Market Statistics

January 2013 Real Estate Sales Up 22 Percent Over Last January

By | February 23, 2013

business graph in blueThe Sarasota real estate market saw sales leap by 22 percent in January 2013, compared to January 2012 – a great start for the new year, and evidence that the 2012 real estate market boom is continuing unabated.

Members of the Sarasota Association of Realtors® sold 626 properties in January – 466 single family homes and 160 condominiums. That compared to 365 single family homes and 148 condos sold in January 2012. The January sales represented a drop off from the December 2012 total of 828 sales. A similar decrease was seen last year from December to January. In 2012, sales increased markedly in February, March and April, climbing to 886 closed transactions in April before dropping off slightly in the summer months.

Pending sales, which predict future closings, were at 1,047 in January – the highest level in nine months, and well above the pending sales reported in January 2012 (963). This statistic, which represents properties that went under contract during the month, indicates the February sales could also be at a healthy level.

The available inventory remained near the lowest level in a decade, but rose somewhat in January 2013 to 3,846 from the December 2012 total of 3,657. The figure was still 1,000 fewer properties than in January 2012.

“We are seeing some sellers returning to the market to take advantage of the spring buying season, so our inventory level has increased slightly,” said SAR President Roger Piro. “The biggest current trend remains the high level of market activity – foot traffic at open houses, competitive bidding for available homes, and tremendous volume of sales.”

To view the full press release with statistics click here.

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2012 Resurgence in the Sarasota Real Estate Market

By | January 17, 2013

Rising-Home

Rising-HomeProperty sales for the year 2012 were the fourth highest in the 90-year history of the Sarasota Association of Realtors®, achieving 9,169 total sales. In 2003, sales in our market hit 9,697, followed by 11,267 in 2004 (the current all-time high) and 10,562 in 2005. The annual sales dropped to 6,358 in 2006 and bottomed out at 5,820 in 2008 before beginning the steady climb to the current level.

SAR members sold 828 properties in December 2012, representing an 8.3 percent increase from November’s 764 sales and a huge 28 percent increase over last December’s figure of 644 total sales.

For the complete press release and statistical charts visit:

http://www.sarasotarealtors.com/files/monthlystatistics/SRMagFeb2013Stats13011712021.pdf

 

 

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Sarasota Market Nearing 4th Best Year Ever

By | December 18, 2012

a-housing-graph

a-housing-graphThe Sarasota Association of Realtors just released the sales figures for the month of November. We are on pace to see the fourth highest number of annual sales in SAR’s 90-year history in 2012, after members sold 764 properties in November 2012, a robust 29 percent increase over last November’s figure of 602 total sales. The sales total was also 8 percent higher than in October, when 719 properties changed hands.

The category totals were 556 single family homes and 208 condos sold, compared to last November when only 435 single family and 167 condos were sold. This summer and fall, the market has remained extremely active, with open houses experiencing heavy foot traffic and multiple offers reported on many available properties. The available inventory remains near the lowest level in a decade, and the improving economy and employment picture have also helped fuel the real estate market recovery.

Click here

<a href=”http://www.sarasotarealtors.com/files/monthlystatistics/Dec2012Stats121214123214.pdf“>here</a>

to view the full press release.

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Sarasota Real Estate Sales Statistics for October

By | November 20, 2012

October 2012 sales jump 24 percent over last year!

The Sarasota Association of Realtors just released the statistics for the month of October which show that members of the Sarasota Association of Realtors® sold 719 properties in October 2012, a robust 24 percent increase over last October’s figure of 577 total sales. The sales total was also 10.9 percent higher than in September, when 648 properties changed hands.

The category totals were 516 single family homes and 193 condos sold, compared to last October when only 412 single family and 165 condos were sold. Over the last several years, the local real estate market has witnessed sales lulls in September and October. But this year, the market has remained busy and healthy in the early fall, following a very active summer. Foot traffic at open houses has remained strong and multiple offers on available properties have become routine. The inventory – at the lowest levels in a decade – is partially responsible for this trend, along with the improving economy.

For the full report and statistical charts click HERE.

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Sarasota Real Estate Market Update

By | October 23, 2012

The Sarasota Association of Realtors just released the sales statistics for the month of September showing that members sold 648 properties in September 2012, up almost 14 percent from last September, when only 570 transactions were closed. The figure was down almost 21 percent from the 819 sales in
August 2012, continuing the historic trends that normally show a sales lull in the early autumn.

The category totals were 500 single family homes and 148 condos sold, compared to last September when only 430 single family and 140 condos were sold. This summer was an exceptional one for local Realtors® who normally have a respite after the spring season. This year, traffic at open houses has been heavy and multiple offers on available properties have become the norm. Part of the reason for this has been the continuing decline in the inventory of available properties on the market.

