sarasota market statistics july 2013

TJuly 2013 Sales Up 30.3 Percent Over Last Year

The Sarasota real estate market continued an amazing streak in July, with members of the Sarasota Association of Realtors® closing 911 sales during the month – a 30.3 percent increase over July 2012, and 3.2 percent higher than the June 2013 total. The first seven months of 2013 are still tracking to make the overall year one of the biggest in SAR’s history.

The other major news of the month was the major rebound in the median sale price for single family homes. The price went from $200,000 in June 2013 to $227,500 in July 2013, a 13.75 percent increase. For the 12-month rolling median price, the single family home figure was at $195,000, a 16 percent increase over last year at this time when the rolling median price was at $168,500. If current trend levels continue, this will be the biggest year-to-year increase for single family home prices in four years.

“With sales up dramatically and prices also trending upward, the popularity and strength of the Sarasota market is unquestionable,” said SAR President Roger Piro. “The quality of the properties on the market, plus our overall attraction to both domestic and foreign buyers, has made this one of the best years on record to this point.”

The condo market put a slight damper on the news, as prices dropped from $192,500 to $162,900 from June to July 2013 – a 15.6 percent drop. Condo prices have been up and down throughout the year, hitting a low of $130,000 in January and a high of $194,500 in May.

An increase in condo sales below $100,000 in July, coupled with a decrease in sales of properties over a million dollars, caused the statistical lull. The 12-month rolling median was at $170,000 for condos, 2 percent higher than last year at this time when the figure was at $167,000.

The inventory rose slightly in July to 3,152, a mere 1 percent higher than June’s figure of 3,114, which was the lowest level in longer than a decade. July’s inventory represents a 13 percent drop from last year at this time. Declining inventory generally results in greater competition for available homes and condos and subsequent price escalation.

Pending sales stood at 909 in July 2013, down about 10 percent from the 1,024 figure in June 2013 and slightly lower than last July’s total of 919. Pending sales represents properties that went under contract during the month, and indicates sales in August and beyond could also be at near record high levels.

“The fact that we saw sales 30 percent higher this July than last July seems to be the biggest news this summer in local real estate,” said Piro. “Most agents are clearly not taking the summer off and vacationing, because the buyers are here and they are anxious to buy in this area. This is a positive, historic time, and the moderate rise in single family home prices coupled with the fluctuating condo market prices indicates we are not seeing a new bubble. This is just a

genuinely popular place to live and invest in real estate.”The July 2013 months of inventory stood at 3.1 months

for single family and 4.6 months for condos, with both property categories very near the lowest level in the past decade (achieved in May 2013 – 3.0 and 3.9, respectively). Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last July there were 4.5 months of inventory for single family homes and 7.5 months of inventory for condos.

Currently, 364 properties listed for sale in the MLS are short sales or foreclosures, down from last month’s figure of 379. This represents 11.5 percent of available properties, down from last month’s figure of 12.2 percent.

Sales of distressed properties represented about 24.9 percent of the overall sales in July 2013, up slightly from the June figure of 23 percent, but much lower than the 51 percent figure experienced in the fourth quarter of 2010. For single family homes, 25.8 percent of sales were distressed last month, and for condos, 22.3 percent were distressed.

“Last year we saw the market continue to show strength through the end of the year, so I’m hoping for the same in 2013,” said Piro.

“The fact that we saw sales 30 percent higher this July than last

July seems to be the biggest news this summer in local real estate.”

- SAR President Roger Piro

www.sarasotarealtors.com Sarasota Realtor® Magazine SEPTEMBER 2013 15

Sarasota MLSSM Statistics - July 2013 Sarasota MLSSM Statistics - July 2013

Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of August 10th, 2013,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

2012 95.4 94.2 94.6 94.7 95.1 95.2 94.2 95.3 95.2 95.4 95.6 95.3 2013 96.2 96.4 96.8 96.4 97.1 96.4 96.8 - - - - -

