For Immediate ReleaseSarasota Association of Realtors®March 14, 2012For more information contact Kathy Roberts, 941-328-11...
Distressed property sales continued to represent a higher percentage than normal in the local market inFebruary 2012, with...
Sarasota MLSSM Statistics - February 2012                                                                                 ...
Sarasota MLSSM Statistics - February 2012                                                                                 ...
Single Family                                                  Months of Inventory                                        ...
Fourth Quarter 2011 Report                                        Single Family Sales ‐ By Quarter                        ...
Single Family                                     REO Sales ‐ By Quarter                               Condo60050040030020...
Annual Sales ‐ 2000 to 2011                                                                                             Si...
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Sales climb in February 2012; pending sales rise to 11-month high

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Sales climb in February 2012; pending sales rise to 11-month high

  1. 1. For Immediate ReleaseSarasota Association of Realtors®March 14, 2012For more information contact Kathy Roberts, 941-328-1170Sales climb in February 2012; pending sales rise to 11-month highPending sales in the Sarasota real estate market hit an 11-month high in February 2012, demonstratingonce more the health of the local industry as the buying season heats up. Median sale prices were also upsubstantially 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 estatemarket,” said SAR President Laura Benson. “Sales are up, prices are stable and much higher than lastyear 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 thehighest 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 couldrepeat 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 percentincrease in pending sales from the previous month, both reaffirming numerous verbal reports of a verybusy spring selling season in Sarasota. Closed sales stood at 414 for single family homes and 177 forcondos, lower than in February 2011, but higher than last month. In February 2011, 471 single familyhomes 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, bothsingle family homes and condos were selling at the median price of $137,500, so both of the currentnumbers reflect a stronger market than a year ago. Single family home prices were a whopping 21.8percent 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 percentlower than last February’s total of 5,864. With fewer available properties, the law of supply and demandindicates 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 levelsince then. As the inventory has slid, the months of inventory has also dropped. The figure now stands at7.2 months for single family homes, compared to 8.3 last month and 8.0 months in February 2011. Thefigure was 9.1 months for condos, compared to 11.3 months in January and 10.4 months last February. Afigure of 6 months is considered equilibrium between a buyer’s and a seller’s market.
  2. 2. Distressed property sales continued to represent a higher percentage than normal in the local market inFebruary 2012, with 37.4 percent of all sales from bank-owned foreclosures and short sales. But thefigure was a drop from the 40 percent total in January 2012, and far below the record high of over 50percent in the second quarter of 2010.Currently, only 740 properties for sale in the MLS are distressed listings (short sales and foreclosures), orroughly 15 percent of the market. Last month at this time, the number was 812 out of 4,711 homes andcondos on the market, or about 17 percent. If this percentage continues to trend lower, we could begin tosee median sales price increases going forward. “The lower number of distressed property sales, and the decreased number of foreclosures and short salesavailable will likely mean greater competition and higher asking prices,” noted Benson. “We are allhoping for a return to historic levels of distressed properties, which would be less than 5 percent of themarket. But until that day, our members will continue to educate themselves on the existing market andhelp customers make sensible decisions.” ###