Click Here to view the full report.

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July Sales Continue Hot Streak for Sarasota Real Estate

By | August 17, 2012

The Sarasota Association of Realtors just released the sales statistics for last month. The Sarasota real estate market remained active and strong in July 2012, with 699 closed sales reported by members of the Sarasota Association of Realtors. The total was 16.7 percent higher than the 599 sales reported in July 2011. The breakdown was 523 single family homes and 176 condos sold.

The normal seasonal influx of buyers tends to drop shortly after the Easter holiday, but this year higher sales have continued into the summer months. Real estate agents and brokerages have reported a busy and extended season, which resulted in a second quarter in 2012 that was statistically the best in seven years.

Click here to see the full report and statistical charts.

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Sarasota Association of Realtors Reports Home Sales in Second Quarter at Highest Level since 2005

By | July 18, 2012

The market statistics have just been released by the Sarasota Association of Realtors. Here’s what the indications are. With 864 closed sales transactions in June 2012, the Sarasota real estate market achieved the highest level of quarterly sales in seven years, with 2,604 sales from April through June. The 864 closed transactions in June was also the second highest total since September 2005, yet another indication of a market that is achieving sales totals not seen since the 2003-2005 real estate surge.

The totals for June were 603 single family homes and 261 condominiums, for the combined 864 closed transactions. Sales were 18.7 percent higher than in June 2011, when there were 728 closed transactions. The June sales almost reached the April 2012 figure of 886, which was the highest total in seven years. The normal seasonal influx of buyers tends to drop shortly after the Easter holiday, but this year the higher sales appear to be continuing into the summer.

However, pending sales (which represent properties that went under contract during the month) did decrease in June, dropping to 860 after four straight months that topped 1,000. Pending sales are a major indicator of the future market sales totals. Last year the pending sales also retreated, from 841 in May to 754 in June, and this meant the spring surge finally did slow down in July. The current numbers seem to indicate there remains strength in the market dynamics through the middle of the summer.

Click here for the full press release and statistical charts.

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It’s A Great Time To Buy! The Basics of Supply and Demand in Sarasota

By | July 17, 2012

We get asked a lot, “When is the best time to buy a home here in Sarasota?” Well here is the answer… Based on historical data, the best months to typically get a better deal on a home is between July and October. Those are the months when we have the lightest Buyer traffic and when properties tend to sit on the market a little longer than usual. The old supply and demand law kicks in when we have fewer Buyers and more listings. In these times, there will be more Sellers who will be anxious to sell and can be found to make a better deal for the Buyer than if we were in the middle of our busier selling season. Common sense, I know, but an important piece of information. The data from Credit Suisse also shows our prices can typically be lower during those months. Come down to Sarasota and buy during the summer months! –Joe Cleary

Credit Suisse Historical Trends July 2012
(Information and research analysis is from Credit Suisse. Credit Suisse surveys real estate agents across the country each month about trends in buyer traffic levels, home prices, incentives, inventory levels, and the length of time needed to sell a home. In June, Credit Suisse received responses from 900 real estate agents across the country.)

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Sales in Sarasota Real Estate Market Continue to Climb

By | June 27, 2012

The real estate sales statistics for the month of May have recently been released by the Sarasota Association of Realtors. We’re on an upward trend as they report below.

The May 2012 numbers are in, and property sales in the Sarasota market once again topped 800 for the third consecutive month. The 854 closed transactions was the second highest total since September 2005, demonstrating once again a market that has recovered to levels not seen since the 2003-2005 real estate surge in Sarasota.

The breakdown was 591 single family homes and 263 condominiums. Sales were 7.2 percent higher than in May 2011, when there were 796 closed transactions. As anticipated, sales were slightly below the April 2012 figure of 886, which was the highest total in seven years. The normal seasonal influx of buyers tends to drop shortly after the Easter holiday, when northern residents begin to exodus the area.

In addition, pending sales (which represent properties that went under contract during the month) remained at the very high level of 1,075, almost the same as April’s total of 1,068. It was the fourth straight month that topped 1,000, a major indicator of the future direction of the market. Last year’s spring surge didn’t slow down until July, and the numbers seem to indicate there remains strength in the current market dynamics.

“I’ve spoken to many agents who are having a tremendous 2012,” said SAR President Laura Benson. “This is certainly the right time to be in the real estate industry in Sarasota. Interest rates hit record lows in May, prices remain relatively low compared to the record surge from 2003 to 2005, and all the wonderful attributes of Sarasota are attracting buyers from across the nation, and the world.”

