The members of the Sarasota Association of Realtors® sold more than 1,000 properties in April 2013, the first time sales have hit four figures in a single month since June 2005. There have only been ten months in SAR’s 90-year story that sales have topped 1,000, and the other nine occurred in 2004 and 2005.
The spring sales surge in the Sarasota real estate market hit 714 single family homes and 303 condominiums in April 2013, for a total of 1,017 closings. That compared to 589 single family homes and 297 condos sold in April 2012, for a 14-percent increase over last year at this time. The all-time record of 1,223 sales was recorded in April 2004. The high sales volume was augmented by an increase in the median sales prices. The figure for single family homes was $217,000 – the highest level since August 2008 and up 24 percent from last April’s figure of $175,000.
For condos, the median was $185,000, slightly lower than last April’s figure of $191,000. The condo figure has continued to fluctuate substantially over the past few months, dropping to a low point of $130,000 in January 2013 before recovering. “This historic number of sales is a testimony to the hard working, professional Realtors® who belong to this association,” said SAR President Roger Piro. “Many agents and brokers I talk with are spending countless hours with buyers and sellers, working nights and weekends and going the extra mile to make sure they meet the needs of their clients. This has been an amazing time for the Sarasota real estate market, and it’s our members who help make dreams come true for those who want to make Sarasota their new home.”
Pending sales, which predict future closings, were at 1,097, slightly lower than last month’s figure of 1,221 and slightly up from last April’s figure of 1,068. Pending sales have topped 1,000 every month this year. This important statistic represents properties that went under contract during the month, and indicates sales in May and beyond could also be at high levels. The available inventory remained near the lowest level in a decade, declining to 3,479 from the March figure of 3,643. The inventory is down almost 19 percent since April 2012.
The April 2013 months of inventory were 3.2 months for single family and 3.9 months for condos, with both property categories at the lowest level in the past decade. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last April, there were 4.7 months of inventory for single family homes and 5.1 months of inventory for condos. At the worst point of our market in November 2008, there were 24 months of inventory for single family homes and 41.7 months for condos.
Currently, only 376 properties listed for sale in the MLS are short sales or foreclosures, down 22 from last month’s figure. This represents about 10.8 percent of available properties, down from last month’s figure of 10.9 percent and a big drop from January 2012 when the figure represented 17 percent of the market.
Sales of distressed properties represented about 22 percent of the overall sales in April 2013, down substantially from the March figure of 30 percent, and far lower than the 51 percent figure experienced in the fourth quarter of 2010. “Obviously, we hope this strong market continues indefinitely, and the pending sales figure indicates the market still has some legs,” said Roger Piro. “With the tight inventory and improving national and local economic picture, this is still shaping up as an historic year for local real estate.”
“This has been an amazing time for the Sarasota real estate market, and it’s our members who help make dreams come true for those who want to make Sarasota their new home.” – SAR President Roger Piro www.sarasotarealtors.com
Source: SAR (Sarasota Association of Realtors), May 22, 2013
by Helena Nordstrom – TEAM NORDSTROM, Sales Associate, Premier Sotheby’s International Realty
