Market remains strong in October 2015

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The October real estate market in. Sarasota and Manatee counties remained strong, with overall sales slightly lower than
Market remains strong in October 2015 Editor’s Note: For comprehensive statistics dating to 2005, please visit www.MyRASM.com/statistics

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below last October’s totals of 3,791 in Sarasota County and 2,832 in Manatee County. In 2013, there were roughly 5,500 properties for sale in Sarasota County and 5,000 for sale in Manatee County. Those figures have trended lower for over the last two and a half years, and the current level represents a major drop from those totals. Normally, the market continues to grow through the early months of the year as property owners test the waters during the height of season. Last year and the previous year, the inventory peaked in February. If that trend continues, local agents should expect a very busy season once again. The two-county area saw the month’s supply of inventory remain well below the 6 month level that defines a market in equilibrium between buyers or sellers. The figures once again were between 3.5 and 3.9 months – slightly higher than the recent norms in both counties for both single family and condos. Median days on market were between 36 and 55 in October, nearly the same as in September, and lower than the 47 to 55 range from last October. This indicates homes continue to sell more quickly than last year. Those numbers have remained fairly steady in the past few months. New pending sales, which reflect new contracts written in the twocounty area, were down slightly from September and also from last October, so November and December could see a cooling off period for the hot market. The first 10 months of 2015 remained on a record pace, and we will likely see the highest number of sales in the region’s history by year-end. So far, Sarasota County sales are 630 ahead of last year’s record pace, and November and December sales would only need to average about 560 sales per month to

The October real estate market in Sarasota and Manatee counties remained strong, with overall sales slightly lower than September and last October, but median sale prices up substantially over last year at this time. Property sales in October totaled 880 in Sarasota County and 708 in Manatee County, for a combined 1,588, down about 1 percent from the September total of 1,608. The median sales prices saw both increases and declines. Single family homes in Sarasota County saw an increase of almost 3 percent from September to October. In Manatee County, there was a drop of 2.6 percent in the single family category. Condos in Sarasota County saw a drop of 5 percent from September to October, while in Manatee County condo median sale prices rose about 8 percent from September to October. Comparing prices this October to last year at this time, all categories rose. The biggest increase by category came in condo sales in Manatee County, which saw prices rise by 29.7 percent year over year. By contrast, Sarasota County saw a modest condo median sale price increase of 5.7 percent. For single family homes, Sarasota County recorded a 17.9 percent rise and Manatee County saw a 12.1 percent rise. “This market has been on an historic roll in 2015, and we typically experience some degree of leveling off in overall sales as we enter the traditionally slower early fall months,” said Stafford Starcher, president of the Realtor® Association of Sarasota and Manatee. “However, the higher median sales prices, particularly compared to last October, indicate that our market remains popular and buyers have not been deterred innovative by the price level rise agent services we’ve witnessed.” IMPACT The inventory of TARGET properties on the MARKETING market rose by about 6 Elizabeth Reynolds percent from September MARKETING DIRECTOR in Sarasota County to 3,533. Manatee County 941.921.5027 [email protected] rose by about 4 percent www.FloridaAssistant.com to 2,682. The overall connect with us. inventory is still far

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break the all-time high of 11,550. Manatee County is 660 sales ahead of last year’s pace, and would need to average 360 sales in the next two months to break the all-time record of 8,004 sales set in 2013. “We are certainly living in historic times, based on the overall sales to this point in the year,” noted Starcher. “The future is always unpredictable, but based upon the enthusiasm, professionalism and competence of our real estate agents, I see only bigger and better things ahead for our market.”

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Sarasota/Manatee Realtor® Magazine

DECEMBER 2015

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Monthly Market Summary - October 2015 Single Family Homes Sarasota County October 2015

October 2014

Percent Change Year-over-Year

Closed Sales

597

723

-17.4%

Cash Sales

258

349

-26.1%

New Pending Sales

519

564

-8.0%

New Listings

893

843

5.9%

Median Sale Price

$230,000

$195,000

17.9%

Average Sale Price

$319,377

$305,661

4.5%

36

47

-23.4%

95.6%

93.4%

2.4%

785

828

-5.2%

Inventory (Active Listings)

2,403

2,617

-8.2%

Months Supply of Inventory

3.5

4.0

-13.2%

Median Days on Market Avg. Percent of Original List Price Received Pending Inventory

900

2011

2012

2013

2014

2015

Closed Sales

800 700 600 500 400 300

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

Median Sale Price

$250K $230K $210K $190K $170K $150K $130K $110K J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

Total Inventory

5,000 4,500 4,000 3,500 3,000 2,500 2,000

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

2011

2012

2013

2014

2015

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics Realtor® for each month compiled from MLS feeds on the 15th day of the following month. 14 DECEMBER 2015 Sarasota/Manatee Magazine www.MyRASM.com Data released on Monday, November 23, 2015. Next data release is Tuesday, December 22, 2015.

Monthly Market Summary - October 2015 Single Family Homes Manatee County October 2015

October 2014

Percent Change Year-over-Year

Closed Sales

517

526

-1.7%

Cash Sales

171

222

-23.0%

New Pending Sales

372

452

-17.7%

New Listings

627

673

-6.8%

Median Sale Price

$259,000

$231,000

12.1%

Average Sale Price

$329,268

$281,049

17.2%

41

55

-25.5%

95.5%

94.5%

1.1%

568

680

-16.5%

Inventory (Active Listings)

1,902

2,044

-6.9%

Months Supply of Inventory

3.7

4.4

-16.0%

Median Days on Market Avg. Percent of Original List Price Received Pending Inventory

700

2011

2012

2013

2014

2015

Closed Sales

600 500 400 300 200

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

Median Sale Price

$280K $260K $240K $220K $200K $180K $160K $140K J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

Total Inventory

3,500 3,000 2,500 2,000 1,500 1,000

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

2011

2012

2013

2014

2015

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for eachMagazine month compiled from MLS feeds on the 15thDECEMBER day of the following month. www.MyRASM.com Sarasota/Manatee Realtor® 2015 Data released on Monday, November 23, 2015. Next data release is Tuesday, December 22, 2015.

