association of Realtors® sold 1,020 properties in May 2013, the second consecutive month that sales have hit four figures since June  2005. In many respects, April and May were statistical mirror images of each other in terms of total sales, pending sales, steadily increasing median sales prices and declining inventory. There have now been only 11 months in SAR’s 90-year history that sales have topped 1,000, with the other nine occurring in 2004 and 2005.

The spring sales surge in the Sarasota real estate market hit 737 single family homes and 283 condominiums in May 2013. That compared to 591 single family homes and 263 condos sold in May 2012. Sales were 19.4 percent above last May, when there were only 854 total sales. In April 2013, closed sales were at 1,017.

Pending sales were also up in May 2013, with 1,157 combined pendings reported. In April 2013 there were 1,097 pendings reported, and last May there were 1,075 pendings. Pending sales have now topped 1,000 every month this year. This important statistic represents properties that went under contract during the month, and indicates sales in June and beyond could also be at near record high levels.

The high sales volume was accompanied by yet another increase in the median sales prices. The figure for single family homes was $220,000 – the highest level since August 2008 and up 18.8 percent over last May’s figure of $185,000. For condos, the median was $194,250, almost 8 percent higher than last May’s figure of $180,000. The condo figure has continued to fluctuate substantially over the past few months, dropping to a low point of $130,000 in January 2013 before recovering.

Click here for the full press release from the Sarasota Association of Realtors.

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Over 1,000 Sarasota Properties Sold in April

By | May 23, 2013

Members of the Sarasota Association of Realtors® sold more than 1,000 properties in April 2013, the first time sales have hit four figures in a single month since June 2005.  There have only been ten months in SAR’s 90-year history that sales have topped 1,000, and the other nine occurred in 2004 and 2005.

business graph in blueThe spring sales surge in the Sarasota real estate market hit 714 single family homes and 303 condominiums in April 2013, for a total of 1,017 closings. That compared to 589 single family homes and 297 condos sold in April 2012, for a 14-percent increase over last year at this time. The all-time record of 1,223 sales was recorded in April 2004.

The high sales volume was augmented by an increase in the median sales prices. The figure for single family homes was $217,000 – the highest level since August 2008 and up 24 percent from last April’s figure of $175,000. For condos, the median was $185,000, slightly lower than last April’s figure of $191,000. The condo figure has continued to fluctuate substantially over the past few months, dropping to a low point of $130,000 in January 2013 before recovering.

Click here to view the full press release.

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How Low Is The Inventory? Let’s Use Voodoo Houseanomics

By | May 1, 2013

george-hw-bush-picturePrices are way, way up this year due to low inventory – that’s good for underwater owners and investors alike. Currently there are just three single family homes under $100,000 for sale in Sarasota that were built since Bush The First came into office (and just 7 since Reagan was in charge). There are still opportunities for someone to make a profit but the prices are only going one direction!

Here’s our actual inventory count on single family homes, sorted by Presidency:

Obama

# Of Available Houses
Under $100k 1
$100k-$250k 17
$250k-$500k 40
$500k-$1 Million 25
$1+ Million 45

Bush 2

# Of Available Houses
Under $100k 2
$100k-$250k 22
$250k-$500k 96
$500k-$1 Million 79
$1+ Million 97

Clinton

# Of Available Houses
Under $100k 3
$100k-$250k 41
$250k-$500k 160
$500k-$1 Million 106
$1+ Million 132

Bush 1

# Of Available Houses
Under $100k 3
$100k-$250k 52
$250k-$500k 185
$500k-$1 Million 132
$1+ Million 143

Reagan

# Of Available Houses
Under $100k 7
$100k-$250k 94
$250k-$500k 232
$500k-$1 Million 158
$1+ Million 161

Washington

# Of Available Houses
Under $100k 61
$100k-$250k 218
$250k-$500k 314
$500k-$1 Million 251
$1+ Million 243

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