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Sarasota Association of Realtors

 
July 15, 2010
 

The Sarasota Board of Realtors Just Released the Monthly Statistics Released for June 2010 - Sales Again At Highest Level in Almost Five Years!

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Property sales again reach highest level of the year in Sarasota real estate market
The Sarasota real estate market remained active and vibrant in June 2010, in spite of the loss of the federal home buyer tax credits, oil crisis rumors, and the sluggish national economy.
 
Property sales in June 2010 in the Sarasota market once again topped the 700 mark, with 776 total sales - once again the highest of the year and the highest total since December 2005 when 784 properties were sold. The figure of 776 sales topped the May 2010 total of 766, the previous high, and was 27.2 percent higher than June 2009, when only 610 homes and condos sold.
 
In June, 576 single family homes were sold, 28.3 percent higher than June 2009, when only 449 single family homes sold.  The median price was also trending higher at $175,000, the highest figure in 11 months.  Not since June 2009 has the market seen single family home values this high.
 
Condo sales in June were 200, a 24.2 percent increase over June 2009, when 161 condos were sold.  The median price of condos fell in June to $145,000, which primarily reflected distressed property sales.  Non-distressed condo sales saw a median price of $236,000, while for distressed properties, the median sale price was $88,000, about a third.
 
For the last 12 months combined, the median sale price for single family homes was $165,000. For condos, the median price over the last 12 months was $185,000.
 
Pending sales were once again strong, hitting 767 -  slower than the period during which homebuyers were eligible for tax credits.  The March and April pending sales figures both topped 1,000 and reflected a last minute rush to beat the federal homebuyer tax credit deadline.
 
"With the expiration of the $8,000 tax credit we had anticipated a potential drop off in sales, but the level of pending sales still shows strength in the market," said 2010 SAR President Erick Shumway. "The June figures are a testament to the strength of this market, and prove the old adage that all real estate is local. There are still a lot of serious buyers in our market, and we hope this very active period continues through the usually slower summer months."
 
The level of sales of distressed properties (foreclosures and short sales) rose slightly in June 2010 to 44.6 percent of the overall market, from 40 percent in May 2010. The distressed market topped 48 percent in late 2009.
 
The property inventory level dropped below the 6,000 level in June 2010 at 5,993, which is the lowest level since late summer of 2005.
 
Another interesting statistic in June was the fact that in nearly every price range below $250,000, inventory levels have dropped below a six-month supply, entering "seller's market" territory.  This generally precedes a period when price appreciation should be expected.
 
The months of inventory for single family homes in May 2010 dropped to 6.6 months, the number of months it would take to sell all available homes at the current pace. This was a significant drop from June 2009 - 10.0 months - and very near equilibrium. For condos, the figure rose slightly to 10.6 months, much lower than last June's figure of 16.1 months. Once the market reaches the 6 month level it is considered to be in equilibrium between a buyers and sellers market.

Click Here for complete PDF of the press release, along with two pages of statistical charts.


Sarasota Association of REALTORS®
 
 
 
 
Beach, Bay or Back Nine... Live the Dream
Nick Herron
The Herron Group
RE/MAX Alliance Group
941.350.5035    800.789.6580 
http://www.caseykey-real-estate.com/                    http://www.facebook.com/SarasotaDream

E-mail:nickherron@comcast.net                 

http://www.facebook.com/caseykeyflrealestate
E-mail: theherrongroup@gmail.com            

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June 15, 2010
 

Sarasota Board of Realtors Monthly Statistics Released for May 2010 - Sales Again At Highest Level in Almost Five Years!

