Market Statistics

Sales Climb in February 2012

By | April 12, 2012

The Sarasota Association of Realtors released the sales statistics for the month of February recently. Here is what they reported:

Pending sales in the Sarasota real estate market hit an 11-month high in February 2012, demonstrating once more the health of the local industry as the buying season heats up. Median sale prices were also up substantially for single family homes and condos in February 2012 compared to this time last year – another positive sign for a successful home buying season.

“I have heard nothing but positive reports from our members about the seasonal surge in our real estate market,” said SAR President Laura Benson. “Sales are up, prices are stable and much higher than last year at this time, and we are seeing multiple offers on many transactions. Pending sales are off the charts – we hit a 11-month high of 1,130 in February. This is all very encouraging news.”
The January 2012 holiday sales lull didn’t last long. The 177 condo sales in February represented the highest level in the last eight months. If pending sales, which represent properties going under contract, produce the expected level of closed sales, we could see a major selling month in March 2012. That could repeat what we saw in March 2011, when sales hit the highest total since 2005.

Overall, February 2012 saw a 15 percent increase in property sales over January 2012, and a 17 percent increase in pending sales from the previous month, both reaffirming numerous verbal reports of a very busy spring selling season in Sarasota. Closed sales stood at 414 for single family homes and 177 for condos, lower than in February 2011, but higher than last month. In February 2011, 471 single family homes and 201 condos were sold.

The single family home median price climbed to $167,500 in February 2012 from last month’s figure of $162,000. For condos, the figure fell to $150,000 from the January level of $180,000. Last February, both single family homes and condos were selling at the median price of $137,500, so both of the current numbers reflect a stronger market than a year ago. Single family home prices were a whopping 21.8 percent higher than in February 2011. Condo prices were 9 percent higher than last February.

The inventory for February stood at 4,588, down almost 5 percent from January’s 4,711, and 20 percent lower than last February’s total of 5,864. With fewer available properties, the law of supply and demand indicates asking prices could be climbing higher in the coming months.

The inventory hit a 10-year low of 4,408 in August 2011, and has remained at or close to this low level since then. As the inventory has slid, the months of inventory has also dropped. The figure now stands at 7.2 months for single family homes, compared to 8.3 last month and 8.0 months in February 2011. The figure was 9.1 months for condos, compared to 11.3 months in January and 10.4 months last February. A figure of 6 months is considered equilibrium between a buyer’s and a seller’s market.

Distressed property sales continued to represent a higher percentage than normal in the local market in February 2012, with 37.4 percent of all sales from bank-owned foreclosures and short sales. But the figure was a drop from the 40 percent total in January 2012, and far below the record high of over 50 percent in the second quarter of 2010.

Currently, only 740 properties for sale in the MLS are distressed listings (short sales and foreclosures), or roughly 15 percent of the market. Last month at this time, the number was 812 out of 4,711 homes and condos on the market, or about 17 percent. If this percentage continues to trend lower, we could begin to see median sales price increases going forward.

“The lower number of distressed property sales, and the decreased number of foreclosures and short sales available will likely mean greater competition and higher asking prices,” noted Benson. “We are all hoping for a return to historic levels of distressed properties, which would be less than 5 percent of the market. But until that day, our members will continue to educate themselves on the existing market and help customers make sensible decisions.”

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Inventory Down 5% From Last Month, 20% From Last Year; Hits 10-Year Low

By | March 16, 2012


Pending sales in the Sarasota real estate market hit an 11-month high in February 2012, demonstrating once more the health of the local industry as the buying season heats up. Median sale prices were also up substantially for single family homes and condos in February 2012 compared to this time last year – another positive sign for a successful home buying season.

“I have heard nothing but positive reports from our members about the seasonal surge in our real estate market,” said SAR President Laura Benson. “Sales are up, prices are stable and much higher than last year at this time, and we are seeing multiple offers on many transactions. Pending sales are off the charts – we hit a 11-month high of 1,130 in February. This is all very encouraging news.”

The January 2012 holiday sales lull didn’t last long. The 177 condo sales in February represented the highest level in the last eight months. If pending sales, which represent properties going under contract, produce the expected level of closed sales, we could see a major selling month in March 2012. That could repeat what we saw in March 2011, when sales hit the highest total since 2005.

Overall, February 2012 saw a 15 percent increase in property sales over January 2012, and a 17 percent increase in pending sales from the previous month, both reaffirming numerous verbal reports of a very busy spring selling season in Sarasota. Closed sales stood at 414 for single family homes and 177 for condos, lower than in February 2011, but higher than last month. In February 2011, 471 single family homes and 201 condos were sold.

The single family home median price climbed to $167,500 in February 2012 from last month’s figure of $162,000. For condos, the figure fell to $150,000 from the January level of $180,000. Last February, both single family homes and condos were selling at the median price of $137,500, so both of the current numbers reflect a stronger market than a year ago. Single family home prices were a whopping 21.8 percent higher than in February 2011. Condo prices were 9 percent higher than last February.

