Sarasota Real Estate Market News

(Sarasota) 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 destination location.

 

In fact, the Today Show‘s real estate report from Barbara Corcoran in late November noted that Sarasota was one of the top recovering markets in the nation. (emphasis added)  Corcoran said Sarasota is a “beautiful beachfront community” that offers residents and visitors “a sophisticated, urban cultural experience” that is propelling sales and prices in 2011.

 

Overall, sales in 2011 continued on pace to exceed last year by a wide margin, and should put the Sarasota market at the highest level since 2005. In fact, at the end of November, overall sales were within 186 sales of exceeding all of last year. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller’s market.

 

The inventory of available properties for sale in Sarasota was at 4,672 in November, up slightly from October’s level of 4,525. The inventory sunk to a 10-year low of 4,408 in August 2011.

 

The November 2011 median sale price for single family homes rose to $162,000 from the October 2011 median of $149,838, a rise of 8 percent. This month’s figure was also higher than last November, when the median was $160,100. The condo figure has been fluctuating for several months, and again dropped in November to $127,000 – lower than last month’s figure of $143,000 and last November’s figure of $159,000. The year-to-date median sale price was $155,000 for single family homes and $157,250 for condos. These figures have remained remarkably steady for the past year, indicating a stabilizing market.

 

…Pending sales were up in November 2011 to 782 compared to last month’s figure of 772 and last November’s total of 764. Last month, 552 single family homes and 230 condos went under contract.

 

The distressed property market was relatively unchanged, but did drop slightly from 43 percent of the total market to 41.3 percent. At the height of the foreclosure crisis, that figure topped 51 percent in the second quarter of 2010.

 

Click HERE for the complete press release in PDF format, plus six pages of statistical charts.

December 29, 2011 Posted by | News related to Buyers, News related to Investors, News related to Sellers, News related to the Market | Leave a comment

Fla.’s existing home, condo sales up in November

ORLANDO, Fla. – Dec. 21, 2011 – Florida’s existing home and existing condo sales continued its positive upswing in November, according to the latest housing data released by Florida Realtors®. Existing home sales increased 11 percent last month with a total of 12,993 homes sold statewide compared to 11,664 homes sold in November 2010, according to Florida Realtors.

“It’s really clear that two things are happening in Florida real estate,” said Florida Realtors Chief Economist Dr. John Tuccillo. “No. 1, sales are moving upward – not by a large increase, but definitely, positively on an upward trend. Second, prices are stabilizing. Now, it doesn’t mean that prices have turned around but they are stabilizing, and that’s vital for the market to gain equilibrium.

“The more important factor is that sales are increasing and in large part, that’s due to lenders becoming more educated on how to deal with distressed properties more effectively and in a more timely manner – and that’s helping the Florida real estate markets recover.”

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in November; 10 MSAs had higher existing condo sales.

The statewide median sales price for existing homes remained relatively flat last month at $130,100; a year ago, it was $130,600. According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in October 2011 was $161,600, down 5.8 percent from the previous year, according to NAR. In California, the October statewide median resales price was $278,060; in Massachusetts, it was $275,000; in Maryland, it was $221,765; and in New York, it was $215,900.

In Florida’s year-to-year comparison for condos, 5,590 units sold statewide in November, a 2 percent gain over the 5,464 units sold in November 2010. The statewide existing condo median sales price last month was $86,700; a year earlier, it was $83,000 for a 4 percent increase. The national median existing condo sales price in October was $160,300, according to NAR.

“In recent weeks, we’ve seen encouraging reports of jobs growth and improvements in Florida’s economy,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Mortgage rates have remained at record lows and home prices appear to be stabilizing in many local markets across the state – all positive signs for the housing recovery.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.99 percent in November, down from the 4.30 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Related: NAR: Existing home sales continue to climb in November

© 2011 Florida Realtors®

December 29, 2011 Posted by | News related to the Market | Leave a comment

CoreLogic: Shadow inventory remains flat

SANTA ANA, Calif.– Dec. 21, 2011 – Current residential shadow inventory as of October 2011 remained at 1.6 million units – representing a supply of five months – down from a seven-month supply of 1.9 million units one year earlier, according to CoreLogic. It’s the same level reported in July 2011.

Currently, the flow of new seriously delinquent loans into the shadow inventory has been offset by the roughly equal flow of distressed (short and real estate owned) sales.

CoreLogic estimates the shadow inventory, also known as pending supply, based on the number of distressed properties not currently listed on multiple listing services (MLSs) that are seriously delinquent (90 days or more) – properties most likely to become bank-owned listings (REOs). Properties not yet delinquent aren’t included in the estimate of shadow inventory.

Data highlights:

* As of October 2011, shadow inventory remained at 1.6 million units, or 5-months’ supply and represented half of the 3 million properties currently seriously delinquent, in foreclosure or in REO.

* Of the 1.6 million properties currently in the shadow inventory, 770,000 units are seriously delinquent (2.5-months’ supply), 430,000 are in some stage of foreclosure (1.4-months’ supply) and 370,000 are already in REO (1.2-months’ supply).

* Florida, California and Illinois account for more than a third of the shadow inventory. The top six states, which would also include New York, Texas and New Jersey, account for half of the shadow inventory.

* Despite 3 million distressed sales since January 2009, a period when home prices were declining at their fastest rate, the shadow inventory in October 2011 is at the same level as January 2009.

* Because shadow inventory is often concentrated in suburban and exurban submarkets, where distressed sales compete with new construction sales, it is one of the reasons why new home sales continue to be weak. In normal times, new home sales account for 12 percent of all sales, but they are currently running at 7 percent of all sales.

“The shadow inventory overhang is a large impediment to the improvement in the housing market because it puts downward pressure on home prices, which hurts home sales and building activity while encouraging strategic defaults,” said Mark Fleming, chief economist for CoreLogic.

The full report can be found at http://www.corelogic.com/ShadowInventoryOct2011.

Copyright © PR Newswire 2011

December 29, 2011 Posted by | News related to Short Sales and Foreclosures, News related to the Market | Leave a comment