October 2014 Property Sales

The Sarasota County real estate market remained on record pace in October 2014, with 1,011 property transactions recorded for the month – the fifth time the 1,000 level has been reached in the past eight months. The total was 23.3 percent higher than October 2013’s sales of 820, and also 8.2 percent higher than the September 2014 sales of 934. Sales for the first 10 months of the year now stand at 9,795, or 417 sales over last year’s total. Sales in 2013 wound up as the second highest level in the county’s history. If sales continue at this pace, 2014 could surpass the historic year of 2004, when 11,482 sales were recorded in the county.

The breakdown for closed sales in October 2014 was 723 single family homes and 288 condos sold, according to figures released by Florida Realtors®.

The median sale price for single family homes stood at $195,000, up slightly from the September figure of $189,000, and also up from last October’s level of $186,388. The condo median was $175,000, a drop of 11.4 percent from the September figure of $195,000, and identical to last October’s median price. The fluctuations in condominium prices have not been unusual in recent years, compared to the steadier nature of the single family home market, and tend to reflect the buying tendencies of investors in the market.

The median sale price for the 12-month period ending in October, which moderates monthly swings, was $196,000 for single family homes, 10 percent higher than last October’s 12-month period of $178,000. For condos, it was $180,000, up about 12 percent over last October’s 12-month period of $162,900.

“The season is only just beginning, and no one is reporting a holiday slowdown in market activity at this point,” said Sarasota Association of Realtors® President Peter Crowley. “In the past few years, we haven’t observed a major drop off in sales in November and December. With the national economy picking up steam, and unemployment still dropping, I’m optimistic we’ll continue to see these strong numbers.”

The current inventory of available properties stands at 3,791, up about 3.4 percent from the September figure of 3,666, but down about 6 percent from last October’s level of 4,032. The inventory tends to rise as many local residents begin testing the water for a home sale as the seasonal residents return. The month’s supply of inventory stood at 4.0 for single family, identical to the September figure but down from last October’s figure of 4.4. For condos, the October figure was 3.9, slightly higher than September’s figure of 3.8, but lower than the October 2013 figure of 4.3.

In October, 24 percent of total sales were short sales or foreclosure sales, the same as in September. Last October, the figure was 25.8 percent, just above the current figure. Distressed listings in October 2014 represented 10.1 percent of all available properties. This percentage has ranged from 10 to 12 percent throughout the year.

Pending sales remained strong in October 2014, hitting 773, which was 17.5 percent lower than September’s figure of 938, but close to last October’s figure of 820. This should translate to sales in November 2014 coming in close to the 818 closings in November 2013.

September 2014 Property Sales

The Sarasota County real estate market remained on pace for near record sales numbers in September 2014, ending the month with 934 closed transactions – 14 percent higher than last September when 817 properties changed hands. Sales for the first three-quarters of the year now stand at 8,784, about 200 sales over last year’s pace which wound up as the second highest sales year in the county’s history. A strong closing quarter (sales of 900 per month or higher) could push the final figure near the historic year of 2004, when 11,482 sales were recorded in the county.

The breakdown for closed sales in September 2014 was 688 single family homes and 246 condos sold, according to figures released by Florida Realtors®. Closings were down slightly from the August 2014 figures of 698 single family homes and 277 condos sold (975 total).

The median sale price for single family homes stood at $189,000 for single family homes, off slightly from the $195,750 in August 2014 and almost identical to last September’s figure of $189,902. The condo median was $195,000, up about 10 percent from last month and up 18 percent from last September’s figure of $165,000. The fluctuations in condominium prices have not been unusual in recent years, compared to the steadier nature of the single family home market, and tend to reflect the buying tendencies of investors in the market.

The median sale price for the 12-month period ending in August, which moderates monthly swings, was $196,000 for single family homes, 10 percent higher than last September’s 12-month period of $178,000. For condos, it was $180,000, up about 12.5 percent over last September’s 12-month period of $160,000.

