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tSarasota real estate market continues
healthy sales in June 2011Members 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.
There were 510 single family home closings and 218 condo closings in June, which continues the strong sales surge in 2011. While the total was somewhat lower than May’s 796 sales, and June 2010’s total of 776 sales, the current trend has been the strongest since the real estate boom of 2003-2005. The sales even rival the mini-boom from last year’s federal homebuyer tax credit incentive. This year, there is no government program propping up the market, so the sales simply reflect a high level of buyer interest. Prices for both single family homes and condos were also above the annual median prices for the past two years, with the single family median sales rising to $175,000, the highest since June 2010
(also at $175,000). The figure was a 10 percent jump from May, when the median price was $159,000. The condo median price slipped to $185,000 from last month’s surge to $218,750. But the figure was still much higher than the median for the last 12 month period ($162,000).
The total available property inventory dropped to 4,830, another big decrease from the May figure of 5,010, and now the lowest level in the past 10 years. The inventory reached its apex in April 2007, when 17,089 properties were on the market.
The lower inventory, combined with the higher sales rate, has now dropped the months of inventory to 5.9 months for single family homes and 8.2 months for condos, both figures far below the highs of 25.3 months for single family (in early 2009) and 41.7 months for condos (in late 2008). The 6 month level is traditionally a point which represents equilibrium in the market between buyers and sellers. Once
the figure trends downward below 6 months, buyers are often forced to compete for properties, which generally drives prices higher.
In fact, at the lower price ranges below $120,000, where about 40 percent of sales are occurring, the months of inventory has dipped to below 4 months. That means competition is very high for these properties, with multiple offers often reported by agents. The overall market (combined single family and condo) stands at 6.9 months of inventory.
“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.”
The overall percentage of distressed sales (short sales and foreclosure sales) remained at 38 percent of the June 2011 sales. That compares to 47 percent as recently as February 2011 and a high of 51 percent in November 2010.
“As an association, we have kept our members educated and informed about the ongoing distressed property situation, and they have benefited greatly from this valuable resource,” explained Bruno. “Realtors® who have kept current on the latest trends and changes within the market have been able to make the best of a tough situation, and the numbers reflect that. We all hope to see a significant drop in foreclosures and short sales in the coming years, and when that happens, Sarasota agents will be ready to handle the new market realities.”
Pending sales dropped to 754 from last month’s level of 841. They reached a recent peak of 1,208 in March 2011, continuing to reflect our area’s typical seasonal slowdown. Pending sales are properties going under contract during the month, and the statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer activity. Last June, pending sales were at 767, so the seasonal trend appears to be holding true.
“We all hope to see a significant drop in foreclosures and short sales in the coming years, and when that happens, Sarasota agents will be ready to handle the new market
realities.”- SAR President Michael Bruno
www.sarasotarealtors.com Sarasota Realtor® Magazine AUGUST 2011 15
Sarasota MLSSM Statistics - June 2011 Sarasota MLSSM Statistics - June 2011
Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of July 11th, 2011,including some listings in Manatee, Englewood, Venice, and other areas. Single-family statistics are tabulated using property styles of single-family and villa. Condo statistics include condo, co-op, and townhouse.
Single Family – Sale Price Vs. List Price % Rates Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2010 94.4 92.8 95.2 94.8 95.2 95.3 94.7 95.2 94.6 95.2 94.8 94.1 2011 94.5 94.1 94.7 94.1 94.2 94.3 ‐ ‐ ‐ ‐ ‐ ‐
Single Family
#Active #Sold %Sold Average DOM
Median Sale Prices
Median Last 12 Months
Months Inventory
Pending Reported
%Pending # New Listings
# Off Market
This Month 3,048 510 16.7 188 $175,000 $155,000 5.9 586 19.2 321 202
This Month Last Year
3,819 576 15.9 173 $175,000 $165,000 6.6 575 15.9 790 264
Last Month 3,148 546 17.3 192 $159,000 $155,990 5.8 609 19.3 434 186
YTD ‐ 3,144 ‐ 182 $153,750 ‐ ‐ 4,255 ‐ 3,163 ‐
Source: Sarasota Association of Realtors®
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11
Single Family
CondoMedian Sale Price
Source: Sarasota Association of Realtors®
0
100
200
300
400
500
600
700
Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11
Unit Sales Single FamilyCondo
16 AUGUST 2011 Sarasota Realtor® Magazine www.sarasotarealtors.com
Sarasota MLSSM Statistics - June 2011 Sarasota MLSSM Statistics - June 2011
Median sales price is the middle value, where half of the homes sold for more, and half sold for less. Listings sold were closed transac-tions during the month. Pending sales are sales where an offer has been accepted during the month, but the sale has not yet closed. Even though some pending sales never close, pending sales are an indicator of current buyer activity. DOM indicates the average number of days that sold properties were on the market before a contract was executed.
