Blog

Jan
24
Sarasota 2012 Record Breaking Home Sales

Ending the Year with a Bang!

Here we are at the end of another exciting year in the Sarasota Real Estate Market and the numbers are in! How did we do, you ask? I believe the heading of this month's Sarasota Association of Realors' Statistic report says it all, “Sales in 2012 Were Fourth Highest in History of SAR”. SAR's history dates back to their establishment in 1923 and now has over 3,500 members in the Sarasota and Manatee county area. Let's see what these members have accomplished over the year and their impact on last year's market.

Sarasota Sales Throughout Recent Years

First and foremost, let's take a look at these astounding numbers our fellow SAR members have worked so hard for. For the calendar year of 2012 there were a total of 9,697 sales! The year we saw the high volume of sales would be back in 2004 with a total sales soaring to a record breaking 11,267. In December alone we saw 828 properties sold, 606 of which were single family homes and 222 of them were condominiums. This represents an 8.3% increase from November and a colossal 28% increase from last December's sales.

“The Sarasota market has clearly weathered the storm of the Great Recession,” Says SAR President Roger Piro. “We are so fortunate to live in this area – a beautiful coastal community with every attractive amenity imaginable.” If you live in the area or have been fortunate enough to visit our tropical paradise we call Sarasota, you know exactly what Roger is speaking of. Sarasota is home to endless shopping, dining, outdoor, zoological, aquatic, historical, festive, artistic, fun, and so many other experiences. There is truly something for all ages, cultures, lifestyles, and personalities.

Single Family Home vs Condo

One thought to keep in mind as well is that we are also coming up on our busiest time of the season. Last year, the strongest sales months happened to be March, April, and May. We are certainly excited to see a repeat performance in 2013 for these busy months ahead. We now understand that the sales numbers look amazing, but what about how the market is performing with the prices of homes and condos? For the Year of 2011, the average price for a single family home was $155,925 and for a condo unit $156,800. See how this year compares below.

As you can see for the information on both graphs, the average market value is on the rise as well as the sales production. We have seen approximately a 9% increase in sales from 2011 to 2012. Certainly not our best year, but we are getting there quicker than imagined. One aspect of our real estate market we have been keeping a close eye on would be the inventory as it has not been as fortunate as the sales aspect of this business. The available inventory on the homes on the market remained near the decade low at 3,657 in December of 2012 which is a slight increase from the previous month of November's number of 3,543. December of 2011 there as an average inventory of 4,567 properties for sale, which means we are slowly increasing our numbers this year from November to December, but we are still 25% lower December 2012 as opposed to December 2011.

Short Sale and foreclosure rates were down to 32 percent of December 2012's market in MLS. This is a significant decrease from 51 percent at the end of 2010. In 2007 short sales were not common but, had hit their peak in 2010. For the last 24 months we have seen it decrease consistantly and with the levels decreasing and sales increasing, we hope to see fewer and fewer distressed sales. If this trend is any indication of what is to come in 2013 and beyond, we should continue to see improved health of the real estate market.

If you've been considering a purchase or sale of your home, we're happy to answer your questions. Please don't hesitate to contact us at (941) 284-4474 or Toll free (941) 404-4737. One of our qualified agents will gladly get back to you.


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 Keller Williams Island Life Real Estate         The Coffey Group Fine Homes International                   Longboat Key Island Office               Coffey & Divald Property Management

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