Aug. 8, 2007 - July Real Estate Market Statistics for Sarasota |
July 2007 Real Estate Statistics for the
Greater Sarasota Area
Sarasota Real Estate
Statistics
|
Price
Range
|
Active
Listings
|
Sold
July
|
Current
Pending
|
| $50,000 to $250,000 |
814
|
66
|
90
|
|
$251,000 to $350,000
|
980
|
55
|
78
|
| $351,000 to $500,000 |
971
|
38
|
67
|
| $501,000 to $750,000 |
710
|
33
|
39
|
| $751,000 to $1,000,000 |
338
|
26
|
24
|
| $1,001,000 to $2,000,000 |
300
|
3
|
16
|
| $2,001,000 to $3,000,000 |
132
|
5
|
8
|
| $3,001,000 to $10,000,000+ |
166
|
2
|
18
|
|
TOTALS
|
4411
|
241
|
340
|
While
these numbers don't seem to be that great, there is good news
within them. In July of 2006, there were a total of 5684
active listings on the market in Sarasota Florida, so it appears we
are eating through some of that inventory. The amount of new
listings in July of '07 was 733, yet in July of '06, there was a
whopping 1,070 new listings.
Now we
have an 18 month supply of real estate inventory in Sarasota.
But the good news is, much of that inventory is now priced at
2003 and 2004 levels.
Many buyers ask me if it's a good time to buy in this
area. I think the real question is, "What IS the best Real
Estate buy?". Then buy it! |
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Jul. 4, 2007 - June Real Estate Statistics for Sarasota FL |
Statistics are always interesting, so I'm going to post real estate listing and sales statistics for Sarasota every month now starting with June. I'll tell you that these numbers for June reflect a slight change over the month of May. Active listings are down in June by a total of 161 and Real Buyers (solds) are up by 37 for Single Family Homes. There is currently a 20 month supply of single family homes on the market.
Sarasota Listing & Sales Activity-June 2007
Single Family Residential
| Price Range |
Current Active Listings |
Sales June |
Sales YTD |
| $50,000-250,000 |
770
|
56
|
310
|
| $250,001-350,000 |
1038
|
50
|
331
|
| $350,001-500,000 |
998
|
49
|
265
|
| $500,001-750,000 |
725
|
32
|
174
|
| $750,001-1,000,000 |
398
|
22
|
93
|
| $1,000,001-2,000,000 |
511
|
17
|
97
|
| $2,000,001-3,000,000 |
224
|
7
|
17
|
|
$3,000,001-10,000,000
Totals
|
202
4866
|
7
240
|
26
1313
|
Sarasota Condo sales, on the other hand showed a decrease in activity from May to June of 2007. In June there were 191 FEWER active listings and 16 FEWER Sales. There is currently a 30 month supply of condos on the market in the Sarasota area.
Sarasota Listing & Sales Activity-June 2007
Condominiums
| Price Range |
Current Active Listings |
Sales June |
Sales YTD |
| $50,000-250,000 |
1664
|
63
|
445
|
| $250,001-350,000 |
514
|
18
|
146
|
| $350,001-500,000 |
477
|
1
|
191
|
| $500,001-750,000 |
649
|
8
|
183
|
| $750,001-1,000,000 |
327
|
7
|
100
|
| $1,000,001-2,000,000 |
274
|
22
|
97
|
| $2,000,001-3,000,000 |
73
|
2
|
20
|
|
$3,000,001-10,000,000
Totals
|
48
3512
|
11
114
|
26
1062
|
|
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Dec. 16, 2007 - Sarasota Real Estate: November Statistics |
Sarasota Real Estate Statistics for November 2007
|
Price Range
|
Active Listings
|
Sold November
|
Current Pending
|
| $50,000 to $250,000 |
1108
|
36
|
108
|
|
$251,000 to $350,000
|
951
|
27
|
64
|
| $351,000 to $500,000 |
898
|
21
|
59
|
| $501,000 to $750,000 |
706
|
22
|
43
|
| $751,000 to $1,000,000 |
419
|
7
|
28
|
| $1,001,000 to $2,000,000 |
518
|
7
|
20
|
| $2,001,000 to $3,000,000 |
216
|
2
|
6
|
| $3,001,000 to $10,000,000+ |
167
|
7
|
1
|
|
TOTALS
|
4983
|
129
|
329
|
It's always interesting to compare Sarasota's real estate stats from year to year and even month to month. In the month of November, of 2005, there were 840 active listings added to the market from the month before. The absorption rate jumped from 4.5 months in October of 2005 to 6.45 in November of 2005. At this point, we were still in a fairly "normal" market, but because Sarasota had been one of the hottest Real Estate markets in the US for about 3 years, real estate agents and economists were pretty much in denial, stating over and over that there was no such thing as a bursting bubble. A year later, in November of 2006, Sarasota had a 19-month supply and now in November of 2007, there is a 21 month supply of inventory. This is actually better than last month where there was a 30 month supply!
