The Sarasota real estate market showed strong performance in May 2011, with 796 total sales, marking it as the second highest in six years. Condo prices increased significantly to a median of $218,750, while single-family home prices also rose to $159,000. Inventory levels decreased, suggesting heightened competition among buyers, though a notable percentage of sales still involved distressed properties.

1. For Immediate Release
Sarasota Association of Realtors®
June 14, 2011
For more information contact Kathy Roberts, 941-328-1170
Sales surge continues in May; condo prices soar
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.
Only the March 2011 sales figure of 800 has been higher since the end of the real estate boom of
2003-2005. Prices for both single family homes and condos also climbed in May 2011, with the
condo median sales price of $218,750 at the highest since October 2009. For single family
homes, the figure in May rose to $159,000, just under the March high of $159,250, continuing
the 2011 upward trend.
The total available property inventory dropped to 5,010, another big decrease from last month’s
level of 5,258, and once again the lowest level in the past six years. The inventory reached its
apex 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 of
inventory to 5.8 months for single family homes and 7.4 months for condos, both figures the
lowest since 2005. The 6 month level is traditionally a point which represents equilibrium in the
market between buyers and sellers. At the point when the market was at its most unbalanced in
favor of buyers, in November 2008, the figures were 24 months for single family homes and an
incredible 41.7 months for condos. Once the figure trends downward below 6 months, buyers are
often 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 SAR
President 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 particular
property. As the inventory of available properties drops, competition increases for the homes for
sale, and prices naturally rise. The only thing holding back even greater appreciation appears to
be 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 compares
to 47 percent as recently as February 2011 and a high of 51 percent in November 2010.

2. The May statistics also compare favorably to May 2010, when the $8,000 federal homebuyer tax
credit 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 homes
and 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). Condo
sales were at 250, about 10 percent higher than last May (227). Median sales prices for single
family homes was at $159,000, a little lower than last year at this time ($169,000), but higher
than last month ($155,430) and comparable to the March 2011 high of the year ($159,250). For
condominiums, the median sale price hit $218,750 in May, up from $185,500 last month, and 18
percent higher than May 2010 ($184,500).
Pending sales dropped to 841 after hitting a recent peak of 1,208 in March 2011, continuing to
reflect the seasonal population migration north. Pending sales are properties going under contract
during 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 from
SAR members, the Sarasota real estate market is demonstrating strength and resilience during
these difficult times.”
###

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. Sarasota MLSSM Statistics - May 2011
Single Family
Inventory Condo
5,000
4,000
3,000
2,000
1,000
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 Condo
1000
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. 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.
Sarasota Association of Realtors® MLS
www.sarasotarealtors.com Sarasota Realtor® Magazine JULY 2011 17

5. Single Family
Days on Market
The Xtra Pages - Digital Version Only
Condo
250
200
150
100
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 Condo
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
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. First Quarter 2011 Report
Single Family Sales ‐ By Quarter REO Short Arm's Length
1000
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
Condo Sales ‐ By Quarter REO Short Arm's Length
500
400
300
200
100
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 Arm's 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 Arm's 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. Single Family
REO Sales ‐ By Quarter Condo
600
500
400
300
200
100
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 Condo
400
350
300
250
200
150
100
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
Arm's Length Sales ‐ By Quarter Condo
1000
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. 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 2010
Annual 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