May2011 stats

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The Sarasota real estate market continued its strong spring showing in May 2011, with 796 total sales reported by members of the Sarasota Association of Realtors® - the second highest total in the past six years.

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May2011 stats

  1. 1. For Immediate ReleaseSarasota Association of Realtors®June 14, 2011For more information contact Kathy Roberts, 941-328-1170Sales surge continues in May; condo prices soarThe Sarasota real estate market continued its strong spring showing in May 2011, with 796 totalsales reported by members of the Sarasota Association of Realtors® - the second highest total inthe past six years.Only the March 2011 sales figure of 800 has been higher since the end of the real estate boom of2003-2005. Prices for both single family homes and condos also climbed in May 2011, with thecondo median sales price of $218,750 at the highest since October 2009. For single familyhomes, the figure in May rose to $159,000, just under the March high of $159,250, continuingthe 2011 upward trend.The total available property inventory dropped to 5,010, another big decrease from last month’slevel of 5,258, and once again the lowest level in the past six years. The inventory reached itsapex 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 ofinventory to 5.8 months for single family homes and 7.4 months for condos, both figures thelowest since 2005. The 6 month level is traditionally a point which represents equilibrium in themarket between buyers and sellers. At the point when the market was at its most unbalanced infavor of buyers, in November 2008, the figures were 24 months for single family homes and anincredible 41.7 months for condos. Once the figure trends downward below 6 months, buyers areoften forced to compete for properties, which generally drives prices higher.“Clearly, we’ve seen an amazing improvement in our market in the past three years,” said SARPresident Michael Bruno. “We have been trending in the right direction for several months now,and we’re starting to witness a return to the point where multiple buyers bid on a particularproperty. As the inventory of available properties drops, competition increases for the homes forsale, and prices naturally rise. The only thing holding back even greater appreciation appears tobe the high percentage of distressed properties.”Even that statistic is trending in a healthy direction, as the overall percentage of distressed sales(short sales and foreclosure sales) dropped to 38 percent of the May 2011 sales. That comparesto 47 percent as recently as February 2011 and a high of 51 percent in November 2010.
  2. 2. The May statistics also compare favorably to May 2010, when the $8,000 federal homebuyer taxcredit initiative was helping improve local sales. The tax credit drove up spring sales last year,but this year’s numbers are strong simply on the basis of the market’s wealth of quality homesand condos. Buyers are finding tremendous values at all price ranges and are making offers.Single family home sales stood at 546 for May 2011, roughly the same as last May (539). Condosales were at 250, about 10 percent higher than last May (227). Median sales prices for singlefamily homes was at $159,000, a little lower than last year at this time ($169,000), but higherthan last month ($155,430) and comparable to the March 2011 high of the year ($159,250). Forcondominiums, the median sale price hit $218,750 in May, up from $185,500 last month, and 18percent higher than May 2010 ($184,500).Pending sales dropped to 841 after hitting a recent peak of 1,208 in March 2011, continuing toreflect the seasonal population migration north. Pending sales are properties going under contractduring 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 May, pending sales were at 857.“We aren’t seeing any lingering negative issues with our local market,” explained Bruno.“Judging from the statistics, and the continuing positive word of mouth I’ve been hearing fromSAR members, the Sarasota real estate market is demonstrating strength and resilience duringthese difficult times.” ###
  3. 3. Sarasota MLSSM Statistics - May 2011 Single Family Unit Sales Condo 700 600 500 400 300 200 100 0 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Single Family Median Sale Price Condo $250,000 $200,000 $150,000 $100,000 $50,000 $0 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐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  3,148  546  17.3  192  $159,000  $155,990  5.8  609  19.3  434  186  This  Month  3,883  539  13.9  168  $169,000  $165,000  7.2  626  16.1  711  214  Last Year  Last  Month  3,321  533  16.0  169  $155,430  $158,000  6.2  687  20.7  512  166  YTD  ‐  2,599  ‐  179  $150,000  ‐  ‐  3,669  ‐  2,842  ‐      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  ‐  ‐  ‐  ‐  ‐  ‐  ‐    Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of June 10th, 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 JULY 2011 Sarasota Realtor® Magazine www.sarasotarealtors.com
  4. 4. Sarasota MLSSM Statistics - May 2011 Single Family Inventory Condo5,0004,0003,0002,0001,000 0 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Single Family Pending Sales Condo1000 900 800 700 600 500 400 300 200 100 0 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐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  1,862  250  13.4  228  $218,750  $160,000  7.4  232  12.4  212  211  This  Month  2,211  227  10.3  213  $184,500  $192,000  9.7  231  10.4  298  209  Last Year  Last  Month  1,937  226  11.7  230  $185,500  $160,000  8.6  272  14.0  224  197  YTD  ‐  1,076  ‐  214  $170,000  ‐  ‐  1,275  ‐  1,362  ‐    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  ‐  ‐  ‐  ‐  ‐  ‐  ‐   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 JULY 2011 17
  5. 5. Single Family Days on Market The Xtra Pages - Digital Version Only Condo250200150100 50 0 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Single Family New Listings Condo900800700600500400300200100 0 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐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 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Single Family Sales Volume Condo $200,000,000  $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  May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11
  6. 6. First Quarter 2011 Report Single Family Sales ‐ By Quarter REO Short Arms Length1000800600400200 0 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 * Homebuyer Tax Credit In Effect Condo Sales ‐ By Quarter REO Short Arms Length500400300200100 0 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 * 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  2008‐3rdQ 2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 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  2008‐3rdQ 2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1
  7. 7. Single Family REO Sales ‐ By Quarter Condo600500400300200100 0 2008‐Q1 2008‐Q2 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 * Homebuyer Tax Credit In Effect Single Family Short Sales ‐ By Quarter Condo400350300250200150100 50 0 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 * Homebuyer Tax Credit In Effect Single Family Arms Length Sales ‐ By Quarter Condo1000 800 600 400 200 0 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 * Homebuyer Tax Credit In Effect Source: Sarasota Association of Realtors®
  8. 8. 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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