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SAR Monthly Statistics Released for June 2011
 

SAR Monthly Statistics Released for June 2011

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    SAR Monthly Statistics Released for June 2011 SAR Monthly Statistics Released for June 2011 Document Transcript

    • Sarasota real estate market continues healthy sales in June 2011t Members of the Sarasota Association of Realtors® continuedto sell properties at a brisk pace in June 2011 with 728 totaltransactions recorded last month. This marks the fourthmonth in the last 12 with sales exceeding the 700 level – alloccurring in 2011. In addition, the median sales price forsingle family homes hit the highest level since last June, andthe total inventory of available properties dropped to thelowest level in more than a decade, which could spur strongercompetition for homes and condos. There were 510 single family home closings and 218 condoclosings in June, which continues the strong sales surge in2011. While the total was somewhat lower than May’s 796sales, and June 2010’s total of 776 sales, the current trend the figure trends downward below 6 months, buyers are oftenhas been the strongest since the real estate boom of 2003- forced to compete for properties, which generally drives prices2005. The sales even rival the mini-boom from last year’s higher.federal homebuyer tax credit incentive. This year, there is no In fact, at the lower price ranges below $120,000, wheregovernment program propping up the market, so the sales about 40 percent of sales are occurring, the months ofsimply reflect a high level of buyer interest. Prices for both inventory has dipped to below 4 months. That meanssingle family homes and condos were also above the annual competition is very high for these properties, with multiplemedian prices for the past two years, with the single family offers often reported by agents. The overall market (combinedmedian sales rising to $175,000, the highest since June 2010 single family and condo) stands at 6.9 months of inventory. “It is encouraging to see how the Sarasota market has “We all hope to see a significant continued this strong momentum in the face of continuing weakness in the national and state economies,” said SAR drop in foreclosures and short sales President Michael Bruno. “The inventory of available in the coming years, and when that properties, which is lower than it has been since the 1990s, is a happens, Sarasota agents will be very important statistic. Historically, prices rise as competition for homes increases, and we’re seeing that occurring in ready to handle the new market our market. The percentage of distressed property sales is realities.” stabilizing, so prices should naturally continue to rise.” - SAR President Michael Bruno 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.(also at $175,000). The figure was a 10 percent jump from “As an association, we have kept our members educatedMay, when the median price was $159,000. The condo and informed about the ongoing distressed property situation,median price slipped to $185,000 from last month’s surge and they have benefited greatly from this valuable resource,”to $218,750. But the figure was still much higher than the explained Bruno. “Realtors® who have kept current on themedian for the last 12 month period ($162,000). latest trends and changes within the market have been able to make the best of a tough situation, and the numbers reflect The total available property inventory dropped to 4,830, that. We all hope to see a significant drop in foreclosuresanother big decrease from the May figure of 5,010, and now and short sales in the coming years, and when that happens,the lowest level in the past 10 years. The inventory reached Sarasota agents will be ready to handle the new marketits apex in April 2007, when 17,089 properties were on the realities.”market. Pending sales dropped to 754 from last month’s level of The lower inventory, combined with the higher sales rate, 841. They reached a recent peak of 1,208 in March 2011,has now dropped the months of inventory to 5.9 months continuing to reflect our area’s typical seasonal slowdown.for single family homes and 8.2 months for condos, both Pending sales are properties going under contract during thefigures far below the highs of 25.3 months for single family month, and the statistic is a strong indicator for the next two(in early 2009) and 41.7 months for condos (in late 2008). or three months of sales, as pending sales reflect current buyerThe 6 month level is traditionally a point which represents activity. Last June, pending sales were at 767, so the seasonalequilibrium in the market between buyers and sellers. Once trend appears to be holding true.www.sarasotarealtors.com Sarasota Realtor® Magazine AUGUST 2011 15
    • Sarasota MLSSM Statistics - June 2011 Single Family Unit Sales Condo 700 600 500 400 300 200 100 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 Single Family Median Sale Price Condo $250,000 $200,000 $150,000 $100,000 $50,000 $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 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  3,048  510  16.7  188  $175,000  $155,000  5.9  586  19.2  321  202  This  Month  3,819  576  15.9  173  $175,000  $165,000  6.6  575  15.9  790  264  Last Year  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  ‐      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  ‐  ‐  ‐  ‐  ‐  ‐    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. Source: Sarasota Association of Realtors®16 AUGUST 2011 Sarasota Realtor® Magazine www.sarasotarealtors.com
    • Sarasota MLSSM Statistics - June 2011 Single Family Inventory Condo5,0004,0003,0002,0001,000 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 Single Family Pending Sales Condo1000 900 800 700 600 500 400 300 200 100 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 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  1,782  218  12.2  231  $185,000  $162,000  8.2  168  9.4  189  231  This  Month  2,174  200  9.2  203  $145,000  $185,000  10.9  192  8.9  260  219  Last Year  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  ‐  ‐  ‐  ‐  ‐  ‐   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. Eventhough some pending sales never close, pending sales are an indicator of current buyer activity. DOM indicates the average number ofdays that sold properties were on the market before a contract was executed. Sarasota Association of Realtors® MLSwww.sarasotarealtors.com Sarasota Realtor® Magazine AUGUST 2011 17
    • Single Family Days on Market The Xtra Pages - Digital Version Only Condo250200150100 50 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 Single Family New Listings Condo900800700600500400300200100 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 Single Family Months of Inventory Condo 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 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 Single Family Sales Volume Condo $180,000,000  $160,000,000  $140,000,000  $120,000,000  $100,000,000  Sarasota Association of Realtors® MLS $80,000,000  $60,000,000  $40,000,000  $20,000,000  $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
    • Second Quarter 2011 Report Single Family Sales ‐ By Quarter REO Short Arms Length12001000800600400200 0 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 * Homebuyer Tax Credit In Effect Condo Sales ‐ By Quarter REO Short Arms Length600500400300200100 0 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 * Homebuyer Tax Credit In Effect Single Family Median Sale Price REO Short Arms Length$300,000 $250,000 $200,000 $150,000 $100,000  $50,000  $0  2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 Condo Median Sale Price REO Short Arms Length$350,000 $300,000 $250,000 $200,000 $150,000 $100,000  Source: Sarasota Association of Realtors® $50,000  $0  2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
    • Single Family REO Sales ‐ By Quarter Condo600500400300200100 0 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 * Homebuyer Tax Credit In Effect Single Family Short Sales ‐ By Quarter Condo400350300250200150100 50 0 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 * Homebuyer Tax Credit In Effect Single Family Arms Length Sales ‐ By Quarter Condo12001000 800 600 400 200 0 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 * Homebuyer Tax Credit In Effect Source: Sarasota Association of Realtors®
    • Annual Sales ‐ 2000 to 2010 Single Family Single Family Condo Total 11267 10562 9697 8167 7,596 7603 7036 6,841 6533 6739 6,504 6 504 6358 6042 5820 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 2,005 2,120 2,137 1,556 1,194 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Annual Median Sale Price ‐ 2000 to 2010  Condo Single Family $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 $173,000 $145,000 $160,000 $163,000 $132,300 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010