In Sarasota, we feel that the trend is changing. Buyers are jumping off the fence and they are buying homes at unheard of pricing. Our high season is upon us. We feel that we will have a strong International clientele this season with the Euro strong against the dollar.
The Condominium market in Sarasota Florida shows 3281 active listings and only 83 sold for the month of November 2007. The absorption rate for condominiums shows a 24 month supply.
Sarasota Real Estate Statistics for November 2006
|
Price Range
|
Active Listings
|
Sold Nov '06
|
Month's Supply
|
| $50,000 to $250,000 |
772
|
80
|
|
|
$251,000 to $350,000
|
1285
|
53
|
|
| $351,000 to $500,000 |
1507
|
54
|
|
| $501,000 to $750,000 |
1155
|
25
|
|
| $751,000 to $1,000,000 |
521
|
12
|
|
| $1,001,000 to $2,000,000 |
557
|
9
|
|
| $2,001,000 to $3,000,000 |
177
|
4
|
|
| $3,001,000 to $10,000,000+ |
156
|
2
|
|
|
TOTALS
|
6130
|
239
|
19
|
Sarasota Real Estate Statistics for November 2005
|
Price Range
|
Active Listings
|
Sold Oct'05
|
Month's Supply
|
| $50,000 to $250,000 |
211
|
41
|
|
|
$251,000 to $350,000
|
585
|
78
|
|
| $351,000 to $500,000 |
863
|
74
|
|
| $501,000 to $750,000 |
658
|
38
|
|
| $751,000 to $1,000,000 |
396
|
26
|
|
| $1,001,000 to $2,000,000 |
341
|
6
|
|
| $2,001,000 to $3,000,000 |
145
|
1
|
|
| $3,001,000 to $10,000,000+ |
172
|
0
|
|
|
TOTALS
|
3371
|
276
|
6.45
|
|
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Nov. 3, 2007 - Sarasota Real Estate October Statistics |
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Sarasota Real Estate Statistics for October 2007
|
Price Range
|
Active Listings
|
Sold October
|
Current Pending
|
| $50,000 to $250,000 |
1060
|
45
|
109
|
|
$251,000 to $350,000
|
949
|
35
|
54
|
| $351,000 to $500,000 |
880
|
34
|
39
|
| $501,000 to $750,000 |
712
|
19
|
36
|
| $751,000 to $1,000,000 |
395
|
6
|
13
|
| $1,001,000 to $2,000,000 |
500
|
8
|
9
|
| $2,001,000 to $3,000,000 |
206
|
4
|
2
|
| $3,001,000 to $10,000,000+ |
201
|
4
|
2
|
|
TOTALS
|
4903
|
155
|
264
|
It's always interesting to compare Sarasota's real estate stats from year to year. In the month of October, of 2005, we started to see more inventory. The months supply jumped from 4.6 in September of 2005 to 6.25 in October of 2005. I remember this period because no one was really sure what was happening. A glitch? I don't think so! A six month supply is considered a "normal" market, so the month of October of 2005 was about as normal as you get, yet we were at the beginning of the downturn. A seller's market was beginning to give way to an astonishing Buyer's market. A year later, in October of 2006, Sarasota had a 30-month supply and now in October of 2007, there is a whopping 31 month supply of inventory. And, this is only the single family residential market.
The Condominium market in Sarasota Florida shows 3207 active listings and only 91 sold for the month of October 2007. That's a 35.25 month's supply of condominiums.