“We are seeing steady, strong numbers for the Sarasota County real estate market,” said Sarasota Association of Realtors® President Peter Crowley. “The first three quarters of 2014 remain on an historic, positive pace, and our members are helping to make the dream of home ownership come true for thousands of buyers. Sarasota is a unique, incredible place to live, work and play, and the world has obviously discovered that fact!”

The current inventory of available properties stands at 3,666, down about 2 percent from the August figure of 3,745 and down about 8 percent from last September. The inventory has dropped very close to the low point of recent years – the July 2012 figure of 3,644. The month’s supply of inventory stood at 4.0 for single family, down from August’s figure of 4.1 and lower than last September’s figure of 4.4. For condos, the September figure was 3.8, the same as August 2014 and lower than last September’s figure of 4.0.

In September 2014, 24 percent of total sales were short sales or foreclosure sales. This was up slightly from the 22 percent figure in August 2014. Last September, the figure was 22 percent, just below the current figure. Distressed listings in September 2014 represented 10.3 percent of all available properties. This percentage has ranged from 10 to 12 percent throughout the year.

Pending sales remained strong in September 2014, hitting 840, about the same as August’s figure of 832, but well ahead of last September’s figure of 750. This should translate to sales in October 2014 coming in ahead of 2013’s figure of 818 closings.

August 2014 Property Sales

Homes and condos continued to sell at a brisk pace in Sarasota County in August, once again nearly reaching the 1,000 level with 975 closed transactions. The eight-month total from the start of the year now stands at 7,850, about 100 sales ahead of last year’s near record totals.

The breakdown for closed sales in August 2014 was 698 single family homes and 277 condos sold, according to figures released by Florida Realtors®. Closings were up 5 percent from last month (July), when they hit 928, and up 1.8 percent from August 2013, when there were 957 closings.

The median sale price for single family homes stood at $195,750 in August 2014, down slightly from the July figure of $201,000, and almost identical to last August’s figure of $195,000. The condo median was $177,000, down 16 percent from the July 2014 figure of $205,000, but almost 10 percent higher than last August, when the median sale price was $161,000. The fluctuations in condominium prices have not been unusual in recent years, compared to the steadier nature of the single family home market, and tend to reflect the buying tendencies of investors and the “downsizing” couples seeking a smaller abode.

“I continue to be impressed by the staying power of this market as we have now seen six months in a row with sales above or very near the 1,000 level,” said Sarasota Association of Realtors® President Peter Crowley. “If we remain at this peak activity, and I haven’t seen any indications of slowing down, we could see another historic year in 2014. Agents I have spoken to report no slow down at all for their open houses, and multiple offers on properties continue to be the norm as the available inventory continues to shrink.”

The current inventory of available properties stands at 3,745, down 4.2 percent from the July total of 3,912 and almost identical to last August’s figure of 3,793. The inventory has dropped very close to the low point of recent years – the July 2012 figure of 3,644. The month’s supply of inventory stood at 4.1 for single family, down from July’s figure of 4.4 and lower than last August’s figure of 4.2. For condos, the August figure was 3.8, the same as July 2014 and lower than last August’s figure of 4.0.

Distressed sales remained far below the levels experienced four years ago, indications of a strong market returning to historic norms. In August 2014, 22 percent of total sales were short sales or foreclosure sales. This was up slightly from the 19.5 percent figure in July 2014. Last August, the figure was 21.5 percent, very near to the current figure.

The median sale price for the 12-month period ending in August, which moderates monthly swings, was $192,500 for single family homes, 10 percent higher than last August’s 12-month period of $175,000. For condos, it was $178,500, up about 11.5 percent over last August’s 12-month period of $160,000.

Pending sales remained robust in August 2014, hitting 832, almost identical to July’s 834 and slightly lower than last year’s August total of 864. This should translate to sales in September coming in about the same as the August numbers.

