Market remains stable in August 2011;m        inventory drops to new decade low   A steady drop in property inventory for ...
Sarasota MLSSM Statistics - August 2011                                                                                   ...
Sarasota MLSSM Statistics - August 2011                                                                                   ...
Single Family                                                    Months of Inventory                                      ...
Second Quarter 2011 Report                                 Single Family Sales ‐ By Quarter                               ...
Single Family                                   REO Sales ‐ By Quarter                               Condo6005004003002001...
Annual Sales ‐ 2000 to 2010                                                                                            Sin...
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August 2011 Real Estate Stats for Sarasota FL

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Market remains stable in August 2011;
inventory drops to new decade low
A steady drop in property inventory for sale, combined with
a stable, sales demand in the Sarasota real estate market, is
pointing toward normal, healthy property appreciation in the
coming months.
An analysis of sales, prices and inventory figures reflects
a market in recovery, led by a declining pool of available
properties on the market. The inventory of available properties
for sale has been dropping for the past nine months, and hit
another decade-low figure of 4,408 in August 2011. Sales
during the past 10 months have exceeded 500 every month,
and exceeded 700 four times. As a likely result of consumer
demand and dropping inventory, the median sale price
for single family homes and
condos has recovered from the
lows reached in February 2011,
when both categories showed
a median price of $137,500.
The latest monthly figures in
August showed a median price
of $165,000 for both single
family homes and condos – a
23 percent improvement from
the lows of only seven months ago.
“We’re starting to see a definite trend line developing, and
it’s very positive,” said SAR President Michael Bruno. “No
one has a crystal ball, and it wouldn’t be wise for anyone to
make a solid prediction on the future of our market. But
we can clearly see the normal market forces of supply and
demand as Sarasota is becoming a seller’s market, in which
price appreciation would be expected.”
The local market is mirroring the national picture to some
extent. NAR Chief Economist Lawrence Yun recently noted,
“The (national) housing market is still not yet back to normal,
but the inventory component is moving in the right direction.
There were 3.6 million existing homes on the market for sale,
down measurably from the peak inventory of 4.6 million in
the summer months of 2008.”
Members of the Sarasota Association of Realtors® reported
601 property sales in August 2011, which was almost 6
percent higher than the August 2010 total of 567 sales. The
breakdown was 445 single family home closings (the same as
in July 2011) and 156 condo closings (two more than in July).
The median sales prices (noted above) were about 6.5 percent
higher than last year at this time.
In August, the total inventory of available properties
dropped again to the lowest level in more than a decade.
There were 2,817 single family homes and 1,591 condos on
the market. The current figure represents an astonishing drop
from the high of 17,102 properties on the market in March
2007. With only a quarter of the properties on the market
compared to four years ago, competition for properties has
been dramatically increased, and agents are now fielding
multiple bids on many properties.
The months of inventory dropped slightly to 6.3 months for
single family homes, from last month’s figure of 6.4 months.
For condos, the months of inventory also dropped to 10.2
months from July’s figure of 10.7 mon

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August 2011 Real Estate Stats for Sarasota FL