  3. 3. Sarasota MLSSM Statistics - February 2012 Single Family Unit Sales Condo 700 600 500 400 300 200 100 0 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Single Family Median Sale Price Condo $250,000 $200,000 $150,000 $100,000 $50,000 $0 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Single Family Average Median Median Last Months Pending # New # Off #Active #Sold %Sold %Pending DOM Sale Prices 12 Months Inventory Reported Listings Market This Month 2,972 414 13.9 171 $167,500 $160,000 7.2 793 26.7 795 154 This Month 3,782 471 12.5 178 $137,500 $160,000 8.0 735 19.4 647 123 Last Year Last Month 3,037 365 12.0 171 $162,000 $158,000 8.3 723 23.8 835 131 YTD - 796 - 168 $163,250 - - 1,516 - 1,630 - Single Family – Sale Price Vs. List Price % Rates Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2011 94.5 94.1 94.7 94.1 94.2 94.3 94.1 94.5 95.2 95.1 95.3 94.8 2012 95.4 94.2 - - - - - - - - - - Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of March 10th, 2012, 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. Source: Sarasota Association of Realtors®16 APRIL 2012 Sarasota Realtor® Magazine www.sarasotarealtors.com
  4. 4. Sarasota MLSSM Statistics - February 2012 Single Family Inventory Condo4,0003,0002,0001,000 0 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Single Family Pending Sales Condo1000 900 800 700 600 500 400 300 200 100 0 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Condo Average Median Sale Median Last Months of Pending # New # Off #Active #Sold %Sold %Pending DOM Prices 12 Months Inventory Reported Listings Market This Month 1,616 177 10.9 212 $150,000 $160,000 9.1 337 20.8 323 166 This Month 2,082 201 9.7 223 $137,500 $160,000 10.4 288 13.8 312 110 Last Year Last Month 1,674 148 8.8 212 $180,000 $159,000 11.3 240 14.3 364 156 YTD - 330 - 212 $154,250 - - 577 - 687 - Condo – Sale Price Vs. List Price % Rates Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2011 93.4 91.2 92.2 93.4 94.5 94.2 92.5 93.1 92.8 93.2 93.6 92.7 2012 93.1 93.5 - - - - - - - - - -Median sales price is the middle value, where half of the homes sold for more, and half sold for less. Listings sold were closedtransactions during the month. Pending sales are sales where an offer has been accepted during the month, but the sale has not yetclosed. Even though some pending sales never close, pending sales are an indicator of current buyer activity. DOM indicates the averagenumber of days that sold properties were on the market before a contract was executed. Sarasota Association of Realtors® MLSwww.sarasotarealtors.com Sarasota Realtor® Magazine APRIL 2012 17
  5. 5. Single Family Months of Inventory The Xtra Pages - Digital Version Only Condo12.010.0 8.0 6.0 4.0 2.0 0.0 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Single Family Days on Market Condo300250200150100 50 0 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Single Family Sales Volume Condo$180,000,000$160,000,000$140,000,000$120,000,000$100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 New Listings Single Family Condo 900 800 700 600 500 400 300 Sarasota Association of Realtors® MLS 200 100 0 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12
  6. 6. Fourth Quarter 2011 Report Single Family Sales ‐ By Quarter REO Short Market12001000 800 600 400 200 0 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2* 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 * Homebuyer Tax Credit In Effect Condo Sales ‐ By Quarter REO Short Market600500400300200100 0 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2* 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 * Homebuyer Tax Credit In Effect Single Family Median Sale Price REO Short Market $300,000  $250,000  $200,000  $150,000  $100,000  $50,000  $0  2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 Condo Median Sale Price REO Short Market $350,000  $300,000  $250,000  $200,000  $150,000  $100,000  Source: Sarasota Association of Realtors® $50,000  $0  2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4
  7. 7. Single Family REO Sales ‐ By Quarter Condo600500400300200100 0 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2* 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 * Homebuyer Tax Credit In Effect Single Family Short Sales ‐ By Quarter Condo400350300250200150100 50 0 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2* 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 * Homebuyer Tax Credit In Effect Single Family Market Sales ‐ By Quarter Condo12001000 800 600 400 200 0 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2* 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 * Homebuyer Tax Credit In Effect Source: Sarasota Association of Realtors®
  8. 8. Annual Sales ‐ 2000 to 2011 Single Family Single Family Condo Total 11267 10562 9697 8167 8224 7,596 7603 7036 6,841 6533 6739 6,504 6 504 6358 6042 5820 5,938 5,603 5,466 5,183 4,940 4,626 4,349 4,353 3,721 3 721 3,922 , 3 671 3,671 3,193 2,564 2,184 2,096 2,120 2,137 2,286 2,005 1,556 1,194 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Annual Median Sale Price ‐ 2000 to 2011  Single Family Condo $351,000 $342,000 $336,250 $320,000 $272,500 $301,225 $305,000 $226,000 $225,000 $303,000 $191,000 $210,000 $172,500 $191,000 $230,000 $163,000$142,000 $156,800 $173,000 $145,000 $160,000 $132,300 $163,000 $155,925 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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