Sarasota Real Estate Statistics for October 2006
|
Price Range
|
Active Listings
|
Sold Oct '06
|
Month's Supply
|
| $50,000 to $250,000 |
706
|
54
|
|
|
$251,000 to $350,000
|
1319
|
64
|
|
| $351,000 to $500,000 |
1504
|
45
|
|
| $501,000 to $750,000 |
1756
|
24
|
|
| $751,000 to $1,000,000 |
525
|
10
|
|
| $1,001,000 to $2,000,000 |
546
|
9
|
|
| $2,001,000 to $3,000,000 |
167
|
9
|
|
| $3,001,000 to $10,000,000+ |
160
|
2
|
|
|
TOTALS
|
6683
|
219
|
30.5
|
Sarasota Real Estate Statistics for October 2005
|
Price Range
|
Active Listings
|
Sold Oct'05
|
Month's Supply
|
| $50,000 to $250,000 |
159
|
79
|
|
|
$251,000 to $350,000
|
412
|
100
|
|
| $351,000 to $500,000 |
633
|
100
|
|
| $501,000 to $750,000 |
473
|
60
|
|
| $751,000 to $1,000,000 |
299
|
33
|
|
| $1,001,000 to $2,000,000 |
278
|
25
|
|
| $2,001,000 to $3,000,000 |
119
|
3
|
|
| $3,001,000 to $10,000,000+ |
158
|
5
|
|
|
TOTALS
|
2531
|
405
|
6.25
|
Let's all go to the Beach and forget our worries! |
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Oct. 3, 2007 - Sarasota Real Estate: September Statistics |
 
Sarasota Real Estate Statistics for September
2007
|
Price Range
|
Active Listings
|
Sold Sept.
|
Current Pending
|
|
$50,000 to $250,000
|
970
|
46
|
75
|
|
$251,000 to $350,000
|
933
|
35
|
35
|
|
$351,000 to $500,000
|
896
|
37
|
35
|
|
$501,000 to $750,000
|
693
|
9
|
10
|
|
$751,000 to $1,000,000
|
398
|
6
|
6
|
|
$1,001,000 to $2,000,000
|
460
|
2
|
8
|
|
$2,001,000 to $3,000,000
|
205
|
2
|
3
|
|
$3,001,000 to $10,000,000+
|
202
|
5
|
1
|
|
TOTALS
|
4757
|
142
|
173
|
I thought it would be interesting to compare 2007, 2006 and 2005 stats. I don't have the Pending stats for prior years,
but here you'll see the full impact of today's real estate market in Sarasota.
For the month of September of 07 there is a 33.5 months supply. At the same time last year, it was 21.8 and in September
of 2005 it was 4.7. WOW! What a difference a year makes. So, it is clear to see how we progressed from a Seller's market
to a Buyers market.
Sarasota Real Estate Statistics for September 2006
|
Price Range
|
Active Listings
|
Sold Sept '06
|
Month's Supply
|
|
$50,000 to $250,000
|
628
|
79
|
|
|
$251,000 to $350,000
|
1262
|
66
|
|
|
$351,000 to $500,000
|
1473
|
57
|
|
|
$501,000 to $750,000
|
1059
|
27
|
|
|
$751,000 to $1,000,000
|
476
|
17
|
|
|
$1,001,000 to $2,000,000
|
471
|
11
|
|
|
$2,001,000 to $3,000,000
|
146
|
0
|
|
|
$3,001,000 to $10,000,000+
|
130
|
1
|
|
|
TOTALS
|
5645
|
258
|
21.8
|
Sarasota Real Estate Statistics for September 2005
|
Price Range
|
Active Listings
|
Sold Sept '05
|
Month's Supply
|
|
$50,000 to $250,000
|
143
|
78
|
|
|
$251,000 to $350,000
|
345
|
122
|
|
|
$351,000 to $500,000
|
483
|
104
|
|
|
$501,000 to $750,000
|
397
|
62
|
|
|
$751,000 to $1,000,000
|
229
|
35
|
|
|
$1,001,000 to $2,000,000
|
256
|
26
|
|
|
$2,001,000 to $3,000,000
|
96
|
6
|
|
|
$3,001,000 to $10,000,000+
|
138
|
7
|
|
|
TOTALS
|
2087
|
440
|
4.7
|
|
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Sep. 25, 2007 - Sarasota Real Estate Market Begins to Stabilize |
Here's
a press release sent to the news media:
Sarasota market continues to stabilize after boom
years
Sales figures
year-to-date for homes and condominiums in the
Sarasota MLS are close to the market totals
experienced in 2006 - declining only a modest 6 percent through the
first eight months of 2007 compared to the same period in
2006.
In total, 4,460
closings were reported through the end of August 2007, compared to
4,747 closings through August 2006. These numbers are reminiscent
of the market in 2000, when a total of 4,051 closings were
reported, and 2001, when there were 4,732 closings through Aug. 31.
However, home and condominium prices have increased dramatically
during the past seven years.
Pending sales
remained above 450 for the month of August, indicating the winter
months will likely not see the kind of drop in sales experienced in
the later months of 2006. Pending sales climbed by 164 percent from
August 2006, when only 170 pendings were reported. This provides a
strong indication that the market will not see the stall in sales
that occurred during the end of 2006. The higher number of pending
sales will likely mean sales activity will remain higher during the
next 30 to 60 days.