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Monthly Market Summary - October 2015 Townhouses and Condos Sarasota County October 2015

October 2014

Percent Change Year-over-Year

Closed Sales

283

288

-1.7%

Cash Sales

176

191

-7.9%

New Pending Sales

237

209

13.4%

New Listings

397

348

14.1%

Median Sale Price

$185,000

$175,000

5.7%

Average Sale Price

$249,196

$300,885

-17.2%

38

55

-30.9%

94.5%

93.5%

1.1%

359

289

24.2%

Inventory (Active Listings)

1,130

1,174

-3.7%

Months Supply of Inventory

3.6

3.9

-7.4%

Median Days on Market Avg. Percent of Original List Price Received Pending Inventory

500

2011

2012

2013

2014

2015

Closed Sales

450 400 350 300 250 200 150 100

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

Median Sale Price

$240K $220K $200K $180K $160K $140K $120K

Total Inventory

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

2011

2012

2013

2014

2015

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics Realtor® for each month compiled from MLS feeds on the 15th day of the following month. 16 DECEMBER 2015 Sarasota/Manatee Magazine www.MyRASM.com Data released on Monday, November 23, 2015. Next data release is Tuesday, December 22, 2015.

Monthly Market Summary - October 2015 Townhouses and Condos Manatee County October 2015

October 2014

Percent Change Year-over-Year

Closed Sales

191

175

9.1%

Cash Sales

114

115

-0.9%

New Pending Sales

160

148

8.1%

New Listings

277

237

16.9%

Median Sale Price

$170,500

$131,500

29.7%

Average Sale Price

$204,200

$174,026

17.3%

55

48

14.6%

93.9%

92.5%

1.5%

Pending Inventory

250

201

24.4%

Inventory (Active Listings)

780

788

-1.0%

Months Supply of Inventory

3.9

4.4

-11.9%

Median Days on Market Avg. Percent of Original List Price Received

Closed Sales

300

2011

2012

2013

2014

2015

250 200 150 100

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

Median Sale Price

$180K $160K $140K $120K $100K $80K

Total Inventory

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

2011

2012

2013

2014

2015

www.MyRASM.com Sarasota/Manatee Realtor® 2015 Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for eachMagazine month compiled from MLS feeds on the 15thDECEMBER day of the following month. Data released on Monday, November 23, 2015. Next data release is Tuesday, December 22, 2015.

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Monthly Distressed Market - October 2015 Single Family Homes Sarasota County

Closed Sales

October 2015

October 2014

Percent Change Year-over-Year

517

518

-0.2%

$245,000

$226,625

8.1%

70

171

-59.1%

$133,450

$126,000

5.9%

10

34

-70.6%

$150,000

$178,250

-15.8%

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2011

2012

Traditional

2013

Foreclosure/REO

2014

2015

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0% J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O $300K

Median Sale Price

$250K

$200K

$150K

$100K

$50K

$0K J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

2011

2012

2013

2014

2015

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

34 DECEMBER 2015 Sarasota/Manatee Realtor® Magazine Data released on Monday, November 23, 2015. Next data release is Tuesday, December 22, 2015.

www.MyRASM.com

Monthly Distressed Market - October 2015 Single Family Homes Manatee County

Closed Sales

October 2015

October 2014

Percent Change Year-over-Year

457

397

15.1%

$272,500

$269,000

1.3%

50

108

-53.7%

$145,450

$138,500

5.0%

10

21

-52.4%

$222,500

$140,000

58.9%

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2011

2012

Traditional

2013

Foreclosure/REO

2014

2015

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0% J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O $300K

Median Sale Price

$250K

$200K

$150K

$100K

$50K

$0K J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

2011

2012

2013

2014

2015

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15thDECEMBER day of the following month. www.MyRASM.com Sarasota/Manatee Realtor® Magazine 2015 Data released on Monday, November 23, 2015. Next data release is Tuesday, December 22, 2015.

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Monthly Distressed Market - October 2015 Townhouses and Condos Sarasota County

Closed Sales

October 2015

October 2014

Percent Change Year-over-Year

256

249

2.8%

$191,450

$185,000

3.5%

23

33

-30.3%

$134,500

$115,000

17.0%

4

6

-33.3%

$146,000

$185,000

-21.1%

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2011

2012

2013

Traditional

Foreclosure/REO

2014

2015

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0% J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O $450K $400K

Median Sale Price

$350K $300K $250K $200K $150K $100K $50K $0K J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

2011 36

DECEMBER 2015

2012

2013 Sarasota/Manatee Realtor® Magazine

2014

2015 www.MyRASM.com

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, November 23, 2015. Next data release is Tuesday, December 22, 2015.

Monthly Distressed Market - October 2015 Townhouses and Condos Manatee County

Closed Sales

October 2015

October 2014

Percent Change Year-over-Year

174

150

16.0%

$175,000

$147,000

19.0%

13

23

-43.5%

$134,900

$54,900

145.7%

4

2

100.0%

$84,500

$98,500

-14.2%

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2011

2012

2013

Traditional

Foreclosure/REO

2014

2015

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0% J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O $300K

Median Sale Price

$250K

$200K

$150K

$100K

$50K

$0K J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O

2011 www.MyRASM.com

2012

2013 Sarasota/Manatee Realtor® Magazine

2014

2015 DECEMBER 2015

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, November 23, 2015. Next data release is Tuesday, December 22, 2015.

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