Condo
#Active #Sold %Sold Average DOM
Median Sale Prices
Median Last 12 Months
Months ofInventory
Pending Reported
%Pending # New Listings
# Off Market
This Month 1,782 218 12.2 231 $185,000 $162,000 8.2 168 9.4 189 231
This Month Last Year
2,174 200 9.2 203 $145,000 $185,000 10.9 192 8.9 260 219
Last Month 1,862 250 13.4 228 $218,750 $160,000 7.4 232 12.4 212 211
YTD ‐ 1,299 ‐ 217 $170,000 ‐ ‐ 1,443 ‐ 1,551 ‐
Condo – Sale Price Vs. List Price % Rates Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2010 92.5 92.4 92.5 93.2 94.2 93.7 94.2 93.5 93.2 94.3 94.5 92.9 2011 93.4 91.2 92.2 93.4 94.5 94.2 ‐ ‐ ‐ ‐ ‐ ‐
Sarasota Association of Realtors® MLS
0100200300400500600700800900
1000
Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11
Pending SalesSingle FamilyCondo
Sarasota Association of Realtors® MLS
0
1,000
2,000
3,000
4,000
5,000
Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11
InventorySingle FamilyCondo
www.sarasotarealtors.com Sarasota Realtor® Magazine AUGUST 2011 17
The Xtra Pages - D
igital Version OnlySarasota Association of Realtors® MLS
0
50
100
150
200
250
Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11
Days on Market Single Family
Condo
Sarasota Association of Realtors® MLS
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11
Months of Inventory Single FamilyCondo
0
100
200
300
400
500
600
700
800
900
Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11
New ListingsSingle Family
Condo
Source: Sarasota Association of Realtors® MLS
Sarasota Association of Realtors® MLS
$0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 $160,000,000 $180,000,000
Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11
Sales Volume Single Family
Condo
Source: Sarasota Association of Realtors®
0
200
400
600
800
1000
1200
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
Single Family Sales ‐ By Quarter REO Short Arm's Length
Source: Sarasota Association of Realtors®
0
100
200
300
400
500
600
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
Condo Sales ‐ By Quarter REO Short Arm's Length
Source: Sarasota Association of Realtors®
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
REO Short Arm's LengthSingle Family Median Sale Price
Source: Sarasota Association of Realtors®
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
REO Short Arm's LengthCondo Median Sale Price
Second Quarter 2011 Report
* Homebuyer Tax Credit In Effect
* Homebuyer Tax Credit In Effect
Source: Sarasota Association of Realtors®
0
100
200
300
400
500
600
2008‐Q2 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
REO Sales ‐ By Quarter Single FamilyCondo
Source: Sarasota Association of Realtors®
050
100150200250300350400
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
Short Sales ‐ By QuarterSingle Family
Condo
Source: Sarasota Association of Realtors®
0
200
400
600
800
1000
1200
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
Arm's Length Sales ‐ By QuarterSingle FamilyCondo
* Homebuyer Tax Credit In Effect
* Homebuyer Tax Credit In Effect
* Homebuyer Tax Credit In Effect
$132,300
$172,500$191,000
$226,000
$272,500
$351,000$342,000
$303,000
$230,000
$160,000 $163,000
$142,000
$145,000$173,000
$191,000
$225,000
$305,000$301,225
$336,250$320,000
$210,000
$163,000
Annual Median Sale Price ‐ 2000 to 2010 Condo Single Family
$132,300
$172,500$191,000
$226,000
$272,500
$351,000$342,000
$303,000
$230,000
$160,000 $163,000
$142,000
$145,000$173,000
$191,000
$225,000
$305,000$301,225
$336,250$320,000
$210,000
$163,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Annual Median Sale Price ‐ 2000 to 2010 Condo Single Family
Annual Sales ‐ 2000 to 2010Single Family Condo Total
9697
11267
10562
Single Family Condo Total
6 504
7,596
6,8416533
7036
8167
63586739
7603
4,3494,940
5,603
6,504
4,3533,922
4,6265,183
5,466
3 671 3 721
6533 63586042 5820
,
2,184 2,0962,564
3,1933,671 3,721
2,005 2,120
1,1941,556
2,137
1,194
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
