Market Updates

April was a busy month for real estate transactions in Sarasota

By | May 20, 2014

House Upward Graph

House Upward GraphThe Sarasota Association of Realtors just released the sales statistics for the month of April which report that Sarasota County saw the second highest level of sales in its history in April 2014 – a total of 1,195 closed transactions recorded in the My Florida Regional MLS system. That figure was topped only by the 1,223 sales reported a decade ago, in April 2004, just preceding the real estate boom that saw rapid price escalation.

The other months close to that figure were in the spring and early summer months of 2004 and 2005, and in March, April and May of last year. In April 2014, 759 single family home sales closed, and 436 condo sales were completed. The totals were higher than March figures, (698 and 352, respectively) and last April’s figures (703 and 429, respectively).

To view the full press release visit http://www.sarasotarealtors.com/files/monthlystatistics/April2014Stats140520125706.pdf

 

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March Real Estate Statistics for Sarasota

By | April 29, 2014

a-housing-graph

a-housing-graphProperty sales in Sarasota County for March 2014 topped 1,000 for the first time since May 2013, repeating a spring sales surge witnessed in the past few years. In addition, distressed sales remained far below the levels experienced four years ago (see P. 14 article), indications of a strong market returning to historic norms.

Median sale prices for single family homes and condos also continued to reflect a stable market, with no signs of wild price swings. Single family prices have been remarkably even for the past 12 months, while condo prices have also stabilized.

To view the full press release visit the Sarasota Association of Realtors website at http://www.sarasotarealtors.com/files/monthlystatistics/March2014Stats140422102558.pdf

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February Real Estate Statistics for Sarasota

By | March 25, 2014

Red Upward Graph

Red Upward GraphThe Sarasota Association of Realtors most recent press release shows that property sales in Sarasota County for February 2014 maintained a very steady pace, and median sale prices for single family homes and condos also reflected market stability and integrity.

Single family prices have been remarkably even for the past 12 months, while condo prices have seen somewhat more volatility. February 2014 closed sales of 787 were down slightly (2.4 percent) from last February, when they were at 807, but up slightly from January 2014 (767).

The other notable market statistic was the recent marked decrease in short sales. Only 32 of the total 787 sales in February 2014 were short sales, compared to 98 in February 2013. Short sales have been trending lower since August 2013, and saw a significant drop off beginning in January 2014, when only 27 sales were short sales in the county. In June 2010, at the low point of the market, short sales accounted for almost 200 of the 933 total sales, and foreclosure sales represented another 207.

Foreclosures were still trending at about the same pace in February 2014, with 131 recorded. The lack of short sales may reflect the growing reluctance of mortgage lenders and banks to negotiate with delinquent property owners as the economy emerges from the great recession and the unemployment picture in Florida and across the nation improves.

To read the full press release visit http://www.sarasotarealtors.com/files/monthlystatistics/SRStatsFeb2014140320112035.pdf

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Sarasota Real Estate Market is Heating Up

By | February 25, 2014

graphThe Sarasota Association of Realtors just released the sales statistics for the month of June which shows that new listings were up substantially sending the total inventory to a 32-month high level, up 10.6 percent from December 2013 and yet another sign of a market in a strong recovery period.

To read the entire press release click here:

http://www.sarasotarealtors.com/files/monthlystatistics/Jan2014StatsSRMagMar2014140221100120.pdf

 

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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

a-housing-graph

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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D R Horton Selling at Legends Bay

By | November 4, 2013

Legends Bay Sign

Legends Bay SignBuilder D.R. Horton’s Tampa/Sarasota Division resumed new home sales at Legends Bay in Bradenton with a new model opening in late December. D.R. Horton’s Premier and Estate series homes will range in size from 2,045 to 4,363 square feet. D.R. Horton is currently building its Bedford floorplan to be featured as the model in the community. The Bedford is a two-story, master-down home with 2,592 square feet, four bedrooms, 2.5 bathrooms and a loft.

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*Serious* Flood Insurance Changes!

By | October 30, 2013

If you’ve got a property in a flood zone – or you’re thinking about buying one – you need to know about BIG, BIG changes that are coming.  Barring the housing meltdown of 2006, this is perhaps the single most impactful change to our market I’ve seen since I started working in real estate.  And it’s not a good one.

The Biggert-Waters Flood Insurance Reform Act was signed into law on July 6, 2012 in response to recent major drains on the federally run National Flood Insurance Program (NFIP).  Virtually all flood insurance policies in the U.S. are underwritten through this program.  It’s been a major drain on the federal government and natural disasters like Hurricanes Sandy and Katrina have caused the program to run at massive deficits.  In response, the Biggert-Waters Act has aimed to fundamentally alter the way policies are charges to reflect the actual cost of insurance instead of a subsidized cost.

