August 2011 Real Estate Stats for Sarasota FL
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m 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 months. In August 2010, the figures were 9.3 months and 13.5 months, respectively. Both figures again remained far below the highs of 25.3 months for single family (in early 2009) and 41.7 months for condos (in late 2008). This statistic represents the time it would take to sell the existing inventory at the current month’s rate of sales. The 6 month level is traditionally a point which represents equilibrium in the market between buyers and sellers. In some price ranges, the available inventory is even tighter. For example, combining single family homes and condos priced under $200,000, there were 350 sales last month, and there are 1,653 properties available under that price, or 4.7 months of inventory. This number represents a clear seller’s market, in which bidding competition and price appreciation would be expected. For properties priced under $350,000, most price ranges are indicating a seller’s market has returned. This is in marked contrast to three years ago, when a buyer’s market was in full force. In August 2011, pending sales were roughly the same as in July 2011 – 618 for single family homes, and 195 for condos, for a total of 813. This was also almost identical to last August when 816 pending sales were reported. “We are coming out of the usually slower summer sales months with a much improved, healthier real estate market,” said Bruno. “The fall should prove to be steady and strong. The only thing continuing to hold back our market from even bigger numbers is the percentage of distressed sales, which is still higher than we’d like to see.” The overall percentage of distressed sales (foreclosures and short sales) rose slightly in August 2011 to 41.2 percent from the 38 percent figure in July 2011. That compares to 47 percent as recently as February 2011 and a high of 51 percent in November 2010. “The non-distressed properties are still selling for two or three times more than the short sales and foreclosures,” explained Bruno. “This is a huge difference, and naturally pulls down the overall median sale price. But everyone remains hopeful that the distressed inventory, which now represents less than 20 percent of the total available properties, will start to drop rapidly in the coming months.” “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.” - SAR President Michael Bruno www.sarasotarealtors.com Sarasota Realtor® Magazine OCTOBER 2011 15
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Market remains stable in August 2011;inventory drops to new decade lowA 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
Transcript of August 2011 Real Estate Stats for Sarasota FL
mMarket remains stable in August 2011;
inventory drops to new decade lowA 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 months. In August 2010, the figures were 9.3 months and 13.5 months, respectively. Both figures again remained far below the highs of 25.3 months for single family (in early 2009) and 41.7 months for condos (in late 2008). This statistic represents the time it would take to sell the existing inventory at the current month’s rate of sales. The 6 month level is traditionally a point which represents
equilibrium in the market between buyers and sellers.
In some price ranges, the available inventory is even tighter. For example, combining single family homes and condos priced under $200,000, there were 350 sales last month, and there are 1,653 properties
available under that price, or 4.7 months of inventory. This number represents a clear seller’s market, in which bidding competition and price appreciation would be expected.
For properties priced under $350,000, most price ranges are indicating a seller’s market has returned. This is in marked contrast to three years ago, when a buyer’s market was in full force.
In August 2011, pending sales were roughly the same as in July 2011 – 618 for single family homes, and 195 for condos, for a total of 813. This was also almost identical to last August when 816 pending sales were reported.
“We are coming out of the usually slower summer sales months with a much improved, healthier real estate market,” said Bruno. “The fall should prove to be steady and strong. The only thing continuing to hold back our market from even bigger numbers is the percentage of distressed sales, which is still higher than we’d like to see.”
The overall percentage of distressed sales (foreclosures and short sales) rose slightly in August 2011 to 41.2 percent from the 38 percent figure in July 2011. That compares to 47 percent as recently as February 2011 and a high of 51 percent in November 2010.
“The non-distressed properties are still selling for two or three times more than the short sales and foreclosures,” explained Bruno. “This is a huge difference, and naturally pulls down the overall median sale price. But everyone remains hopeful that the distressed inventory, which now represents less than 20 percent of the total available properties, will start to drop rapidly in the coming months.”
“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.”- SAR President Michael Bruno
www.sarasotarealtors.com Sarasota Realtor® Magazine OCTOBER 2011 15
Sarasota MLSSM Statistics - August 2011 Sarasota MLSSM Statistics - August 2011
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.