July 2014 Property Sales

Property sales in Sarasota County almost reached the 1,000 level for the fifth straight month in July 2014, falling just short at 928 closed transactions. In the county’s history, only once has such a five-month hot streak been accomplished – from March through July 2004 – falling just short this year and in the 2005.

The breakdown for closed sales in July this year was 643 single family homes and 285 condos sold, according to figures released by Florida Realtors®. Closings were off 11.4 percent from last month (June), when they hit 1,048, and down about 4 percent from July 2013, when there were 969 closings.

Sales the first seven months of 2014 remain ahead of the near record sales pace of 2013, an historic year for property sales in the county with the second highest number of sales in SAR’s 91 year history. The first seven months of 2014 saw 6,875 sales, compared to 6,786 last year at this time.

The median sale price for single family homes stood at $201,000 in July 2014, and the condo median was $205,000. Last month, both were at $195,000 – reflecting a 5.1 percent increase for condos and a 3 percent increase for single family homes. The median sale price for single family homes was about 6 percent higher than the July 2013 figure of $189,900. The major change was July’s condo median price, which was 29 percent higher than last July’s figure of $159,000.

“For the past several years, we’ve seen reductions in July sales numbers, so this is not a surprise,” said Sarasota Association of Realtors® President Peter Crowley. “What is surprising is that July was the first month in six years that we’ve seen both property categories – single family and condos – top the $200,000 median sale price level. The last time that occurred was in August 2008. We may have reached new balanced, sustainable price points in the market.”

Distressed sales remained far below the levels experienced four years ago, indications of a strong market returning to historic norms. In July 2014, 19.5 percent of total sales were short sales or foreclosure sales. This was down slightly from the 20.1 percent figure in June 2014. Last July, the figure was 24.9 percent, reflecting a major improvement year over year.

The median sale price for the 12-month period ending in July, which moderates monthly swings, was $189,000 for single family homes, about 11.2 percent higher than the previous 12-month period. For condos, it was $176,000, up 10.6 percent over the previous 12-month period.

Pending sales remained strong in July 2014, hitting 834 after last month’s total of 901. This should translate to sales in August coming in slightly below the July numbers. Last July, pending sales were at 849 and sales in August 2013 were at 957.

Inventory levels dropped below 4,000 in July 2014 to 3,912 from the June figure of 4,196, a fairly significant one month decline of 6.7 percent. Last July, inventory stood at only 3,747, the low point in the recent market and about 4 percent lower than the current level.

The month’s supply of inventory stood at 4.4 for single family and 3.8 for condos. Last month, those figures were 4.6 and 4.2 respectively, and last year at this time they were 4.1 and 4.2 respectively.

June 2014 Property Sales

For the fourth straight month, property sales in Sarasota County topped 1,000 in June 2014, continuing a hot streak and signaling burgeoning strength in the local real estate market.

Closed sales in June this year totaled 1,048, an improvement of 5.1 percent from the June 2013 figure of 997 sales. The breakdown was 727 single family homes and 321 condos sold, according to figures in the My Florida regional MLS system. Closings were off slightly from last month (May), when they hit 1,100 exactly.

The first half of 2014 remains ahead of the near record sales pace of 2013, an historic year for property sales in the county with the second highest number of sales in SAR’s 91 year history.

“We are continuing to see heavy foot traffic at open houses and at brokerages across the county,” said Sarasota Association of Realtors® President Peter Crowley. “While we have seen a marginal slowdown in the road traffic as some residents head north for the summer, there seems to be unusually high visitor numbers this summer. People want to come to Sarasota, now more than ever!”

Distressed sales remained far below the levels experienced four years ago, indications of a strong market returning to historic norms. In June 2014, 20.1 percent of total sales were short sales or foreclosure sales. This was up slightly from the 19 percent figure in May 2014, but lower than June 2013, which saw 23 percent distressed sales.

