Market Updates

Sarasota / Manatee Real Estate Market Going Strong in 2015

By | January 22, 2016

Housing Market Up

Housing Market UpThe Realtor Association of Sarasota and Manatee is on pace to record the highest number of sales in its 100‐year history. In 2014, a total of 19,389 properties were sold in Sarasota and Manatee Counties. With 19,020 sales recorded in the first eleven months of 2015, only 370 property sales are needed in December to break the record. Sales have exceeded 1,000 every month this year, so it seems assured that 2015 will be a historic year for real estate sales.

Sales in November were 2.6 percent higher than last November, but were down from October in both counties, a very typical trend. Median sale prices have increased from November 2014 compared to November 2015. Sarasota county saw an 18.5 percent increase in single family home median sale prices; while Manatee County experienced a 14.9 percent increase. In addition, condo median sale prices are up in both counties, Sarasota coming in with a 13.17 percent increase, and Manatee County with 12.8 percent.

To read the full press release and view the statistics visit: Realtors Association of Sarasota and Manatee

 

Read more »

Sarasota Named #1 Market for Florida Beachtowns

By | January 19, 2016

Sarasota

SarasotaIt is always nice to see where you live in a positive light. Most of us that are fortunate enough to live in Sarasota know that we live in paradise. Apparently the word is getting out to the rest of the world as well. A client who just moved here and loves Sarasota sent me the link below. Check out which city is ranked NUMBER 1 at the link below!

Realtor.com

Read more »

Real Estate Market Still Strong in October

By | December 1, 2015

The Sarasota Manatee Association of Realtors reports that the October real estate market in Sarasota and Manatee counties remained strong, with overall sales slightly lower than September and last October, but median sale prices up substantially over last year at this time.

Property sales in October totaled 880 in Sarasota County and 708 in Manatee County, for a combined 1,588, down about 1 percent from the September total of 1,608. The median sales prices saw both increases and declines. Single family homes in Sarasota County saw an increase of almost 3 percent from September to October. In Manatee County, there was a drop of 2.6 percent in the single family category. Condos in Sarasota County saw a drop of 5 percent from September to October, while in Manatee County condo median sale prices rose about 8 percent from September to October.

Comparing prices this October to last year at this time, all categories rose. The biggest increase by category came in condo sales in Manatee County, which saw prices rise by 29.7 percent year over year. By contrast, Sarasota County saw a modest condo median sale price increase of 5.7 percent. For single family homes, Sarasota County recorded a 17.9 percent rise and Manatee County saw a 12.1 percent rise.

To view the full press release and statistical charts click here.

Read more »

Sales Stay Strong in Sarasota Real Estate

By | November 5, 2015

REMAX Sold Sign

REMAX Sold SignProperty sales in Sarasota and Manatee counties were somewhat slower in September 2015, but the drop off from August was expected after an unprecedented six month run of record-setting closings. In addition, the start of fall 2015 looks a lot like the same time last year, but with one major exception. Single family home median sale prices in both Sarasota and Manatee counties have risen sharply over last year at this time, once again reflecting the law of supply and demand as single family home stocks dwindle.

According to the Realtor ® Association of Sarasota and Manatee, overall property sales in September 2015 stood at 1,608 for the two counties – 927 closings in Sarasota and 681 closings in Manatee. Sarasota County fell short of the 1,000 level for the first time since February, ending the record of six consecutive months over 1,000 – something that has never happened before in Sarasota County.

The overall regional sales compared to 1,709 sales in August 2015, or a 5.9 percent drop, but were slightly higher (1.8 percent) than last September’s sales of 1,578. The August to September sales drop was almost identical last year, with a small decline from late summer to early fall. However, if the recent trend continues, October 2015 could see another sales surge, as the last four years has seen marked improvement in the number of closings as winter residents and visitors returned to the market.

To read the full press release and view the statistical charts click here.

