Sarasota Market Statistics July 2013

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Sarasota Market Statistics July 2013

  1. 1. T July 2013 Sales Up 30.3 Percent Over Last Year The Sarasota real estate market continued an amazing streak in July, with members of the Sarasota Association of Realtors® closing 911 sales during the month – a 30.3 percent increase over July 2012, and 3.2 percent higher than the June 2013 total. The first seven months of 2013 are still tracking to make the overall year one of the biggest in SAR’s history. The other major news of the month was the major rebound in the median sale price for single family homes. The price went from $200,000 in June 2013 to $227,500 in July 2013, a 13.75 percent increase. For the 12-month rolling median price, the single family home figure was at $195,000, a 16 percent increase over last year at this time when the rolling median price was at $168,500. If current trend levels continue, this will be the biggest year-to-year increase for single family home prices in four years. “With sales up dramatically and prices also trending upward, the popularity and strength of the Sarasota market is unquestionable,” said SAR President Roger Piro. “The quality of the properties on the market, plus our overall attraction to both domestic and foreign buyers, has made this one of the best years on record to this point.” The condo market put a slight damper on the news, as prices dropped from $192,500 to $162,900 from June to July 2013 – a 15.6 percent drop. Condo prices have been up and down throughout the year, hitting a low of $130,000 in January and a high of $194,500 in May. An increase in condo sales below $100,000 in July, coupled with a decrease in sales of properties over a million dollars, caused the statistical lull. The 12-month rolling median was at $170,000 for condos, 2 percent higher than last year at this time when the figure was at $167,000. The inventory rose slightly in July to 3,152, a mere 1 percent higher than June’s figure of 3,114, which was the lowest level in longer than a decade. July’s inventory represents a 13 percent drop from last year at this time. Declining inventory generally results in greater competition for available homes and condos and subsequent price escalation. Pending sales stood at 909 in July 2013, down about 10 percent from the 1,024 figure in June 2013 and slightly lower than last July’s total of 919. Pending sales represents properties that went under contract during the month, and indicates sales in August and beyond could also be at near record high levels. “The fact that we saw sales 30 percent higher this July than last July seems to be the biggest news this summer in local real estate,” said Piro. “Most agents are clearly not taking the summer off and vacationing, because the buyers are here and they are anxious to buy in this area. This is a positive, historic time, and the moderate rise in single family home prices coupled with the fluctuating condo market prices indicates we are not seeing a new bubble. This is just a genuinely popular place to live and invest in real estate.” The July 2013 months of inventory stood at 3.1 months for single family and 4.6 months for condos, with both property categories very near the lowest level in the past decade (achieved in May 2013 – 3.0 and 3.9, respectively). Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last July there were 4.5 months of inventory for single family homes and 7.5 months of inventory for condos. Currently, 364 properties listed for sale in the MLS are short sales or foreclosures, down from last month’s figure of 379. This represents 11.5 percent of available properties, down from last month’s figure of 12.2 percent. Sales of distressed properties represented about 24.9 percent of the overall sales in July 2013, up slightly from the June figure of 23 percent, but much lower than the 51 percent figure experienced in the fourth quarter of 2010. For single family homes, 25.8 percent of sales were distressed last month, and for condos, 22.3 percent were distressed. “Last year we saw the market continue to show strength through the end of the year, so I’m hoping for the same in 2013,” said Piro. “The fact that we saw sales 30 percent higher this July than last July seems to be the biggest news this summer in local real estate.” - SAR President Roger Piro www.sarasotarealtors.com Sarasota Realtor® Magazine SEPTEMBER 2013 15
