Sales climb in February 2012; pending sales rise to 11-month high
-
Upload
sarasota-real-estate -
Category
Real Estate
-
view
262 -
download
1
description
Transcript of Sales climb in February 2012; pending sales rise to 11-month high
For Immediate Release Sarasota Association of Realtors® March 14, 2012 For more information contact Kathy Roberts, 941-328-1170
Sales climb in February 2012; pending sales rise to 11-month high Pending sales in the Sarasota real estate market hit an 11-month high in February 2012, demonstrating once more the health of the local industry as the buying season heats up. Median sale prices were also up substantially for single family homes and condos in February 2012 compared to this time last year – another positive sign for a successful home buying season. “I have heard nothing but positive reports from our members about the seasonal surge in our real estate market,” said SAR President Laura Benson. “Sales are up, prices are stable and much higher than last year at this time, and we are seeing multiple offers on many transactions. Pending sales are off the charts – we hit a 11-month high of 1,130 in February. This is all very encouraging news.” The January 2012 holiday sales lull didn’t last long. The 177 condo sales in February represented the highest level in the last eight months. If pending sales, which represent properties going under contract, produce the expected level of closed sales, we could see a major selling month in March 2012. That could repeat what we saw in March 2011, when sales hit the highest total since 2005. Overall, February 2012 saw a 15 percent increase in property sales over January 2012, and a 17 percent increase in pending sales from the previous month, both reaffirming numerous verbal reports of a very busy spring selling season in Sarasota. Closed sales stood at 414 for single family homes and 177 for condos, lower than in February 2011, but higher than last month. In February 2011, 471 single family homes and 201 condos were sold. The single family home median price climbed to $167,500 in February 2012 from last month’s figure of $162,000. For condos, the figure fell to $150,000 from the January level of $180,000. Last February, both single family homes and condos were selling at the median price of $137,500, so both of the current numbers reflect a stronger market than a year ago. Single family home prices were a whopping 21.8 percent higher than in February 2011. Condo prices were 9 percent higher than last February. The inventory for February stood at 4,588, down almost 5 percent from January’s 4,711, and 20 percent lower than last February’s total of 5,864. With fewer available properties, the law of supply and demand indicates asking prices could be climbing higher in the coming months. The inventory hit a 10-year low of 4,408 in August 2011, and has remained at or close to this low level since then. As the inventory has slid, the months of inventory has also dropped. The figure now stands at 7.2 months for single family homes, compared to 8.3 last month and 8.0 months in February 2011. The figure was 9.1 months for condos, compared to 11.3 months in January and 10.4 months last February. A figure of 6 months is considered equilibrium between a buyer’s and a seller’s market.
Distressed property sales continued to represent a higher percentage than normal in the local market in February 2012, with 37.4 percent of all sales from bank-owned foreclosures and short sales. But the figure was a drop from the 40 percent total in January 2012, and far below the record high of over 50 percent in the second quarter of 2010.
Currently, only 740 properties for sale in the MLS are distressed listings (short sales and foreclosures), or roughly 15 percent of the market. Last month at this time, the number was 812 out of 4,711 homes and condos on the market, or about 17 percent. If this percentage continues to trend lower, we could begin to see median sales price increases going forward.
“The lower number of distressed property sales, and the decreased number of foreclosures and short sales available will likely mean greater competition and higher asking prices,” noted Benson. “We are all hoping for a return to historic levels of distressed properties, which would be less than 5 percent of the market. But until that day, our members will continue to educate themselves on the existing market and help customers make sensible decisions.”
###
Sarasota MLSSM Statistics - February 2012 Sarasota MLSSM Statistics - February 2012
Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of March 10th, 2012,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
2011 94.5 94.1 94.7 94.1 94.2 94.3 94.1 94.5 95.2 95.1 95.3 94.8 2012 95.4 94.2 - - - - - - - - - -
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 2,972 414 13.9 171 $167,500 $160,000 7.2 793 26.7 795 154 This
Month Last Year
3,782 471 12.5 178 $137,500 $160,000 8.0 735 19.4 647 123
Last Month 3,037 365 12.0 171 $162,000 $158,000 8.3 723 23.8 835 131
YTD - 796 - 168 $163,250 - - 1,516 - 1,630 -
Source: Sarasota Association of Realtors®
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12
Single Family
CondoMedian Sale Price
Source: Sarasota Association of Realtors®
0
100
200
300
400
500
600
700
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12
Unit Sales Single FamilyCondo
16 APRIL 2012 Sarasota Realtor® Magazine www.sarasotarealtors.com
Sarasota MLSSM Statistics - February 2012 Sarasota MLSSM Statistics - February 2012
Median sales price is the middle value, where half of the homes sold for more, and half sold for less. Listings sold were closed transactions 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 of Inventory
Pending Reported %Pending # New
Listings # Off
Market This
Month 1,616 177 10.9 212 $150,000 $160,000 9.1 337 20.8 323 166 This
Month Last Year
2,082 201 9.7 223 $137,500 $160,000 10.4 288 13.8 312 110
Last Month 1,674 148 8.8 212 $180,000 $159,000 11.3 240 14.3 364 156
YTD - 330 - 212 $154,250 - - 577 - 687 - Condo – Sale Price Vs. List Price % Rates
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2011 93.4 91.2 92.2 93.4 94.5 94.2 92.5 93.1 92.8 93.2 93.6 92.7 2012 93.1 93.5 - - - - - - - - - -
Sarasota Association of Realtors® MLS
0100200300400500600700800900
1000
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12
Pending Sales Single FamilyCondo
Sarasota Association of Realtors® MLS
0
1,000
2,000
3,000
4,000
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12
Inventory Single FamilyCondo
www.sarasotarealtors.com Sarasota Realtor® Magazine APRIL 2012 17
The Xtra Pages - D
igital Version Only
Sarasota Association of Realtors® MLS
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12
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
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12
Sales Volume Single Family
Condo
Sarasota Association of Realtors® MLS
0
50
100
150
200
250
300
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12
Days on Market Single Family
Condo
Source: Sarasota Association of Realtors® MLS
0
100
200
300
400
500
600
700
800
900
Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12
New Listings Single FamilyCondo
Source: Sarasota Association of Realtors®
0
200
400
600
800
1000
1200
2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2* 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4
Single Family Sales ‐ By Quarter REO Short Market
Source: Sarasota Association of Realtors®
0
100
200
300
400
500
600
2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2* 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4
Condo Sales ‐ By Quarter REO Short Market
Source: Sarasota Association of Realtors®
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4
REO Short MarketSingle Family Median Sale Price
Source: Sarasota Association of Realtors®
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4
REO Short MarketCondo Median Sale Price
Fourth 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
2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2* 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4
REO Sales ‐ By Quarter Single FamilyCondo
Source: Sarasota Association of Realtors®
050
100150200250300350400
2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2* 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4
Short Sales ‐ By QuarterSingle Family
Condo
Source: Sarasota Association of Realtors®
0
200
400
600
800
1000
1200
2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2* 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4
Market 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 $155,925
$142,000
$145,000$173,000
$191,000
$225,000
$305,000$301,225
$336,250$320,000
$210,000
$163,000$156,800
Annual Median Sale Price ‐ 2000 to 2011 Single Family Condo
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Annual Sales ‐ 2000 to 2011Single Family Condo Total
9697
11267
10562
Single Family Condo Total
6 504
7,596
6,8416533
7036
8167
63586739
76038224
4,3494,940
5,603
6,504
4,3533,922
4,6265,183
5,4665,938
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 2,286
1,194
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011