Read more »

Sarasota Real Estate Market Update

By | August 27, 2015

Housing Going Going Gone

Housing Going Going GoneThe Sarasota Manatee Board of Realtors just released the sales figures for July which show the pace of property sales in Sarasota and Manatee counties continued at a record annual rate, with 1,974 closings, up 23.5 percent over last July’s combined total of 1,600 for the two-county region. If the final five months of the year continue at this pace, 2015 will end with the highest number of sales in the region’s history.

Sales in Sarasota County hit 1,174 in July, only 9 sales below the June total and once again near the all-time record of 1,224 set in April of this year. Manatee County saw total sales of 768 in July, below the June figure of 875, but well above the July 2014 total of 672.

Sales levels in both Sarasota and Manatee counties have been at historically high levels for several months after a record-breaking 2014. Median sale prices have also been trending upwards year-over-year. For Sarasota County, the July 2015 single family median sale prices were at $219,500, down slightly from last month’s figure of $230,000, but up about 9.2 percent over last July’s figure of $201,000. Manatee County was at $250,000, again down slightly from June but up 8.7 percent in over last July. However, for condos, Sarasota County saw median prices drop to $190,000 from last July’s figure of $205,000, while Manatee County was up 18.3 percent over last July at $152,000. Condo prices in Sarasota County have tended to fluctuate month to month more than single family.

To read to full press release and statistical charts by county visit:

Sarasota Manatee Real Estate Statistics for July 2015

Read more »

Home Sales Continue On Record Pace

By | June 23, 2015

House Upward Graph

House Upward GraphThe residential real estate market in May 2015 in both Sarasota and Manatee counties continued to produce near-record sales, pointing toward another potential recordbreaking year in 2015. Overall sales in Sarasota County hit 1,182, only 42 sales below last month’s all-time monthly record, while Manatee County saw total sales of 827, higher than April’s figure of 813 and last year’s May total of 752.

Sales levels in both Sarasota and Manatee counties have been at historically high levels for several months, and median sale prices have also been trending upwards. The May 2015 median sale prices were up 20 percent for single family homes in Sarasota County, and 14.3 percent in Manatee County over last May. For condos, Sarasota County also recorded a 20 percent price rise, while Manatee County was up 1.5 percent.

To view the full press release from the Sarasota Manatee Association of Realtors and statistical charts click here.

 

Read more »

Home Sales in Sarasota Hit an All-Time High

By | June 5, 2015

Property sales in April 2015 in Sarasota County totaled 1,224 (791 single family and 433 condos), exceeding the all-time high reached in April 2004 by a single sale. Manatee County recorded 813 sales (539 single family and 274 condos), not a record, but very high compared to recent months. The historic level of sales activity has been driven by several factors, according to local real estate leaders.

Sales levels in both Sarasota and Manatee counties have been bubbling at the top of historically high levels for several months. In March, overall Sarasota County sales were just below the all-time high, while Manatee County sales were also much higher than the traditional volume seen in recent years. In April, the record in Sarasota was finally exceeded, while in Manatee, sales remained at near the highest level in history. At the current pace, both counties will exceed their all-time annual highs in 2015.

To view the full press release and statistics click here.

 

Read more »

Sarasota Monthly Market Summary for March 2015

By | April 28, 2015

MARCH MADNESS! It was a great month of March in Sarasota, FL! The local real estate market here was pretty darn hot and prices have shot up. Typically, this is the case in our area as our busier selling season winds down and those snow birds enjoying their 3 or 4 months down here finally hop off the fence and make a purchase in the frenzied March market…

In comparing Single Family Homes in March 2014 to March 2015 in Sarasota:

*Closed sales shot up from 689 to 789. A 13% increase.

*New listings increased from 960 to 1,016 as Sellers hop off the selling fence as they see sale prices improve.

*Median Sale Price improved from $189,472 to $207,500. A 9.5% increase!

*Median Days on the Market dropped from 56 days to 43 which is a 23.2% drop.

*Inventory of Active Listings fell from 3,298 to 3,039. A 7.9% decrease.