  2. 2. Sarasota MLSSM Statistics - July 2013 Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of August 10th, 2013, 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 2012 95.4 94.2 94.6 94.7 95.1 95.2 94.2 95.3 95.2 95.4 95.6 95.3 2013 96.2 96.4 96.8 96.4 97.1 96.4 96.8 - - - - - 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  2,104  682  32.4  131  $227,500  $195,000  3.1  687  32.6  785  141  This  Month  Last Year  2,329  523  22.5  167  $178,000  $168,500  4.5  703  30.2  683  146  Last  Month  2,085  642  30.8  131  $200,000  $190,000  3.2  759  36.4  771  161  YTD  ‐  4,458 ‐  140  $210,000  ‐  ‐  5,521  ‐  5,805  ‐      $0 $50,000 $100,000 $150,000 $200,000 $250,000 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Single Family Condo Median Sale Price Source: Sarasota Association of Realtors® 0 100 200 300 400 500 600 700 800 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Unit Sales Single Family Condo 16 SEPTEMBER 2013 Sarasota Realtor® Magazine www.sarasotarealtors.com
  3. 3. Sarasota MLSSM Statistics - July 2013 Median sales price is the middle value, where half of the homes sold for more, and half sold for less. Listings sold were closed transactions 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 of Inventory  Pending  Reported  %Pending  # New  Listings  # Off  Market  This  Month  1,048  229  21.8  159  $162,900  $170,000  4.6  222  21.2  286  96  This  Month  Last Year  1,315  176  13.4  211  $176,000  $167,000  7.5  216  16.4  248  143  Last  Month  1,029  241  23.4  159  $190,000  $170,050  4.3  265  25.8  242  120  YTD  ‐  1,721  ‐  163  $175,000  ‐  ‐  2,079  ‐  2,166  ‐    0 100 200 300 400 500 600 700 800 900 1000 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Pending Sales Single Family Condo Sarasota Association of Realtors® MLS 0 500 1,000 1,500 2,000 2,500 3,000 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Inventory Single Family Condo Condo – Sale Price Vs. List Price % Rates Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2012 93.1 93.5 94.2 94.3 93.8 93.8 94.6 94.1 94.2 94.4 95.4 94.8 2013 95.4 95.4 95.2 95.4 95.3 95.6 96.2 - - - - - www.sarasotarealtors.com Sarasota Realtor® Magazine SEPTEMBER 2013 17
  4. 4. TheXtraPages-DigitalVersionOnly Sarasota Association of Realtors® MLS 0 1 2 3 4 5 6 7 8 9 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Months of Inventory Single Family Condo $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Sales Volume Single Family Condo 0 50 100 150 200 250 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Days on Market Single Family Condo 0 200 400 600 800 1,000 1,200 Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 New Listings Single Family Condo
  5. 5. Source: Sarasota Association of Realtors® 0 200 400 600 800 1000 1200 1400 1600 1800 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2 Single Family Sales ‐ By Quarter REO Short Market 0 100 200 300 400 500 600 700 800 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2 Condo Sales ‐ By Quarter REO Short Market $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2 REO Short MarketSingle Family Median Sale Price $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2 REO Short MarketCondo Median Sale Price Second Quarter 2013 Report
  6. 6. Source: Sarasota Association of Realtors® 0 50 100 150 200 250 300 350 400 450 500 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2 REO Sales ‐ By Quarter Single Family Condo 0 50 100 150 200 250 300 350 400 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2 Short Sales ‐ By Quarter Single Family Condo 0 200 400 600 800 1000 1200 1400 1600 1800 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2 Market Sales ‐ By Quarter Single Family Condo
  7. 7. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Single Family $132,300 $172,500 $191,000 $226,000 $272,500 $351,000 $342,000 $303,000 $230,000 $160,000 $163,000 $155,925 $175,000 Condo $142,000 $145,000 $173,000 $191,000 $225,000 $305,000 $301,225 $336,250 $320,000 $210,000 $163,000 $156,800 $175,000 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 Annual Median Sale Price ‐ 2000 to 2012  4,349 4,940 5,603 6,504 7,596 6,841 4,353 3,922 4,626 5,183 5,466 5,938 6,570 2,184 2,096 2,564 3,193 3,671 3,721 2,005 2,120 1,194 1,556 2,137 2,286 2,599 6533 7036 8167 9697 11267 10562 6358 6042 5820 6739 7603 8224 9,179 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Annual Sales ‐ 2000 to 2012 Single Family Condo Total

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