Condominium prices were up
year-to-date, with the median sale price through the end of August
at $365,000, compared to only $310,000 for the same period in 2006.
This marks a 17.7 percent increase. The median price was only
$292,925 for the first eight months of 2005, often cited as a
period within the boom years.
The median sale price of a home
was $310,000 year-to-date through August 2007, compared to $350,000
for the first eight months of 2006, for an 11.4 percent
decline.
"I am still
convinced that we have weathered this adjustment period in sales
volume and prices very well, particularly compared to the rest of
the state," said Joe Hembree, 2007 SAR President. "We continue to
go through a period of adjustment in the Sarasota market, and there
has been some depreciation in both the number of sales and the
median price. But we are emerging from the downturn faster and
stronger than other markets in the state and nation, and I see no
reason to believe we will not continue to see growing
strength."
With an eye
toward the bigger picture, and discounting the historically
abnormal years of 2003-2005, we have seen a return to the normal
market experienced as recently as 2001 and 2002, Hembree
noted.
Dr. Lawrence
Yun, Senior Economist with the National Association of Realtors®
indicated in an address at Lakewood Ranch Golf & Country Club
on Sept. 14 that he believes there has been a negative spate of
news concerning foreclosures, hurricanes, property taxes and
insurance increases. This has left potential home buyers with the
impression that the bottom of the real estate cycle has not been
hit, which he believes is an untrue analysis. In fact, the
quarterly figures compiled by FAR and NAR indicate that prices in
the local market appear to have bottomed out in the fourth quarter
of 2006, and have risen since that time.
"They have jobs,
their income is rising, but they are saying, 'I'm going to step
back,'" Yun said of the potential home buyers.
But Yun noted
July's median price of houses sold in the Sarasota-Bradenton MSA
was roughly $277,000, a bargain for the beaches, sunshine, golf,
fishing and general location that the region offers. Yun said this
means real estate agents need to tell the true story of
Florida.
Regarding the
hurricane scare, only six Category 3 or greater storms landed on
Florida's mainland from 1950 to 2003, although eight touched down
between 2004 and 2005. "The chances of that happening again are
low," Yun said of the disastrous two-year period.
Yun predicted
the Florida housing market will recover from the current malaise,
get stronger in 2008 and will be booming again by 2010, once people
again realize that Florida's assets are unique.
Home and
condominium sales declined in August 2007 to a total of 430 sales,
as local families began to settle into the school year and plan
ahead for the holidays. However, this figure is still 21.1 percent
higher than the low point in the recent local market, reached in
December 2006, when only 355 sales closed.
Sales have
escalated since then, and have remained stronger throughout
2007.
The Sarasota Association of
Realtors
The
Sarasota-Bradenton MSA, only three other MSAs in the state
experienced better August 2007 to August 2006 comparative numbers
for single family home sales, and only three reported better
numbers for comparative condo sales. |
|
|
|
|
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Sep. 11, 2007 - Sarasota Real Estate: August Statistics |
Sarasota's Golden Gate Point
Sarasota Real Estate
Statistics for August 2007
|
Price
Range
|
Active
Listings
|
Sold
Aug.
|
Current
Pending
|
| $50,000 to $250,000 |
926
|
46
|
82
|
|
$251,000 to $350,000
|
939
|
48
|
67
|
| $351,000 to $500,000 |
934
|
33
|
49
|
| $501,000 to $750,000 |
693
|
13
|
19
|
| $751,000 to $1,000,000 |
405
|
14
|
9
|
| $1,001,000 to $2,000,000 |
489
|
8
|
5
|
| $2,001,000 to $3,000,000 |
212
|
2
|
5
|
| $3,001,000 to $10,000,000+ |
206
|
5
|
2
|
|
TOTALS
|
4804
|
169
|
238
|
The above real estate statistics for the
greater Sarasota area, represent only Single
Family Homes. The condo market continues to suffer with a
total of 3245 active listings and only 82 sold in the month of
August of '07.
While the number of active real estate listings
are DOWN in Sarasota about 20% from August of '06,
the number of actual sales are also down by 56%, leaving Realtors
to wonder where the bright spots are.
It seems that Realtors who have embraced the Internet and
market to the International crowd are the ones who are continuing
to be successful in their careers. Sarasota is a very
desirable community for the International buyer
because of it's many cultural activities.
Sellers who are realistic and price their
properties strategically will certainly win a contract to
purchase.
|
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