May2011 stats

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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.
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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.

Transcript of May2011 stats

Page 1: May2011 stats

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.

Page 2: May2011 stats

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.”

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Page 3: May2011 stats

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.

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  ‐  ‐  ‐  ‐  ‐  ‐  ‐ 

 

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

This Month Last Year 

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

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  ‐  

 

Source: Sarasota Association of Realtors®

$0

$50,000

$100,000

$150,000

$200,000

$250,000

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

CondoMedian Sale Price

Source: Sarasota Association of Realtors®

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100

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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

Unit Sales Single FamilyCondo

16 JULY 2011 Sarasota Realtor® Magazine www.sarasotarealtors.com

Page 4: May2011 stats

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  %Sold Average DOM 

Median Sale Prices 

Median Last 12 Months 

Months ofInventory 

Pending Reported 

%Pending # New Listings 

# Off Market 

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

This Month Last Year 

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

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  ‐  ‐  ‐  ‐  ‐  ‐  ‐ 

 

Sarasota Association of Realtors® MLS

0100200300400500600700800900

1000

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

Pending SalesSingle FamilyCondo

Sarasota Association of Realtors® MLS

0

1,000

2,000

3,000

4,000

5,000

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

InventorySingle FamilyCondo

www.sarasotarealtors.com Sarasota Realtor® Magazine JULY 2011 17

Page 5: May2011 stats

The Xtra Pages - D

igital Version OnlySarasota Association of Realtors® MLS

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50

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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

Days on Market Single Family

Condo

Sarasota Association of Realtors® MLS

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

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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

Months of Inventory Single FamilyCondo

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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

New ListingsSingle Family

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 

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

Sales Volume Single Family

Condo

Page 6: May2011 stats

Source: Sarasota Association of Realtors®

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

Single Family Sales ‐ By Quarter REO Short Arm's Length

Source: Sarasota Association of Realtors®

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

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 

2008‐3rdQ 2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1

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 

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$350,000 

2008‐3rdQ 2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1

REO Short Arm's LengthCondo Median Sale Price

First Quarter 2011 Report

* Homebuyer Tax Credit In Effect

* Homebuyer Tax Credit In Effect

Page 7: May2011 stats

Source: Sarasota Association of Realtors®

0

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200

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400

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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

REO Sales ‐ By Quarter Single FamilyCondo

Source: Sarasota Association of Realtors®

050

100150200250300350400

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

Short Sales ‐ By QuarterSingle Family

Condo

Source: Sarasota Association of Realtors®

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

Arm's Length Sales ‐ By QuarterSingle FamilyCondo

* Homebuyer Tax Credit In Effect

* Homebuyer Tax Credit In Effect

* Homebuyer Tax Credit In Effect

Page 8: May2011 stats

$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