The inventory for February stood at 4,588, down almost 5 percent from January’s 4,711, and 20 percent lower than last February’s total of 5,864. With fewer available properties, the law of supply and demand indicates asking prices could be climbing higher in the coming months.

The inventory hit a 10-year low of 4,408 in August 2011, and has remained at or close to this low level since then. As the inventory has slid, the months of inventory has also dropped. The figure now stands at 7.2 months for single family homes, compared to 8.3 last month and 8.0 months in February 2011. The figure was 9.1 months for condos, compared to 11.3 months in January and 10.4 months last February. A figure of 6 months is considered equilibrium between a buyer’s and a seller’s market.

Distressed property sales continued to represent a higher percentage than normal in the local market in February 2012, with 37.4 percent of all sales from bank-owned foreclosures and short sales. But the figure was a drop from the 40 percent total in January 2012, and far below the record high of over 50 percent in the second quarter of 2010.

Currently, only 740 properties for sale in the MLS are distressed listings (short sales and foreclosures), or roughly 15 percent of the market. Last month at this time, the number was 812 out of 4,711 homes and condos on the market, or about 17 percent. If this percentage continues to trend lower, we could begin to see median sales price increases going forward.

“The lower number of distressed property sales, and the decreased number of foreclosures and short sales available will likely mean greater competition and higher asking prices,” noted Benson. “We are all hoping for a return to historic levels of distressed properties, which would be less than 5 percent of the market. But until that day, our members will continue to educate themselves on the existing market and help customers make sensible decisions.”

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Sarasota/Bradenton – #5 Turnaround Town In The Country

By | February 17, 2012

The Sarasota-Bradenton area was just named the #5 turnaround town in the country by www.Realtor.com.

That’s no surprise out here in the trenches – my phone has been ringing off the hook, most listings I market receive multiple offers in the first week, and there’s a real feeling of optimism among my customers and my co-workers.

In fact, Florida dominated the list, taking 7 of the top 10 places.

Prices have been stable in our area for several years now and we’re on the verge of becoming a seller’s market again (based on the available inventory). FYI, a six-month supply is considered equilibrium, and we’re at 8.3 months right now. That’s a 10-year low for us.

By the numbers, our average list price appreciated 10.78% from last year while our time-on-market fell 26.57%. We also have 31% fewer listings this year than last year.

Here’s the link, in case you want to read the entire article:

http://www.realtor.com/blogs/2011/11/16/florida-dominates-realtor-com-top-ten-turnaround-markets/

… if you’re still thinking about buying a house in or around Sarasota, this IS the season to buy! Don’t wait for our inventory to get lower or prices to get higher!

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Sarasota Real Estate Statistics for December 2011

By | January 12, 2012

The Sarasota Association of Realtors just released the sales statistics for the month of December. They report that for the full year 2011, property sales of members of the Association jumped by 8.2 percent to 8,224, achieving the highest level since 2005. The surge in sales was accompanied by stabilization in the median sale prices, which now stand at $155,925 for single family homes and $156,800 for condos over the full year, and have not fluctuated much for the past 12 months.

Click Here to view the full report with statistical information.

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Sarasota Real Estate Market Statistics for October 2011

By | November 18, 2011

The Sarasota Association of Realtors reports that property sales for October 2011 in the Sarasota real estate market outpaced last October, with 577 this year compared to only 487 at the same time last year. This represents an 18.4 percent increase, and could be a harbinger for a busy season.

There was also a small increase in transactions compared to September 2011, when 570 sales were recorded. Overall, sales in 2011 are on pace to exceed last year, a remarkable fact considering that 2010 sales were at the highest level since 2005.

The inventory of available properties for sale in Sarasota, after dropping precipitously over the course of 2011, was again up slightly in October to 4,525 from last month’s 4,430 level. The inventory sunk to a 10-year low of 4,408 in August 2011.

The October 2011 median sale price for single family homes dropped to $149,838 from last month’s figure of $165,000. But the amount was higher than last October, when it was $147,500. The condo figure has been fluctuating for several months, and rose slightly in October 2011 to $143,000 from last month’s figure of $140,000. Last year at this time, the figure stood at $158,525. The year-to-date median sale price was $155,000 for single family homes and $162,000 for condos. These figures have remained remarkably steady for the past year, indicating a more stable market.

To see the full report with statistical charts click here.

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Sarasota Real Estate Sales for September 2011 Outpace Last Year

By | October 18, 2011

The Sarasota Association of Realtors reports September 2011 property sales in the Sarasota real estate market were ahead of last September, with 570 this year compared to only 547 at the same time last year. This represents a small drop in transactions compared to August 2011, when 601 sales were recorded. But historically, the early fall is one of the slower sales seasons.

A recent article in Realtors Magazine Daily News noted that of the top 15 U.S. cities showing signs of year-over-year increases in list prices, ten are in Florida, and the Sarasota-Bradenton area came in 6th, with list prices up 15.9 percent. Listing price increases generally reflect optimism among sellers that a market is ready to head upwards.

