Monday, September 10th, 2012 at 1:23pm. 74 Views, 0 Comments.
Another month, another dip in the number of properties for sale in the greater Sarasota area. Back in March we were at 2812 total listings (including all condos and single family homes). The number as of today is 1999. Down almost 29%!
But the big story to me is the continuing drop in distressed properties on the market. Back when I started a strict accounting of these properties (on the 10th of each month), there were 449 short sales or REO's available. That was in November of last year.
As of today there are 265 distressed properties on the market (94 REO's and 171 Short Sales). That is a drop of 41% in 10 months! And yet all I ever hear about (and have been hearing for the last 4 years) is the huge "shadow inventory" and the deluge of distressed…
Thursday, June 21st, 2012 at 12:18pm. 102 Views, 0 Comments.
Sales in Sarasota Market Continue Hot Pace
The May 2012 numbers are in, and property sales in the Sarasota real estate market once again topped 800 for the third consecutive month. The 854 closed transactions was the second highest total since September 2005, demonstrating once again a market that has recovered to levels not seen since the 2003-2005 real estate surge in Sarasota.
The breakdown was 591 single family homes and 263 condominiums. Sales were 7.2 percent higher than in May 2011, when there were 796 closed transactions. As anticipated, sales were slightly below the April 2012 figure of 886, which was the highest total in seven years. The normal seasonal influx of buyers tends to drop shortly after the Easter holiday, when northern…
Tuesday, June 5th, 2012 at 7:54am. 87 Views, 0 Comments.
The pundits continue to predict the onslaught of foreclosures and short sales but the facts continue to dispute their predictions. My seven month analysis of the Sarasota real estate market shows bank-owned properties ("REO'S) staying steady and short sales declining significantly.
The low number of REO's in the seven months has been 95 (back in November and again on June 1st). The high was 115 being on the market in May.
As for short sales, the high was 353 being on the market in November and the low of 195 being on the market as of June 1st of this year. That is a drop of about 45%!
The pundits insist that the banks do not want to flood the market so therefore they are holding back in releasing the REO's. But that means the banks have a plan and I have…
Friday, June 1st, 2012 at 9:25am. 84 Views, 0 Comments.
April 2012 sales hit a new seven-year high
There seems to be no stopping the Sarasota real estate market! April 2012 saw yet another seven-year high for monthly sales, hitting 886 total closed transactions. The figure topped last month's 831 sales by 6.6 percent. It was the highest number of sales since August 2005, and when there were 908 total sales.
The breakdown was 589 single family home sales and 297 condo sales. Last April, the totals were 546 homes and 226 condos for a total of 759 overall sales, so the jump was about 17 percent year-to-year.
In addition, pending sales (which represent…
Wednesday, April 11th, 2012 at 10:15am. 109 Views, 0 Comments.
The number of properties on the Sarasota Multiple Listing Service that are listed as short sales continues to drop. In November there were 353 properties listed as short sales. As of April, there are only 244. That is a 30% decline!
As I have been writing for the last 18 months, the doomsdayers who are predicting a flood of foreclosures and short sales continue to be wrong! Having followed the foreclosure market closely for the last 4 years I knew the number of distressed properties in Sarasota was on the decline. But "experts" keep saying that a flood of distressed properties is just around the corner. After hearing this for four years I think it is time to say we have turned the corner! And the view from there is bright.
I set up a search map in…
Wednesday, February 22nd, 2012 at 9:19am. 110 Views, 0 Comments.
Another month has gone by and the number of properties on the Sarasota market that are short sales continue to dwindle. When I started tracking the Sarasota market back in early November there were 353 properties listed for short sale. Each month that number has gone down and early in February it was down to 289, an 18% decline.
Foreclosures started at 96 properties in November and went down slightly to 84 then went to 94 and was 102 in early February. But hardly the huge surge that has been predicted for the last 2-3 years. The increase epresents a 6% uptick in 3 months.
I am especially surprised by the fall in short sales. One would expect that with so many homeowners behind on their mortgage we would see a big increase rather than a decline. Once…
Monday, January 23rd, 2012 at 1:03pm. 97 Views, 0 Comments.
Just checking in to update everyone on the increase (or decrease) of shorts sales and bank-owned properties in Sarasota. I have been keeping a detailed record as of the 10th of each month, starting last November. This was in response to all I hear & read about in the media that we will soon be seeing a "flood" of bank-owned properties onto the market.
I have been hearing this for 3 years now and have yet to see it happen. But if people keep saying it, it has to be true - right? So I decided to set up a geographic search area (basically the Sarasota area, from University Parkway to Nokomis) and check the numbers each month on the 10th.
So far I have statistics for November, December & January. The results show the number of bank-owned properties has…
Thursday, January 12th, 2012 at 9:29am. 103 Views, 0 Comments.
Sarasota Property sales up 8.2 percent for full year 2011; Prices stable - Good News!
For the full year 2011, property sales of members of the Sarasota Association of Realtors® jumped by 8.2 percent to 8,224, achieving the highest level since 2005. The surge in sales was accompanied by stabilization in the median sale prices, which now stand at $155,925 for single family homes and $156,800 for condos over the full year, and have not fluctuated much for the past 12 months.
Once again, the market has demonstrated that Sarasota is a destination of choice for many homebuyers. For the overall year of 2011, the resurgence in sales was dramatic, and represents a 44 percent increase over the low point of the downturn in 2008, when only 5,820…
Sunday, December 18th, 2011 at 11:24am. 111 Views, 0 Comments.
Below is the latest press release from the Sarasota Association of Realtors. It looks at the latest sales figures for single family homes and condos in Sarasota County for November.
Onca again, numbers are up pretty much across the board, indicating once again our area appears to have hit bottom and is now in recovery mode.
"SARASOTA ASSOCIATION OF REALTORS - NOVEMBER SALE STATISTICS"
November 2011 sales up 12.7 percent over last year
November 2011 property transactions in the Sarasota real estate market totaled 602, up 12.7 percent over last November. The total also exceeded the October 2011 sales figure of 577. The market has remained strong and stable as the winter season gets into full swing, reflecting continued confidence in Sarasota as a…
Wednesday, December 14th, 2011 at 1:36pm. 124 Views, 0 Comments.
Just like everybody else who reads the paper or listens to the news, I keep hearing about ALL the foreclosures that are going to be flooding the market when the banks decide to finally release them.
The only problem is, I've been hearing and reading this for the last two and a half years. In the meantime, I watch the available inventory of bank-owned & short sale homes & condos continue to drop! But every month it is the same tune - "yes, short sales & bank-owned properties are decreasing in availablity, but just wait until the banks open the floodgates!"
So I am now keeping copious records on the numbers. On the tenth of every month I am recording the total number of short sale properties there are at that time on the market as well as the number of…