to 4,525 from last
month's 4,430
level. The
inventory sunk to a 10-year low of
4,408 in August
2011. The October
2011 median sale
price for single
family homes dropped
to $149,838 from
last month’s figure
of $165,000. But the
amount was higher
than last October,
when it was
$147,500.
The condo figure has
been fluctuating for
several months, and
rose slightly in
October 2011 to
$143,000 from last
month’s figure of
$140,000. Last year
at this time, the
figure stood at
$158,525. The
year-to-date median
sale price was
$155,000 for single
family homes and
$162,000 for condos.
These figures have
remained remarkably
steady for the past
year, indicating a
more stable market.
“There is no doubt
that agents are
reporting a very
active marketplace,
with many showings,
good foot traffic
and high interest in
Sarasota
properties,” said
SAR President
Michael Bruno. “The
start of the season
has been busy and
productive, and we
hope this trend
continues in the
coming months.”
The months of
inventory rose
slightly to 7.1
months from 6.7
months for single
family homes, and
dropped considerably
for condos, to 9.7
months from
September’s 11.1
months. Both figures
are close to a
market in
equilibrium between
buyers and sellers,
and again remained
far below the highs
of 25.3 months for
single family (in
early 2009) and 41.7
months for condos
(in late 2008). This
statistic represents
the time it would
take to sell the
existing inventory
at the current
month’s rate of
sales.
Pending sales were
up in October 2011
to 772 from 723 last
month, approaching
last October’s total
of 819. Last month,
585 single family
homes and 187 condos
went under contract.
For distressed
property sales, the
market for
foreclosures and
short sales remained
at 43 percent, the
same figure as in
September 2011. The
figure has
stabilized this
year, and is much
lower than the rate
in the second
quarter of 2010 when
it rose to over 51
percent.
On the national
scene, NAR Chief
Economist Lawrence
Yun predicted home
sales would increase
by 4 percent next
year and home prices
would inch up 2
percent. He made the
statements during
the Economic Issues
& Residential Real
Estate Business
Trends forum at the
NAR annual
conference on Nov.
11th. In 2013, he
projected sales to
pick up another 6
percent and prices
to rise another 3
percent. Bruno, who
attended the NAR
conference in
California, said he
was encouraged by
what he heard
regarding the future
outlook.
“We remain
optimistic for the
near and long term
due to the strength
of our local market
in the midst of
continuing national
and regional
economic weakness,”
said Bruno. “We are
all hopeful that the
financial health of
our feeder markets
in the northeast and
overseas also starts
to improve. If this
happens, it would be
logical to assume a
stronger late 2011
and early 2012
buying season here.”
Source: Sarasota
Board of Realtors
(Nov. 2011)
Florida at a Glance
Fla.’s home, condo sales
higher in Oct.
Florida’s existing
home and existing
condo sales
continued to show
gains in October,
according to the
latest housing data
released by Florida
Realtors®. Existing
home sales increased
13 percent last
month with a total
of 13,755 homes sold
statewide compared
to 12,145 homes sold
in October 2010,
according to Florida
Realtors.
“Statewide, both
sales and prices are
above where they
were this time last
year,” noted Florida
Realtors Chief
Economist Dr. John
Tuccillo. “The
monthly median
prices have ticked
down slightly for
the past few months,
but the overall
trend continues to
show gains
year-over-year.
“These numbers,
combined with
reports from
Realtors throughout
the state, indicate
that we’re seeing
strong interest in
purchasing Florida
real estate from
smart investors who
are taking advantage
of the current
favorable market
conditions,”
Tuccillo said.
“These folks tend to
have a long-term
outlook and plan to
hold onto their
property purchases
for a while.”
Seventeen of
Florida’s
metropolitan
statistical areas (MSAs)
reported higher
existing home sales
in October; 12 MSAs
had higher existing
condo sales.
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Rent –vs.- Own