The median sale price for both categories remained near the highest levels of the year in May. The median sales price for single family homes was $185,000 – the highest level since July 2009, almost three years ago. Last month’s figure was $175,000. The median sales price for condos was $180,750, a drop from April’s figure of $191,750. Both figures were much higher than the 12-month running median prices – $165,000 for single family homes and $160,000 for condos.

Single family home prices remained at a level 34 percent higher than the low of the market reached 14 months ago ($137,500), while condo prices are over 40 percent higher than the low point ($127,000). The reason for the price resurgence remains likely related to the lower number of distressed property sales.

The total number of distressed sales, foreclosures and short sales, remained around 31 percent, the lowest level in three years. The available inventory of homes on the market dropped to a new decade low of 3,917, dropping 8.5 percent from the April figure of 4,283. High sales and low inventory has also dropped the months of inventory to new 10-year lows. The May figures are 4.3 months of inventory for single family homes and 5.2 months inventory for condos. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate.

“I’ve been in our Association for over 15 years and inventories at this level are rare,” said Benson. “The market is tightening, and when available properties are at such low levels, the result is normally greater competition for available properties. This scenario tends to escalate prices, so if you’re in the market for a home, now is the time to act.”

Currently, only 576 properties for sale in the MLS are listed as short sales or foreclosures, down from last month’s figure of 621 properties. This represents about 14 percent of available properties, about the same as last month, and down from January 2012 when the figure was 17 percent of the market. As this number continues to decline, median prices will increase because the median prices are higher for market transactions.

“With the pending sales remaining at over 1,000, and the inventory at such a low point, we should see a continuing market surge into the early summer months,” said Benson. “The weather service is predicting a hot Sarasota summer, and the real estate market is certainly providing a lot of similar energy!”

For statistical reports click here.

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March Sales in Sarasota Hit 7 Year High

By | April 18, 2012

The Sarasota Association of Realtors just released the March sales statistics. Here is what they reported:

The Sarasota real estate market saw sales climb to a seven-year high in March 2012, with 831 properties changing hands during the month. Not since September 2005 has the local real estate association seen sales at that level. In addition, pending sales (which represent properties that went under contract during the month) reached the highest level in 12 month, another good indication that the current market surge will continue in the next few months.

“This is amazing news, and our local brokers and agents should be extremely proud of all their hard work and diligence, helping buyers and sellers make their dreams come true,” said SAR President Laura Benson. “The strength that the Sarasota market has demonstrated in the past few months has been remarkable, and I’m looking forward to a continuing resurgence in local real estate. Property sales drive so many other elements of the local economy, and that means more jobs, higher salaries, and a better overall community.”

In addition to the high level of sales – 596 single family homes and 235 condos sold – the median sale price for both categories hit a high for the year in March. The median sale price for condos was $192,000, a level not seen since May 2011, and was 11 percent higher than last March. Single family was at $174,900, a level not reached since June 2011, and 9.8 percent higher than last March. The reason for the price resurgence is likely tied to the lower number of distressed property sales. The total number of distressed sales, foreclosures and short sales, fell to only 32 percent from 37.4 percent in February 2012 – a three-year low.

Pending sales continue to soar, which signals a likely continuation of a high number of closings in the next 60 to 90 days. A total of 1,191 properties went under contract in March 2012, a level not seen since last March.

Another positive sign was the drop in the available inventory of homes on the market. The number fell to 4,463 from February’s total of 4,588. The level is close to the decade low figure of 4,408 in August 2011, and the combination of high sales and low inventory has dropped the months of inventory to eight-year lows.

Not since 2004 has the market seen a figure of 4.8 months of inventory for single family homes and 6.7 months inventory for condos. Lower inventory and higher sales normally result in greater competition for available properties, which tends to push prices up.

“It’s great to see that we’ve come so far from the days of 2008, when the months of inventory hit 25 months for single family and 40 months for condos,” said Benson. “The real estate agents who stuck with it through those difficult months are certainly glad they did, now that we’ve turned the corner.”

Single family home prices are now 21.4 percent higher than the low of the market reached 13 months ago, while condo prices are almost 30 percent higher than the low point.

Currently, only 701 properties for sale in the MLS are distressed listings (short sales and foreclosures), or roughly 15 percent of the market. In February 2012, the figure was 740 (16 percent of the market), and in January 2012 it was 812 (17 percent of the market). If this percentage continues to trend lower, we could begin to see median sales price increases going forward.
“The Sarasota market appears to be leading the nation into a new, dynamic period in real estate,” noted Benson. “While no one can predict the future, certainly all the vital signs of the economy have been moving in the right direction for many months, so I’m very hopeful we will see continued growth in our area.”

Click Here for the Press Release and Statistical Charts

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