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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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Microsoft Word - May2011Stats-SRMagJuly2011.doc

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 months 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, weve 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 were 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.

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 years numbers are strong simply on the basis of the markets 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 arent seeing any lingering negative issues with our local market, explained Bruno. Judging from the statistics, and the continuing positive word of mouth Ive been hearing from SAR members, the Sarasota real estate market is demonstrating strength and resilience during these difficult times.

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Sarasota MLSSM Statistics - May 2011 Sarasota MLSSM Statistics - May 2011

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.

SingleFamily SalePriceVs.ListPrice%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 94.12011 94.5 94.1 94.7 94.1 94.2

SingleFamily

#Active #Sold %SoldAverageDOM

MedianSalePrices

MedianLast12Months

MonthsInventory

PendingReported

%Pending#NewListings

#OffMarket

ThisMonth 3,148 546 17.3 192 $159,000 $155,990 5.8 609 19.3 434 186

ThisMonthLastYear

3,883 539 13.9 168 $169,000 $165,000 7.2 626 16.1 711 214

LastMonth 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

Source: Sarasota Association of Realtors

$0

$50,000

$100,000

$150,000

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$250,000

May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11

SingleFamily

CondoMedian SalePrice

Source: Sarasota Association of Realtors

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May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11

UnitSales SingleFamilyCondo

16 JULY 2011 Sarasota Realtor Magazine www.sarasotarealtors.com

Sarasota MLSSM Statistics - May 2011 Sarasota MLSSM Statistics - May 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 %SoldAverageDOM

MedianSalePrices

MedianLast12Months

MonthsofInventory

PendingReported

%Pending#NewListings

#OffMarket

ThisMonth 1,862 250 13.4 228 $218,750 $160,000 7.4 232 12.4 212 211

ThisMonthLastYear

2,211 227 10.3 213 $184,500 $192,000 9.7 231 10.4 298 209

LastMonth 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

CondoSalePriceVs.ListPrice%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 92.92011 93.4 91.2 92.2 93.4 94.5

Sarasota Association of Realtors MLS

0100200300400500600700800900

1000

May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11

PendingSalesSingleFamilyCondo

Sarasota Association of Realtors MLS

0

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May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11

InventorySingleFamilyCondo

www.sarasotarealtors.com Sarasota Realtor Magazine JULY 2011 17

The

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nlySarasota Association of Realtors MLS

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May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11

DaysonMarket SingleFamilyCondo

Sarasota Association of Realtors MLS

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11

MonthsofInventory SingleFamilyCondo

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May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11

NewListingsSingleFamily

Condo

Source: Sarasota Association of Realtors MLS

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$200,000,000

May10 Jun10 Jul10 Aug10 Sep10 Oct10 Nov10 Dec10 Jan11 Feb11 Mar11 Apr11 May11

SalesVolumeSingleFamily

Condo

Source: Sarasota Association of Realtors

0

200

400

600

800

1000

2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1

SingleFamilySales ByQuarter REO Short Arm'sLength

Source: Sarasota Association of Realtors

0

100

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400

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2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1

CondoSales ByQuarter REO Short Arm'sLength

Source: Sarasota Association of Realtors

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

20083rdQ 20084thQ 20091stQ 20092ndQ 20093rdQ 20094thQ 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1

REO Short Arm'sLengthSingle FamilyMedian SalePrice

Source: Sarasota Association of Realtors

$0

$50,