Inventory and Median Sales Prices Continue to Climb

FOR IMMEDIATE RELEASE Realtor® Association of Sarasota and Manatee Contact: Kathy Roberts (941) 952-3403 [email protected]

Inventory and Median Sales Prices Continue to Climb SARASOTA, Fla. (May 20, 2016) – April’s housing statistics show that our current trend is continuing as inventory of available properties rose in both counties. For single family homes in Sarasota County, inventory is up 8 percent from April last year, and up 14.2 percent in Manatee County from last year. Condo inventory is also on the rise in Sarasota County, up 25.5 percent from last year, while Manatee County experienced a 19.8 percent increase year-over-year. The months’ supply of inventory in the two-county area remains in the range of 4.5 to 5.4 months’ inventory this year, compared to a range of 4.2 to 4.5 months at this time last year. This statistic reflects the time it would take to sell all the active listings on the market at the current month’s rate of sales. Six months is traditionally considered the benchmark for a balanced market; anything higher is considered a buyer’s market and anything lower is a seller’s market. So while the months’ supply is on the rise, it is still a seller’s market. However, the rise in inventory is very encouraging sign that we are returning to a balanced market. “We continue to see an inventory increase in our area, which is great because there are more options for our homebuyers,” said Linda Formella, RASM President. “Homes priced at $300,000 and under continue to sell at a quick pace, and this trend is likely to continue. There is a high demand for quality, affordable housing. In the upper end of the market we are seeing an extended buying season in our two-county area, with 80 properties closed in April with prices of $1 million plus, significantly higher than last year.” The median sale price rose year-over-year across the board for both counties. Single family median sales prices are up 12.6 percent in Sarasota County to $250,000, while Manatee County experienced an 8.9 percent to $279,300. Sarasota County condo median price rose 13.9 percent to $218,000, and Manatee County likewise witnessed a significant increase of 14.1 percent in condo sales price over last year, to $165,500. Total single family closed sales in Sarasota County reached 733 for the month of April, down only 4.2 percent from last month and down 7.3 percent from last year. Manatee County single family homes sales rose 2.3 percent from last month to 534 total sales, but down slightly, just under 1 percent, from April last year. Condo sales fluctuated, with Manatee County up 12.1 percent from both last month and also last year. Sarasota County increased 4.9 percent increase from last month, but was down 11.8 percent from last year’s figures at this time.

The total number of closed distressed property sales (foreclosures and short sales) in April this year was 63.7 percent lower than last April. That significant drop is a great sign of a healthy market. Distressed sales for single family homes in the two-county area represented only 7.58 percent of all closed sales for the month, compared to 19.7 percent last year. Similarly, distressed condo sales represented 2.62 percent of closed sales, compared to 7.37 percent last year. At their peak a few years ago, 48 percent of all sales were distressed. Editor’s Note: For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics ###

About Realtor® Association of Sarasota and Manatee The Realtor® Association of Sarasota and Manatee (RASM) was formed on January 1, 2015 with the merger of the Sarasota Association of Realtors® and the Manatee Association of Realtors®, two longstanding real estate trade associations with a century of histories in the region. The organization exists to serve its members, business partners and advocates for real estate efforts in the community. Realtors® subscribe to a strict code of ethics and have access to numerous services and programs to enhance their professionalism. Educational programs and seminars help members gain new skills and professional designations as well as providing opportunities for networking and making a difference in the world of real estate.

Monthly Market Summary - April 2016 Single Family Homes Sarasota County April 2016

April 2015

Percent Change Year-over-Year

733

791

-7.3%

298

384

-22.4%

Median Sale Price

$250,000

$221,990

12.6%

Average Sale Price

$332,692

$320,842

3.7%

$243.9 Million

$253.8 Million

-3.9%

95.1%

95.1%

0.0%

Median Time to Contract

35 Days

35 Days

0.0%

Median Time to Sale

86 Days

81 Days

6.2%

New Pending Sales

586

752

-22.1%

New Listings

810

828

-2.2%

Pending Inventory

947

1,138

-16.8%

Inventory (Active Listings)

3,059

2,833

8.0%

Months Supply of Inventory

4.5

4.2

7.1%

Closed Sales Paid in Cash

Dollar Volume Med. Pct. of Orig. List Price Received

2012

2013

2014

2015

1,000

Closed Sales

800 600 400 200 0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Median Sale Price

$300K $250K $200K $150K $100K $50K $0K

Inventory

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

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. Data released on Friday, May 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15, 2016. Next data release is Wednesday, June 22, 2016.

