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Sarasota Real Estate

 
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!

Casey_key_nokomis_beach


 
 
 
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            

 http://twitter.com/kckey
 
 
  
 

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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 5, 2010
 

The Auto Ferry from Mainland Placida, Florida ( Cape Haze) to Palm Island, Knight Island and Don Pedro

To get to Palm Island you can take this Auto Ferry or a Water Taxi from Palm Island Marina to the Docks by the Rum Bay Restaurant. On Palm Island's North end is the Palm Island Resort. There are several homes and condos on Palm Island for sale starting  in the $100,000's up to $5,300,000 . Great to enjoy the laid back life style of Island Living, but close enough to other creature comforts of the real world.

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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March 12, 2010
 

SARASOTA, FLORIDA Monthly Statistics Released for February 2010 - Sales Up 49 Percent

Just Released by the Sarasota Board of Realtors:

Property sales up 49 percent in February 2010; pending sales spike
Overall property sales reached 528 in the Sarasota market in February 2010, up nearly 49 percent over February 2009, and pending sales were also strong at 967 - the second highest total in the past four years. The statistics continue to reflect a recovering Sarasota market, as median sale prices also rebounded for condos in February and remained stable for single family homes.

 February sales of 379 single family homes and 149 condominiums was a major improvement over February 2009, which saw only 354 overall sales (260 homes and 94 condos). Pending sales, at 967, were about 19 percent higher than last month's 815, and more than 23 percent higher than the 782 reported in February 2009. The statistic is a strong indicator for the next two or three months of sales, as pending sales are an indicator of current buyer activity, and likely reflects the rush of buyers to qualify for homebuyer tax credits before the April 30th expiration.

 Median sale prices in the Sarasota real estate market rose in February 2010 for condos, while slipping slightly for single family homes. The median sale price for a single family home was $150,000, down 4 percent from January's $156,250, but up 5.6 percent over last February's figure of $142,000. For condos, the median price rose to $169,000 from last month's level of $165,000, a 2.4 percent increase. Last year at this time, condo median sale price was $198,000. For the last 12 months combined, the median sale price for single family homes was $160,000, while the median sale price for condos was $185,000.

 Distressed property sales represented 47 percent of the overall market in February 2010, nearly the same as the previous month's figure of 48 percent. The high percentage of short sales and bank-owned foreclosure sales in the Sarasota market continues to be the single biggest factor holding back the overall median sale prices.

 Normal arm's length property sales continue to show median sale prices roughly 150 percent higher than distressed property sale prices.

 "Despite the national economic doldrums, lingering high unemployment, and other negative factors, our local real estate market remains strong compared to recent down years," said 2010 SAR President Erick Shumway. "There are now several months of positive numbers which indicate we are emerging with strength from the recent downturn. While distressed property sales remain a drag on the overall market health, all the other statistics are tracking in a very positive manner. Our local and even our international buyers are proving the old adage that you can't keep a good market down for long. And with pending sales at nearly 1,000 last month, the near term future looks very promising."

 The property inventory level fell slightly in February 2010 to 6,329 from the January total of 6,342, which remains at near the lowest level since late summer of 2005.

 The months of inventory for single family homes was 10.6 months, a drop from last month's 11.5 months and far lower than the 24.1 months in February 2009. For condos, the months of inventory level was 15.4 months, or slightly higher than the 14.7 months last month, and far lower than the 28.4 months only a year ago. Once the market reaches the 6 month level it is considered to be in equilibrium between buyers and sellers.

 The first-time homebuyer tax credit, extended and expanded to include many other homebuyers on Nov. 6, expires at the end of April, noted Shumway. He urged potential buyers to contact local Realtors® and get a contract approved before the end of the month to ensure they can take advantage of the $8,000 and $6,500 credits.

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

From the Sarasota Association of REALTORS

The Herron Group / RE/MAX Alliance Group would be glad to help you with any of your Real Estate needs. We can also help you in Short Sales and Foreclosures. Nick Herron is a Certified Distressed Property Expert and has the Short Sales & Foreclosure Resource Certification and a member of Realty Trac to help if you need to sale or want to buy.

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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