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 ‐ ‐ ‐ ‐
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 2,817 445 15.8 180 $165,500 $157,000 6.3 618 21.9 311 186
This Month Last Year
3,887 408 10.5 178 $154,500 $161,000 9.5 599 15.4 806 215
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 ‐
Source: Sarasota Association of Realtors®
$0
$50,000
$100,000
$150,000
$200,000
$250,000
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
CondoMedian Sale Price
Source: Sarasota Association of Realtors®
0
100
200
300
400
500
600
700
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
Unit Sales Single FamilyCondo
16 OCTOBER 2011 Sarasota Realtor® Magazine www.sarasotarealtors.com
Sarasota MLSSM Statistics - August 2011 Sarasota MLSSM Statistics - August 2011
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.
Condo
#Active #Sold %Sold Average DOM
Median Sale Prices
Median Last 12 Months
Months ofInventory
Pending Reported
%Pending # New Listings
# Off Market
This Month 1,591 156 9.8 210 $165,000 $163,950 10.2 195 12.2 221 215
This Month Last Year
2,152 159 7.4 193 $155,000 $169,900 13.5 217 10.1 254 169
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 ‐ ‐ ‐ ‐
Sarasota Association of Realtors® MLS
0100200300400500600700800900
1000
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
Pending SalesSingle FamilyCondo
Sarasota Association of Realtors® MLS
0
1,000
2,000
3,000
4,000
5,000
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
InventorySingle FamilyCondo
www.sarasotarealtors.com Sarasota Realtor® Magazine OCTOBER 2011 17
The Xtra Pages - D
igital Version Only
Sarasota Association of Realtors® MLS
0
2
4
6
8
10
12
14
16
18
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
Months of Inventory Single FamilyCondo
Sarasota Association of Realtors® MLS
$0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 $160,000,000 $180,000,000
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
Sales Volume Single Family
Condo
Sarasota Association of Realtors® MLS
0
50
100
150
200
250
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
Days on Market Single Family
Condo
0
100
200
300
400
500
600
700
800
900
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
New ListingsSingle Family
Condo
Source: Sarasota Association of Realtors® MLS
Source: Sarasota Association of Realtors®
0
200
400
600
800
1000
1200
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
Single Family Sales ‐ By Quarter REO Short Arm's Length
Source: Sarasota Association of Realtors®
0
100
200
300
400
500
600
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
Condo Sales ‐ By Quarter REO Short Arm's Length
Source: Sarasota Association of Realtors®
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
REO Short Arm's LengthSingle Family Median Sale Price
Source: Sarasota Association of Realtors®
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
REO Short Arm's LengthCondo Median Sale Price
Second Quarter 2011 Report
* Homebuyer Tax Credit In Effect
* Homebuyer Tax Credit In Effect
Source: Sarasota Association of Realtors®
0
100
200
300
400
500
600
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
REO Sales ‐ By Quarter Single FamilyCondo
Source: Sarasota Association of Realtors®
050
100150200250300350400
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
Short Sales ‐ By QuarterSingle Family
Condo
Source: Sarasota Association of Realtors®
0
200
400
600
800
1000
1200
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
Arm's Length Sales ‐ By QuarterSingle FamilyCondo
* Homebuyer Tax Credit In Effect
* Homebuyer Tax Credit In Effect
* Homebuyer Tax Credit In Effect
$132,300
$172,500$191,000
$226,000
$272,500
$351,000$342,000
$303,000
$230,000
$160,000 $163,000
$142,000
$145,000$173,000
$191,000
$225,000
$305,000$301,225
$336,250$320,000
$210,000
$163,000
Annual Median Sale Price ‐ 2000 to 2010 Condo Single Family
$132,300
$172,500$191,000
$226,000
$272,500
$351,000$342,000
$303,000
$230,000
$160,000 $163,000
$142,000
$145,000$173,000
$191,000
$225,000
$305,000$301,225
$336,250$320,000
$210,000
$163,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Annual Median Sale Price ‐ 2000 to 2010 Condo Single Family
Annual Sales ‐ 2000 to 2010Single Family Condo Total
9697
11267
10562
Single Family Condo Total
6 504
7,596
6,8416533
7036
8167
63586739
7603
4,3494,940
5,603
6,504
4,3533,922
4,6265,183
5,466
3 671 3 721
6533 63586042 5820
,
2,184 2,0962,564
3,1933,671 3,721
2,005 2,120
1,1941,556
2,137
1,194
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