Monthly Distressed Market - April 2016 Single Family Homes Manatee County

Closed Sales

April 2016

April 2015


494

433

14.1%

$289,750

$282,000

2.7%

35

90

-61.1%

$143,000

$141,425

1.1%

5

16

-68.8%

$194,000

$212,500

-8.7%

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

2012

2013

Traditional

2014

Foreclosure/REO

2015

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0% J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A $350K $300K

Median Sale Price

$250K $200K $150K $100K $50K $0K J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

2012

2013

2014

2015


Monthly Market Summary - April 2016 Townhouses and Condos Sarasota County April 2016

April 2015


382

433

-11.8%

253

295

-14.2%

Median Sale Price

$218,000

$191,400

13.9%

Average Sale Price

$376,033

$287,026

31.0%

$143.6 Million

$124.3 Million

15.6%

95.2%

94.8%

0.4%


35 Days

34 Days

2.9%

Median Time to Sale

84 Days

82 Days

2.4%

New Pending Sales

282

372

-24.2%

New Listings

453

437

3.7%

Pending Inventory

480

573

-16.2%


1,662

1,324

25.5%


5.4

4.4

22.7%



2012

2013

2014

2015

500

Closed Sales

400 300 200 100 0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Median Sale Price

$250K $200K $150K $100K $50K $0K J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Inventory

2,500 2,000 1,500 1,000 500 0


2012

2013

2014

2015


Monthly Market Summary - April 2016 Townhouses and Condos Manatee County April 2016

April 2015


306

273

12.1%

188

182

3.3%

Median Sale Price

$165,500

$145,000

14.1%

Average Sale Price

$311,127

$196,906

58.0%

$95.2 Million

$53.8 Million

77.1%

96.0%

94.3%

1.8%


34 Days

41 Days

-17.1%

Median Time to Sale

78 Days

78 Days

0.0%

New Pending Sales

228

218

4.6%

New Listings

277

278

-0.4%

Pending Inventory

316

307

2.9%


1,018

850

19.8%


4.8

4.5

6.7%



2012

2013

2014

2015

350

Closed Sales

300 250 200 150 100 50 0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Median Sale Price

$200K $150K $100K $50K $0K

Inventory

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


2012

2013

2014

2015


Monthly Distressed Market - April 2016 Single Family Homes Sarasota County

Closed Sales

April 2016

April 2015


677

635

6.6%

$255,000

$250,000

2.0%

41

140

-70.7%

$156,900

$120,000

30.8%

15

16

-6.3%

$174,000

$142,500

22.1%


2012

2013

Traditional

2014

Foreclosure/REO

2015

Short Sale

100% 90%

Closed Sales

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

Median Sale Price

$250K

$200K

$150K

$100K

$50K

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

2012

2013

2014

2015


Monthly Market Summary - April 2016 Single Family Homes Manatee County April 2016

April 2015


534

539

-0.9%

175

223

-21.5%

Median Sale Price

$279,300

$256,500

8.9%

Average Sale Price

$353,456

$311,690

13.4%

$188.7 Million

$168.0 Million

12.3%

95.5%

94.7%

0.8%


38 Days

47 Days

-19.1%

Median Time to Sale

88 Days

95 Days

-7.4%

New Pending Sales

418

550

-24.0%

New Listings

732

601

21.8%

Pending Inventory

746

843

-11.5%


2,446

2,142

14.2%


4.9

4.3

14.0%



2012

2013

2014

2015

700

Closed Sales

600 500 400 300 200 100 0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Median Sale Price

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

Inventory

3,000 2,500 2,000 1,500 1,000 500 0


2012

2013

2014

2015


Monthly Distressed Market - April 2016 Townhouses and Condos Sarasota County

Closed Sales

April 2016

April 2015


367

403

-8.9%

$220,000

$205,000

7.3%

12

25

-52.0%

$150,000

$108,000

38.9%

3

5

-40.0%

$200,000

$95,000

110.5%


2012

2013

Traditional

2014

Foreclosure/REO

2015

Short Sale

100% 90%

Closed Sales

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

Median Sale Price

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

2012

2013

2014

2015


Monthly Distressed Market - April 2016 Townhouses and Condos Manatee County

Closed Sales

April 2016

April 2015


303

251

20.7%

$167,250

$157,000

6.5%

3

21

-85.7%

$106,251

$90,000

18.1%

0

1

-100.0%

(No Sales)

$29,000

N/A


2012

2013

Traditional

2014

Foreclosure/REO

2015

Short Sale

100% 90%

Closed Sales

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

Median Sale Price

$250K

$200K

$150K

$100K

$50K

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

2012

2013

2014

2015
