The Sarasota real estate market continues its strong performance in June 2011. Home sales exceeded 700 for the fourth month in a year, with 510 single family homes and 218 condo sales. The median home price hit its highest point since last June at $175,000. Total property inventory dropped to its lowest level in over a decade. The low inventory and high demand are increasing competition and driving prices higher.

1. Sarasota real estate market continues
healthy sales in June 2011
t
Members of the Sarasota Association of Realtors® continued
to sell properties at a brisk pace in June 2011 with 728 total
transactions recorded last month. This marks the fourth
month in the last 12 with sales exceeding the 700 level – all
occurring in 2011. In addition, the median sales price for
single family homes hit the highest level since last June, and
the total inventory of available properties dropped to the
lowest level in more than a decade, which could spur stronger
competition for homes and condos.
There were 510 single family home closings and 218 condo
closings in June, which continues the strong sales surge in
2011. While the total was somewhat lower than May’s 796
sales, and June 2010’s total of 776 sales, the current trend the figure trends downward below 6 months, buyers are often
has been the strongest since the real estate boom of 2003- forced to compete for properties, which generally drives prices
2005. 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, where
government program propping up the market, so the sales about 40 percent of sales are occurring, the months of
simply reflect a high level of buyer interest. Prices for both inventory has dipped to below 4 months. That means
single family homes and condos were also above the annual competition is very high for these properties, with multiple
median prices for the past two years, with the single family offers often reported by agents. The overall market (combined
median 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 educated
May, 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 the
median 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 foreclosures
another 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 market
its 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 the
figures 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 buyer
The 6 month level is traditionally a point which represents activity. Last June, pending sales were at 767, so the seasonal
equilibrium in the market between buyers and sellers. Once trend appears to be holding true.
www.sarasotarealtors.com Sarasota Realtor® Magazine AUGUST 2011 15

2. 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

3. Sarasota MLSSM Statistics - June 2011
Single Family
Inventory Condo
5,000
4,000
3,000
2,000
1,000
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 Condo
1000
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. 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 AUGUST 2011 17

4. Single Family
Days on Market
The Xtra Pages - Digital Version Only
Condo
250
200
150
100
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 Condo
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
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

5. Second Quarter 2011 Report
Single Family Sales ‐ By Quarter REO Short Arm's Length
1200
1000
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
Condo Sales ‐ By Quarter REO Short Arm's Length
600
500
400
300
200
100
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 Arm's 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 Arm's 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. Single Family
REO Sales ‐ By Quarter Condo
600
500
400
300
200
100
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 Condo
400
350
300
250
200
150
100
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
Arm's Length Sales ‐ By Quarter Condo
1200
1000
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. 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