  1. 1. Market remains stable in August 2011;m inventory drops to new decade low A steady drop in property inventory for sale, combined with been dramatically increased, and agents are now fieldinga stable, sales demand in the Sarasota real estate market, is multiple bids on many properties.pointing toward normal, healthy property appreciation in the The months of inventory dropped slightly to 6.3 months forcoming months. single family homes, from last month’s figure of 6.4 months. An analysis of sales, prices and inventory figures reflects For condos, the months of inventory also dropped to 10.2a market in recovery, led by a declining pool of available months from July’s figure of 10.7 months. In August 2010, theproperties on the market. The inventory of available properties figures were 9.3 months and 13.5 months, respectively. Bothfor sale has been dropping for the past nine months, and hit figures again remained far below the highs of 25.3 months foranother decade-low figure of 4,408 in August 2011. Sales single family (in early 2009) and 41.7 months for condos (induring the past 10 months have exceeded 500 every month, late 2008). This statistic represents the time it would take toand exceeded 700 four times. As a likely result of consumer sell the existing inventory at the current month’s rate of sales.demand and dropping inventory, the median sale price The 6 month level is traditionally a point which representsfor single family homes and equilibrium in the marketcondos has recovered from the “But we can clearly see the normal market between buyers and sellers.lows reached in February 2011, In some price ranges,when both categories showed forces of supply and demand as Sarasota is the available inventory isa median price of $137,500. becoming a seller’s market, in which price even tighter. For example,The latest monthly figures in appreciation would be expected.” combining single familyAugust showed a median price homes and condos pricedof $165,000 for both single - SAR President Michael Bruno under $200,000, there werefamily homes and condos – a 350 sales last month, and23 percent improvement from there are 1,653 propertiesthe lows of only seven months ago. available under that price, or 4.7 months of inventory. This “We’re starting to see a definite trend line developing, and number represents a clear seller’s market, in which biddingit’s very positive,” said SAR President Michael Bruno. “No competition and price appreciation would be expected.one has a crystal ball, and it wouldn’t be wise for anyone to For properties priced under $350,000, most price rangesmake a solid prediction on the future of our market. But are indicating a seller’s market has returned. This is in markedwe can clearly see the normal market forces of supply and contrast to three years ago, when a buyer’s market was in fulldemand as Sarasota is becoming a seller’s market, in which force.price appreciation would be expected.” In August 2011, pending sales were roughly the same as in The local market is mirroring the national picture to some July 2011 – 618 for single family homes, and 195 for condos,extent. NAR Chief Economist Lawrence Yun recently noted, for a total of 813. This was also almost identical to last August“The (national) housing market is still not yet back to normal, when 816 pending sales were reported.but the inventory component is moving in the right direction.There were 3.6 million existing homes on the market for sale, “We are coming out of the usually slower summer salesdown measurably from the peak inventory of 4.6 million in months with a much improved, healthier real estate market,”the summer months of 2008.” said Bruno. “The fall should prove to be steady and strong. The only thing continuing to hold back our market from even Members of the Sarasota Association of Realtors® reported bigger numbers is the percentage of distressed sales, which is601 property sales in August 2011, which was almost 6 still higher than we’d like to see.”percent higher than the August 2010 total of 567 sales. Thebreakdown was 445 single family home closings (the same as The overall percentage of distressed sales (foreclosures andin July 2011) and 156 condo closings (two more than in July). short sales) rose slightly in August 2011 to 41.2 percent fromThe median sales prices (noted above) were about 6.5 percent the 38 percent figure in July 2011. That compares to 47higher than last year at this time. percent as recently as February 2011 and a high of 51 percent in November 2010. In August, the total inventory of available propertiesdropped again to the lowest level in more than a decade. “The non-distressed properties are still selling for twoThere were 2,817 single family homes and 1,591 condos on or three times more than the short sales and foreclosures,”the market. The current figure represents an astonishing drop explained Bruno. “This is a huge difference, and naturallyfrom the high of 17,102 properties on the market in March pulls down the overall median sale price. But everyone remains2007. With only a quarter of the properties on the market hopeful that the distressed inventory, which now representscompared to four years ago, competition for properties has less than 20 percent of the total available properties, will start to drop rapidly in the coming months.”www.sarasotarealtors.com Sarasota Realtor® Magazine OCTOBER 2011 15
  2. 2. Sarasota MLSSM Statistics - August 2011 Single Family Unit Sales Condo 700 600 500 400 300 200 100 0 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Single Family Median Sale Price Condo $250,000 $200,000 $150,000 $100,000 $50,000 $0 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐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  2,817  445  15.8  180  $165,500  $157,000  6.3  618  21.9  311  186  This  Month  3,887  408  10.5  178  $154,500  $161,000  9.5  599  15.4  806  215  Last Year  Last  Month  2,829  445  15.7  174  $169,900  $156,000  6.4  609  21.5  311  212  YTD  ‐  4,089  ‐  181  $155,000  ‐  ‐  5,482  ‐  3,474  ‐      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  94.1  94.5  ‐  ‐  ‐  ‐    Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of Sept. 12th, 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 OCTOBER 2011 Sarasota Realtor® Magazine www.sarasotarealtors.com
  3. 3. Sarasota MLSSM Statistics - August 2011 Single Family Inventory Condo5,0004,0003,0002,0001,000 0 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Single Family Pending Sales Condo1000 900 800 700 600 500 400 300 200 100 0 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐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  1,591  156  9.8  210  $165,000  $163,950  10.2  195  12.2  221  215  This  Month  2,152  159  7.4  193  $155,000  $169,900  13.5  217  10.1  254  169  Last Year  Last  Month  1,656  154  9.3  200  $145,000  $162,250  10.7  190  11.5  199  225  YTD  ‐  1,620  ‐  215  $167,300  ‐  ‐  1,828  ‐  1,971  ‐    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  92.5  93.1  ‐  ‐  ‐  ‐   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 OCTOBER 2011 17
  4. 4. Single Family Months of Inventory The Xtra Pages - Digital Version Only Condo1816141210 8 6 4 2 0 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Single Family Days on Market Condo250200150100 50 0 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Single Family New Listings Condo900800700600500400300200100 0 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Single Family Sales Volume Condo $180,000,000  $160,000,000  $140,000,000  $120,000,000  $100,000,000  $80,000,000  Sarasota Association of Realtors® MLS $60,000,000  $40,000,000  $20,000,000  $0  Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11
  5. 5. 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
  6. 6. 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®
  7. 7. 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

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