*Months supply of inventory also decreased from 5.3 months to 4.5%. A 14.6% fall.

In comparing Condominiums in March 2014 to March 2015 in Sarasota: *Closed sales shot up from 352 to 412. A 17% rise.

*New listings went up from 445 to 510. Again, as Sellers hop off the selling fence and sale prices improve.

*Median Sale Price improved from $170,900 to $180,745. A 5.8% rise.

*Median Days on the Market dropped from 53 days to 47 which is a 11.3% decrease.

*Inventory of Active Listings fell from 1,512 to 1,379. An 8.8% drop.

*Months supply of inventory also decreased from 5.0 months to 4.6%. A 6.9% fall.

In looking at our Single Family Homes “Distressed Market”, March to March looks like this:

TRADITIONAL SALES: *Traditional Sales-Closed sales shot up from 502 in 2014 to 615 this March. A 22.5% increase.

*Traditional Sales median prices crept up slightly from $236,500 to $238,000.

FORECLOSURE/REO SALES:

*Foreclosure/REO-Closed sales dropped slightly from 154 to 149.

*Foreclosure median sale prices went up from $108,967 to $129,900. An increase of 19.2%.

SHORT SALES:

*Short Sales-Closed sales decreased from 42 to 25 which was a 40.5% drop!

*Short sales median sale price went from $111,000 to $127,200 year over year. A raise of 14.6%

In looking at our Condominiums “Distressed Market”, March 2014 to March 2015 looks like this:

TRADITIONAL SALES: *Traditional Sales-Closed sales went from 314 in 2014 to 377 this March. A 20.1% rise.

*Traditional Sales median prices crept up slightly from $178,000 to 186,000. A 4.5% rise.

FORECLOSURE/REO SALES:

*Foreclosure/REO-Closed sales dropped from 29 to 26. A decrease of 10.3%.

*Foreclosure median sale prices went up from $97,555 to $100,950. An increase of 3.5%.

SHORT SALES:

*Short Sales-Closed sales stayed the same in this category at 9.

*Short sales median sale price went from only $80,000 to $245,000 year over year. A raise of 206.3%. I think the banks are on to it!

Enjoy the rest of April!

Read more »

Sarasota Sales Hit All Time High – Manatee Misses Mark By Just 38 Homes

By | January 26, 2015

Sarasota Prices Up Up UpTo say we were busy in 2014 is an understatement: as it turns out, we were the busiest we’ve ever been. Home sales in Sarasota averaged almost 1,000 transactions per month throughout the year – and there’s no end in sight to our current appreciation.

What Does This Mean For Me?

If you’re a homeowner in the Sarasota area then it means things are sitting pretty. The average home has seen double digit annual appreciation for three years running now and most homeowners are finding they have significant equity in their homes again. There’s limited inventory available and multiple offers for homes in lower price ranges are the norm, not the exception.

If you’re thinking about purchasing then this should be a wake-up call. Our median price right now for a single family home is $195,500. At twelve percent appreciation that means a wait of just six months will raise your expected purchase price by almost $12,000.

… OK, But What’s Going To Happen This Year?

The short answer is that home prices are likely to continue to rise as we face stunningly limited inventory and strong buyer responses to new, properly marketed listings. It’s hard to keep up with the volume of buyer calls and I’ve dedicated four full-time buyer’s agents on my team to handle the influx of buyers. The longer I can keep them busy the higher prices will go.

Long term I think more homeowners will take advantage of higher prices and lower interest rates and list their homes for sale. Most sellers will turn around and buy something else (our population density almost always goes up regardless of the housing market – why would anyone want to live anywhere BUT here??). Interest rates are under 4% for most buyers and sellers want to be able to take advantage of positive appreciation quickly on the home they move into,.

… So Does This Mean We’re In A Bubble?

There’s the million dollar question! Let’s contrast what’s happening this year with the housing bubble of ’04-’06.

