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.
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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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®
0
100
200
300
400
500
600
700
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
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
The Xtra Pages - D
igital Version OnlySarasota Association of Realtors® MLS
0
50
100
150
200
250
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
18.0
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
0
100
200
300
400
500
600
700
800
900
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
Source: Sarasota Association of Realtors®
0
200
400
600
800
1000
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®
0
100
200
300
400
500
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
$300,000
$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
Source: Sarasota Association of Realtors®
0
100
200
300
400
500
600
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®
0
200
400
600
800
1000
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
$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
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