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Sarasota Market Report - August 2012

Posted by Brian Tresidder on Wednesday, September 26th, 2012 at 3:49pm.

Hot Real Estate Market Continues in Sarasota During August


The local real estate market continues to be hot with 819 properties being sold by members of the Sarasota Association of Realtors in August 2012, which is up 36 percent from last August.

There were 587 single family homes sold compared to last August in which there were only 445 while 232 condos were sold compared to 156 last August. The total sales for last August were 601. In July 2012, there were only 699 sales, a downward trend that was reversed in August. This rebound was unexpected, yet welcomed by local Realtors who were aware that July is generally a slower sales month and has been for the past few years.

SAR President Laura Benson said, “The old adage says all real estate is local, and in Sarasota, we are experiencing a resurgent, vibrant, energized market – the best we’ve seen since the end of the boom years in 2006. SAR members have been reporting incredible sales numbers, and competition for available properties is high due to the very low inventory. My advice to buyers would be to get off the fence – you might miss out on your dream home.”

On most properties, multiple offers are common, so real estate agents were busy during the summer of 2012. Foot traffic has been reported as strong and steady at open houses. This is not always the case after the Easter holiday, which is the end of the traditional season. In seven years, the best second quarter statistically was in 2012 with the third continuing this higher trend.

Properties that went under contract during the month are called pending sales. These sales numbers were 860 in June, 919 in July, and continued to rise to 953 in August of 2012. Last September, sales dropped to 570 but this Septembers numbers are expected to be better because pending sales are a good indicator of the future market.

“We remain significantly ahead of the pace of sales in 2011. Sarasota is always a great place to buy real estate, in the best of times and the worst of times, so I’m confident in our future market,” said SAR President Laura Benson.

The median sales price in August 2012 was $169,945 for single family homes which was lower than the $178,000 median price in July 2012. The July figure held steady with the 12 month median price of $169,000. Condo prices went from $176,000 in July to $149,000 in August, which shows a much greater drop than the single family homes. The high-end properties that are sold in a month have a great effect on condo prices and make them volatile from month to month. There were more foreclosures and short sales on condos in August along with a lull in higher priced sales, which caused a 15 percent drop in the median price. The 12-month median for condos is the same as it was this time last year at $163,950.

There was a decade low on the available inventory of homes on the market with only 3,504.
 
This figure was down from last month’s 3,644, an almost 4 percent decrease. There were 20 percent more homes on the market last year at this time. The latest quarterly report by the National Association of Realtors (NAR) reported that there is a lack of inventory, which is limiting choices for buyers in many markets around the country, especially in the lower price ranges.

There was a 10-year low for months on all inventory. Single family homes inventory went from 4.5 months in July to 3.8 months in August. Condos went from 7.5 months of inventory in July to 5.5 months in August. At the current sales rate, the time it takes to deplete the current inventory is called the months of inventory. Condos had 10.2 months of inventory last August, while single family homes had 6.3 months of inventory. In November 2008, when the market was at its worst, single family homes were at 24 months of inventory and condos were at 41.7 months.

Last month, there were 575 properties for sale on the MLS that were listed as short sales or foreclosures, which was higher than this month with only 570 properties listed. This shows a current percentage of 16.3 which is higher than last month’s 15.8 percent. Both of these are lower than January 2012 which had 17 percent of the homes on the market being either a foreclosure or a short sale.

Brian Tresidder | Siesta Key Real Estate Broker

Key Solutions Real Estate


Brian is a licensed real estate broker serving Siesta Key, FL and beyond. From finding the perfect vacation home to helping investors reach their full potential, Brian takes a professional and personalized approach to every situation. 

Phone: (941) 894-1255
Email: brian@keysolutionsre.com

Learn More About Brian Now!

1 Response to "Sarasota Market Report - August 2012"

Competitively Priced Properties Attract Multiple Offers wrote: [...][...]

Posted on Tuesday, October 23rd, 2012 at 9:37am.

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