During our previous housing boom most buyers were financed, and many were placed into dangerous loan products with interest-only loans and/or negative amortization; after a year of payments, they’d actually owe MORE on their home than at the beginning of the year. These days borrowers have to run a mortgage gauntlet and have to demonstrate a continued ability to repay the loan – a significant change from ten years ago.

Another major factor is the preponderance of cash buyers in our market. In some price points the buyers pay cash up to 70% of the time. That’s double the national average of cash buyers and it means that most buyers don’t just have significant equity: they have nothing BUT equity, which means lower long-term carrying costs and the ability to sit out down markets.

Prices will eventually start to slide. That’s normal, and a little stabilization is good for any housing market. I just don’t think it’s going to happen in 2015. I also don’t think we’re going to see a bubble like before – the contributing factors just aren’t there.

Prices Are Up – What’s Your Home Worth? 

Tell Me About Your Home, I’ll Tell You What It’s Worth

Interested in knowing your equity position?  It’s easy and free.  Just fill out my short questionnaire and I’ll give you a true opinion of your value specific to your home in just 24 hours.  
Tell Me What My Home Is Worth >>

 

 

Read more »

Sarasota Named in Top 10 Places for Baby Boomer Home Purchases

By | December 11, 2014

Baby Boomers

Baby BoomersIn an article just published by the National Association of Realtors reports that metro areas with a lower cost of living and sunnier weather are poised to see an increased number of baby boomers moving in and buying a home as some delay retirement and remain participants in the labor market, according to new research.

NAR analyzed current population trends, housing affordability and local economic conditions in metropolitan statistical areas1 across the U.S. to determine housing markets most likely to see a boost in sales from leading-edge baby boomers2. Boise, Idaho and Raleigh, North Carolina were identified as top standouts for baby boomers for their solid job growth, share of self-employed workers and affordable home prices.

Lawrence Yun, NAR chief economist, says Florida and Arizona cities attract many baby boomers. In addition, the share of men and women working after their 65th birthday has increased3, setting the stage for elevated baby boomer buying activity in metro areas with a dynamic local economy, adequate housing supply and a lower cost of living.

“A broadly improving economy and rebounding home prices are giving baby boomers the opportunity to sell and move to support their retirement lifestyle. Furthermore, our research identified cities movers are gravitating to while still remaining in the workforce as a business owner,” Yun said.

NAR’s research reviewed 100 metro areas that have lower state taxes, solid job market conditions, and strong migration patterns (on a percentage basis) of baby boomers moving to that particular area to determine which housing markets are likely to see a boost from this generation. Cost of living, housing affordability and inventory availability were also considered.

The top markets positioned to see an influx of baby boomer homebuyers are (listed alphabetically):

  • Albuquerque, New Mexico
  • Boise, Idaho
  • Denver
  • Fort Myers, Florida
  • Greenville, South Carolina
  • Orlando, Florida
  • Phoenix
  • Raleigh, North Carolina
  • Sarasota, Florida
  • Tucson, Arizona
  • Other markets with strong potential for attracting baby boomer homebuyers include:
  • Chattanooga, Tennessee
  • Dallas
  • McAllen, Texas
  • Riverside, California
  • Tampa, Florida

“These metro areas are attractive to baby boomers because of their housing affordability, lower tax rates and welcoming business environment,” says Yun. “With baby boomers working later in life, these factors will likely play as much of a deciding role of where boomers eventually retire as will areas with a warm climate or variety of outdoor activities.”

According to a NAR generational study of homebuyers and sellers released earlier this year, baby boomers represented 30 percent of all buyers, had a median household income of $92,400 and bought a home that cost $210,0004.

NAR also recently analyzed current housing conditions, job creation and population trends to determine the best markets for aspiring, leading edge millennial homebuyers. Visit www.realtor.org/millennials to find out more about millennials and homebuying.

To view the full article visit http://www.realtor.org/news-releases/2014/12/nar-identifies-top-metro-areas-poised-for-uptick-in-baby-boomer-home-sales

Read more »