Single Family

#Active #Sold %Sold AverageDOM

Median Sale Prices

Median Last 12 Months

Months Inventory

Pending Reported %Pending # New

Listings # Off Market

This Month 2,104 682 32.4 131 $227,500 $195,000 3.1 687 32.6 785 141 This

Month Last Year

2,329 523 22.5 167 $178,000 $168,500 4.5 703 30.2 683 146

Last Month 2,085 642 30.8 131 $200,000 $190,000 3.2 759 36.4 771 161

YTD ‐ 4,458 ‐ 140 $210,000 ‐ ‐ 5,521 ‐ 5,805 ‐

Source: Sarasota Association of Realtors®

$0

$50,000

$100,000

$150,000

$200,000

$250,000

Jul‐12 Aug‐12 Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13

Single Family

CondoMedian Sale Price


0

100

200

300

400

500

600

700

800


Unit Sales Single Family

Condo

16 SEPTEMBER 2013 Sarasota Realtor® Magazine www.sarasotarealtors.com

Sarasota MLSSM Statistics - July 2013 Sarasota MLSSM Statistics - July 2013

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 ofInventory

Pending Reported %Pending # New

Listings # Off

Market This

Month 1,048 229 21.8 159 $162,900 $170,000 4.6 222 21.2 286 96 This

Month Last Year

1,315 176 13.4 211 $176,000 $167,000 7.5 216 16.4 248 143

Last Month 1,029 241 23.4 159 $190,000 $170,050 4.3 265 25.8 242 120

YTD ‐ 1,721 ‐ 163 $175,000 ‐ ‐ 2,079 ‐ 2,166 ‐

Sarasota Association of Realtors® MLS

0100200300400500600700800900

1000


Pending Sales Single FamilyCondo


0

500

1,000

1,500

2,000

2,500

3,000


InventorySingle FamilyCondo

Condo – Sale Price Vs. List Price % Rates Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec

2012 93.1 93.5 94.2 94.3 93.8 93.8 94.6 94.1 94.2 94.4 95.4 94.8 2013 95.4 95.4 95.2 95.4 95.3 95.6 96.2 - - - - -

www.sarasotarealtors.com Sarasota Realtor® Magazine SEPTEMBER 2013 17

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Months of Inventory Single FamilyCondo


$0

$50,000,000

$100,000,000

$150,000,000

$200,000,000

$250,000,000

$300,000,000


Sales Volume Single Family

Condo


0

50

100

150

200

250


Days on Market Single Family

Condo

Source: Sarasota Association of Realtors® MLS

0

200

400

600

800

1,000

1,200


New Listings Single FamilyCondo


0200400600800

10001200140016001800

2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2

Single Family Sales ‐ By Quarter REO Short Market


0

100

200

300

400

500

600

700

800

2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2

Condo Sales ‐ By Quarter REO Short Market


$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2

REO Short MarketSingle Family Median Sale Price


$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2

REO Short MarketCondo Median Sale Price

Second Quarter 2013 Report


050

100150200250300350400450500

2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2

REO Sales ‐ By Quarter Single FamilyCondo


0

50

100

150

200

250

300

350

400

2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2

Short Sales ‐ By Quarter Single Family

Condo


0200400600800

10001200140016001800

2010‐Q4 2011‐Q1 2011‐Q2 2011‐Q3 2011‐Q4 2012‐Q1 2012‐Q2 2012‐Q3 2012‐Q4 2013‐Q1 2013‐Q2

Market Sales ‐ By Quarter Single FamilyCondo

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Single Family $132,300 $172,500 $191,000 $226,000 $272,500 $351,000 $342,000 $303,000 $230,000 $160,000 $163,000 $155,925 $175,000Condo $142,000 $145,000 $173,000 $191,000 $225,000 $305,000 $301,225 $336,250 $320,000 $210,000 $163,000 $156,800 $175,000

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

Annual Median Sale Price ‐ 2000 to 2012

4,3494,940

5,603

6,504

7,596

6,841

4,3533,922

4,6265,183 5,466

5,9386,570

2,184 2,0962,564

3,1933,671 3,721

2,005 2,120

1,1941,556

2,137 2,2862,599

65337036

8167

9697

1126710562

63586042 5820

6739

76038224

9,179

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Annual Sales ‐ 2000 to 2012Single Family Condo Total

sarasota market statistics july 2013

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