The inventory of available properties for sale in Sarasota has been dropping for the past nine months, and was up only slightly in September to 4,430 after hitting a 10-year low of 4,408 the previous month.

The latest monthly figures in September showed a median price of $165,000 for single family homes, the same as August, and $140,000 for condos. The condo figure has been fluctuating for several months, hitting $185,000 in June, then dropping to $145,000 in July before climbing back up to $165,000 in August. These variations can be explained by the fact that certain months have seen the buying public focusing on smaller, bargain priced units, while other months have seen a higher concentration of luxury condo sales.

“In 2011, we’ve seen an acceleration of the market recovery, but we still have a distressed market that is weighing down on the median sales prices,” said SAR President Michael Bruno. “Overall, we had distressed sales at 43 percent of the total, which was a little higher than in August, but is still far below the 51 percent total in November 2010, almost a year ago. So we’re hopeful that the worst is over for foreclosures and short sales.”

The months of inventory rose slightly to 6.7 months for single family homes, from last month’s figure of 6.3 months. For condos, the months of inventory also rose to 11.1 months from 10.2 months in August. In September 2010, the figures were 9.9 months and 15.1 months, respectively. Both figures again remained far below the highs of 25.3 months for single family (in early 2009) and 41.7 months for condos (in late 2008). This statistic represents the time it would take to sell the existing inventory at the current month’s rate of sales. The 6 month level is traditionally a point which represents equilibrium in the market between buyers and sellers.

In September 2011, pending sales were down slightly from last September – 723 to 744 – and also down from August, when there were 813 pending sales. Last month there were 547 single family homes and 176 condos that went under contract.

“The September market is normally a slower time of the year, so there were no real surprises this year,” said Bruno. “The word of mouth among agents and brokers has been very positive, and I’m expecting a good season surge as we welcome back our winter residents and visitors. When it cools off up north, the market usually heats up in Sarasota.”

Click Here to view the full press release with statistics.

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Prices On The Rise In Florida

By | September 26, 2011

The following is quoted from the Florida Association of Realtors’ website.  You can see the original article here.

ORLANDO, Fla. – Sept. 26, 2011 – Prices are rising in Florida.

Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Florida cities make up nine of the top 10 places for highest year-over-year list price spikes.

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.

1. Miami
Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla. rural service area

Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.

Average list price: $267,066
Year-over-year increase: 16.37%

5. Macon, Ga.
Average list price: $193,520
Year-over-year increase: 15.98%

6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.

Average list price: $713,087
Year-over-year increase: 15.13%

8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%

11. Orlando, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%

12. Portland-Vancouver, Ore.-Wash.
Average list price: $314,537
Year-over-year increase: 10.52%

13. Boise City, Idaho
Average list price: $212,588
Year-over-year increase: 10.43%

14. Springfield, Illinois
Average list price: $174,537
Year-over-year increase: 9.12%

15. Shreveport-Bossier City, La.
Average list price: $211,414
Year-over-year increase: 8.34%

Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News

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Sarasota Real Estate Market Remains Stable

By | September 22, 2011

The Sarasota Association of Realtors reports that “a steady drop in property inventory for sale, combined with a stable sales demand in the Sarasota real estate market, is pointing toward normal, healthy property appreciation in the coming months.”

 

To view the full report with market statistics click here.

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Sarasota Real Estate Inventory Continues to Decline

By | August 16, 2011

The Sarasota Association of Realtors just released the sales statistics for the month of July. The number of units sold was slightly lower than previous months which is typical for this time of year in our area. The other item of note is the inventory of available of properties continues to decline and is now at the lowest level it’s been in the last decade. To view the complete press release with all the statistical charts click on the link below:

http://www.sarasotarealtors.com/files/monthlystatistics/SARStatsJuly201111081585211.pdf

 

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Sarasota Real Estate Sales for June

By | July 12, 2011

The Sarasota Association of Realtors report the real estate market continues healthy sales in June 2011!

Members of the Sarasota Association of Realtors® continued to sell properties at a brisk pace in June 2011 with 728 total transactions recorded last month. This marks the fourth month in the last 12 with sales exceeding the 700 level – all occurring in 2011. In addition, the median sales price for single family homes hit the highest level since last June, and the total inventory of available properties dropped to the lowest level in more than a decade, which could spur stronger competition for homes and condos.

“It is encouraging to see how the Sarasota market has continued this strong momentum in the face of continuing weakness in the national and state economies,” said SAR President Michael Bruno. “The inventory of available properties, which is lower than it has been since the 1990s, is a very important statistic. Historically, prices rise as competition for homes increases, and we’re seeing that occurring in our market. The percentage of distressed property sales is stabilizing, so prices should naturally continue to rise.”

To view the complete report with statistical information visit: http://www.sarasotarealtors.com/files/monthlystatistics/SRMAGJune2011Stats110712105200.pdf

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