Another great month for Sarasota Real Estate!
Sarasota real estate market at highest level since 2005
Property sales in May 2010 in the Sarasota market once again hit the highest total since 2005 and median sale prices continued the steady pace observed in recent months.
The 766 sales were the highest for the year, topping the April 2010 total of 757, and were the highest total since December 2005, and 51.3 percent higher than the May 2009 total of 506 sales.
Pending sales were once again strong, hitting 857, but were slower than April 2010. The March and April pending sales figures both topped 1,000, and reflected a last minute rush to beat the federal homebuyer tax credit deadline.
"The May 2010 statistics continued to show that the Sarasota real estate market is continuing a steady recovery," said 2010 SAR President Erick Shumway. "We saw a slight dip in the pending sales, which will likely be reflected in the sales numbers over the next 30 to 60 days. But median sale prices are higher than last year at this time, and we remain optimistic."
Members of the Sarasota Association of Realtors® sold 539 single family homes and 227 condos in May 2010, a huge jump over May 2009, which saw only 375 single family homes and 131 condos sold.
The median sale price for a single family home was also trending higher at $169,000, up 8.4 percent from last May's figure of $155,000. For the last 12 months combined, the median sale price for single family homes was $165,000. For condos, the median price was $184,500, slightly higher than last May's figure of $181,000, while the median sale price for condos over the last 12 months was $192,000.
The pace of sales quickened for single family homes, with the average days on market dropping to 168, from 195 days last May. For condos, the figure stood at 213 days, slightly higher than last May's figure of 203 days.
The level of sales of distressed properties (foreclosures and short sales) rose slightly in May 2010 to 40 percent of the overall market, from 38 percent in April 2010. The distressed market topped 48 percent in late 2009, so the overall trend remains downward - a good sign for a market returning to normal.
The property inventory level remained steady in May 2010 at 6,094, which is the lowest level since late summer of 2005.
The months of inventory for single family homes in May 2010 dropped to 7.2 months, the number of months it would take to sell all available homes at the current pace.
This was a significant drop from May 2009 - 14.3 months - and very near equilibrium. For condos, the figure fell to 9.7 months, much lower than last May's figure of 19.0 months. Once the market reaches the 6 month level it is considered to be in equilibrium between a buyers and sellers market.

Click HEREfor the complete PDF version of the press release, along with two pages of statistical charts.

This information and statistics are from the Sarasota Association of REALTORS®
 
Beach, Bay or Back Nine... Live the Dream
Nick Herron
The Herron Group
RE/MAX Alliance Group
941.350.5035    800.789.6580
www.caseykey-real-estate.com
E-mail: nickherron@comcast.net
E-mail: theherrongroup@gmail.com

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May 13, 2010
 

Sarasota Association of REALTORS® Just Released April Sales Top March, Continue Resurgence in the Sarasota Real Estate Market.

April sales top March, continue resurgence in Sarasota, FL  real estate market
Property sales in April in the Sarasota market hit the highest total in almost five years, while pending sales were the highest in four years, likely fueled by the expiration of the homebuyer tax credit on April 30.  Median sale prices continued the steady pace reflected in recent months.
 
The 757 sales exceeded the March 2010 total of 753.  It was the highest total since December 2005 and 50 percent higher than April 2009.
 
Pending sales were once again strong, hitting 1,160 - better than March 2010's total of 1,060. It was the highest total in the past four years.
 
"There was clearly a sense of urgency in April, reflected in higher closed sales as well as contracts written,  as buyers attempted to purchase properties before the expiration of the  homebuyer tax credits," said 2010 SAR President Erick Shumway. "There is a lot of enthusiasm and optimism among local real estate agents that the trend will sustain in the months to come."
 
Members of the Sarasota Association of Realtors® sold 529 single family homes and 228 condos in April 2010, a huge jump over April 2009, which saw only 367 single family homes and 138 condos sold. Pending sales, at 1,160, were about 18 percent higher than last April, when only 981 were reported. This statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer activity.
 
The median sale price for a single family home was steady at $165,000, up from last April's figure of $160,000. For condos, the median price was $193,975, higher than last April's figure of $182,750. Both figures were slightly lower than March 2010.  For the last 12 months combined, the median sale price for single family homes was $163,800, while the median sale price for condos was $192,000.
 
The level of distressed property sales (foreclosures and short sales) dropped again in April 2010 to 38 percent of the overall market, from 41 percent in March 2010. The downward trend is a sign that the market is returning to health after topping 48 percent in late 2009. The downward trend in the percentage of short sales and bank-owned foreclosure sales in the Sarasota market, if it continues, would be a harbinger of a market in full recovery, and should bring greater appreciation for the overall median sale prices.
 
The property inventory level remained steady in April 2010 at 6,160, the lowest level since late summer of 2005.
 
The months of inventory for single family homes in April 2010 was 7.3 months, the number of months it would take to sell all available homes at the current pace. This was a huge drop from April 2009 - 15.2 months - and very near equilibrium. For condos, the figure was 9.9 months, much lower than last April's figure of 19.1 months. Once the market reaches the 6 month level it is considered to be in equilibrium between a buyers and sellers market.

 
Click HERE for the complete PDF version of the press release, along with two pages of statistical charts.

Nick Herron & Kathleen Herron, The Herron Group / RE/MAX Alliance Group would be glad to help with any of your Real Estate needs.

Beach, Bay or Back Nine...Live the Dream
Nick Herron
The Herron Group / RE/MAX Alliance Group
2000 Webber Street
Sarasota, FL 34239
941.350.5035.
Nickherron@comcast.net
Http://www.caseykey-real-estate.com

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