Single family homes and condos median sale price figures were both $195,000 in June 2014, the first time since 2013 that condo prices were equal to or greater than single family home prices. The median sale price for single family homes was about 2 percent higher than May’s figure of $191,500, and 8 percent higher than last June’s figure of $180,000. June’s condo median price was 11.4 percent higher than May’s figure of $175,000, and 18 percent higher than last June’s figure of $165,000.

The median sale price for the 12-month period ending in June, which moderates monthly swings, was $190,000 for single family homes, about 15 percent higher than the previous 12-month period. For condos, it was $170,050, up 8.8 percent over the previous 12-month period.

Pending sales remained strong in June 2014, hitting 901 after last month’s total of 1,042. This should translate to sales in July coming in slightly below the June numbers. Last June, pending sales were at 899 – almost identical to this year – and sales in July 2013 were at 969.

Inventory levels dropped again in June 2014 to 4,196 from May’s figure of 4,513, a fairly significant one month decline of 7 percent. Last June, inventory stood at only 3,758 homes and condos for sale in the county. The low point in the recent market was in July 2013 at 3,747, far lower than the current level.

The month’s supply of inventory stood at 4.6 for single family and 4.2 for condos. Last month, those figures were 5.0 and 4.6 respectively, and last year at this time they were 4.2 and 4.3 respectively.

May 2014 Property Sales

The early summer started as hot as the spring in Sarasota County for property sales, with exactly 1,100 closed sales reported in May 2014 – 747 single family homes and 353 condominiums. The figure was slightly lower than April’s total of 1,195, and also slightly lower than last May, when 1,127 closings were reported in the My Florida Regional MLS system. The first five months of 2014 remain ahead of the scorching pace of 2013, an historic year for property sales in the county with the second highest number of sales in SAR’s 91 year history.

“Sarasota County real estate is such an amazing success story in the past two years, particularly coming from where we were in 2010,” said Sarasota Association of Realtors® President Peter Crowley. “I think this is a tribute not only to our home market, which is one of the best in the nation, but also to our collective group of SAR brokers and agents who have truly upped their game. We emerged from a tough environment and are now leading the pack.”

Distressed sales remained far below the levels experienced four years ago, indications of a strong market returning to historic norms. In May 2014, 19 percent of sales were short sales or foreclosure sales. This was up somewhat from the 16.6 percent figure in April 2014, but slightly lower than May 2013, which saw 20.7 percent distressed sales.

Single family homes and condos are apparently priced right, as the median sale price figures continued to be very steady in May. The single family and condo median sale prices were both slightly higher than last year in May, and slightly lower than last month. The median sale price for single family homes was $191,500, a drop of 2.4 percent from April’s figure of $196,250, and for condos was $175,000, a drop of 4.6 percent from last month’s figure of $183,500. Median prices last May were at $189,950 for single family (virtually identical to this year) and $165,000 for condos (for a 6 percent increase this year over last).

The median sale price for the 12-month period ending in May, which moderates monthly swings, was $189,900 for single family homes, about 15 percent higher than the previous 12-month period. For condos, it was $170,000, up 8.8 percent over the previous 12-month period.

Pending sales remained strong in May 2014, hitting 1,042 after last month’s total of 1,040. This should translate to sales in June coming in near the level seen in May. Last May, pending sales were also just over 1,000.

Inventory levels dropped in May 2014 to 4,513 from April’s figure of 4,728, representing a 4.5 percent drop. Last May, inventory stood at only 3,905 homes and condos for sale in the county. The low point in the recent market was in July 2013 at 3,747, far lower than the current level.

The month’s supply of inventory stood at 5.0 for single family and 4.6 for condos. Last month, those figures were 5.3 and 4.7 respectively, and last year at this time they were 4.6 and 5.0 respectively.

“We hope for continued positive numbers in the months ahead, and everything we are seeing indicates that will be the case,” said Crowley. “We haven’t experienced the type of volatility in the market that we were seeing just a few short years ago, and sometimes in real estate as in boating, a calm, steady sea isn’t so bad. We have a solid, strong market here in Sarasota.”