Who’s Affected

If you’re in flood zone ‘X’ or ‘X-500’, you don’t have much to worry about.  You’re probably not required to carry flood insurance for your mortgage and these changes won’t apply to you.  If, however, you’re in flood zones ‘A’,  ‘D’, or ‘V’ (or any variation thereof), these changes ARE going to affect you and are very likely to increase the amount you have to pay for flood insurance.

It’s important to know that these zones aren’t just along waterways and the coast.  In fact, most of the properties that will be affected AREN’T in these areas and the hardest hit won’t be the coastal properties.  The link below will take you to the FEMA website and will allow you to check the flood zone for your property:

https://msc.fema.gov/webapp/wcs/stores/servlet/FemaWelcomeView?storeId=10001&catalogId=10001&langId=-1

What That Means For You

Owners of non-primary residences in Special Flood Hazard Areas will see 25% increases annually until rates reflect the true risk (which can be massive).  Owners of primary residences in SFHAs will be able to keep their subsidized rates until they sell their property, allow their policy to lapse, suffer severe, repeated losses, or purchase a new policy.  Owners who buy into one of these areas will have to pay the full amount right away without the graduated increases.  Also, the law is retroactive to July 6, 2012, so if you’ve bought since then – whether or not it’s a primary residence – you’re affected.

We’re Also Getting New Flood Maps

The other leg of this law is that FEMA was ordered to redraw their existing flood maps using new tools that weren’t available when they initially mapped the nation.  Sarasota County’s map is scheduled to be presented in February of 2014 and is slated to go into effect sometime in 2015.  Properties with zoning changes will see premiums increase at a rate of 20% per year until they reach full-risk rates.

More Information

This is just a brief overview of the Biggert-Waters Act; there’s a ton more information available through FEMA.  I’m including a link to a FEMA-issued .PDF that further outlines the changes:

http://www.floods.org/ace-files/documentlibrary/2013_nfip_reform/FEMA_PPT_BW12_32613.pdf

… And Now The Reason You’re REALLY Reading!

One of my favorite artists of all time is Michael Jackson.  I was really bummed when he passed – but there may be hope: CNN filmed a segment at his Neverland home and you can clearly see something in the background as they film his suite.  Is it his ghost?  A trick of the tape?  Maybe we’ll never know, but it’s definitely worth checking out:

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

 

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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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Reality vs Reality TV for Homebuyers

By | August 31, 2013

Couple in living room watching televisionAh, reality TV. That land where everything seems so easy and even the most difficult life events are resolved in fewer than 30 minutes. Of course, producers, editing and professional lighting don’t hurt (if only that were part of everyone’s reality, right?). So when it comes to home buying, just how real is reality TV? And what can people without production crews expect?

Let’s start with the basics: Buying or selling a home doesn’t (usually) happen overnight. What becomes a two-minute segment on television actually requires days, weeks and even months, in some cases, of time and effort in everyday life. It entails budgeting, searching, inspecting and negotiating.

To sum it up: The camera misses a lot of the action. You – in real life – will interview and hire a Realtor, apply for home loans and agonize over picking the right house. You’ll pay your earnest money, order inspections, work through contingencies, prepare to bring cash to closing, sign your name dozens of times to transfer ownership – all before you get the keys. And guess what, you won’t see most, or any, of that on TV.

But you probably already know all that. You also probably know that every home shown on TV is in tip-top condition from top to bottom – and pretty stylishly staged. In reality, that’s not always the case. Be prepared to imagine that the salmon pink paint in the dining room is temporary, that the lawn doesn’t need a garden gnome at the base of every tree or bush. In other words, don’t just focus on the life someone else made there, focus on what you see in your future there: you, your furniture, your life.

One aspect that most TV shows do seem to get right, though, is the advantage buyers have when using a real estate agent. Knowing the best homes within your budget, detailing the pros and cons of each property, making the offers/counteroffers – that’s their job. Which in turn makes yours – finding your dream home – much easier.

Speaking of dream homes, yours might end up looking slightly, or significantly, different than you thought. It might not exist, or it might not exist in your price range. In this instance, take a cue from the reality show buyers and learn to compromise. The lap pool might be out of reach, but at least you get that large soaking tub in the master bath.

For a more detailed explanation of the Sarasota real estate market trends and the  homebuying process, contact Carole Samuels.  I am ready to answer all your questions.

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