Moulton Sarasota Real Estate Report – Solid Spring Sales Momentum

Sarasota Real Estate

The Moulton Sarasota Real Estate Report – April 2017

Solid Spring Sales Momentum

The Sarasota Real Estate Market had yet another strong month of sales growth in April, along with adding more inventory of properties for sale and prices continuing to grow modestly.  The region remains well positioned to allow for sustained growth into the summer months ahead.

Recent polls designed to test real estate market confidence reflect a general sense of optimism.  Based on perception of the condition of the U.S. economy, sustained growth of investment portfolios, increased value of real estate holdings, accelerating home construction, and mortgage rates remaining at historic lows are all contributing factors to the positive consumer outlook.

A Gallup poll just taken showed that for the fourth year in a row real estate is considered the best long-term investment, ahead of stocks/bonds, gold and others.  With builder confidence at its second highest reading since 2005, the stars indeed appear aligned for steady growth in the housing sector.

Looking at the whole of The Sarasota Real Estate Market and comparing to national and state data, the following are some of the key points that I assimilated from the many resources I review on a monthly basis:

Sales:

  • Total sales in The Sarasota Real Estate Market in April improved by 5% over prior year and decreased slightly from March, with total dollar volume rising by $7,000,000 over March and approximately $40,000,000 over April 2016, with the majority of growth occurring in the single family home segment.
  • Single-family home sales in April of 793 were 61 more than a year ago, and increased slightly compared to March.
    • Florida’s single-family sales declined 1.2% compared to last year.
    • U.S. sales were up 1.6% from prior year.
  • Total number of condominium units sold of 381 in Sarasota in April was only one sale different than year ago, and decreased by 32 sold properties from the prior month.
    • Florida condo sales were 4% lower than April 2016.
    • Condo sales nationally grew 1.6% over April 2016.
  • The 2016 monthly average of single family sales was 631, and for this year the monthly average is 6422, and for condos the average monthly sales in 2016 were 309, and this year it is 330.
  • All cash sales in Sarasota continue to be strong with 40% of single-family and 66% of condos sales were closed without a mortgage.
    • All cash transactions in all of the U.S. were 21% of sales.
  • Distressed sales in the Sarasota Real Estate Market in April were only 3.4% of total sales. Thank goodness this aspect of sales is in our rearview mirror.
  • Pending sales of 823 homes that went under contract during April, decreased by 23 sales over the same month last year.  Condominium pending sales of 412 increased by 15 sales from a year ago.  This statistic is helpful in projecting sales growth in the 30-60 days ahead.
    • Pending sales in Florida fell considerably, with single-family homes dropping 9.1% and condos down 5.8% when compared to April 2016.
    • U.S. pending sales fell 3.3% below last year’s number of contract signings in April.

Prices:

  • In April, Sarasota’s single-family homes were sold at a median price of $272,500 vs. $250,000 a year ago.
    • Florida median price for single-family homes was $234,900, a 10.1% increase over last year.
    • The national median price for homes was $246,100, a 6.1% increase over prior year.
    • The median price for a NEW home is currently $309,200 –25% more than an existing home.
  • The 2016 monthly median price average for houses sold in Sarasota was $249,867 vs. this year it is $260,655.
  • Condominium median sale price was $215,000 in April vs. $218,000 in April 2016.
    • Median price for a Florida condo last month was $172,000, a 7.2% increase over April 2016.
    • U.S. median condo price in April was $234,600, a 5.6% increase.
  • The average sale price for houses in Sarasota was $382,073 in April vs. $356,767 a year ago.
  • The year’s monthly average price for houses sold in 2016 is $368,412 vs. $351,965 this year to date, a 4% decrease.
  • Sarasota’s condominiums sold for an average price in April 2017 of $312,361 vs. $376,033 a year ago.
  • The 2016 monthly average price for sold condominiums was $325,928 vs. $347,390 this year.
  • Sarasota properties sold at 95% of the list price, which mirrors the rest of the U.S.

Inventory:

  • Total available inventory in the Sarasota Real Estate Market decreased by 374 properties from March and grew by 336 properties or 7% from a year ago and 4% since January 1st.
    • Inventory fell slightly in Florida in April, and declined 9% across the U.S.
  • For single-family homes, inventory has grown by 129 properties since the beginning of 2017.
  • Condominium inventory in Sarasota has grown by 49 properties since the beginning of the year.
  • The Realtor Association of Sarasota-Manatee reports that there are 4.7 months of single-family homes inventory and 5.5 month’s supply of condominiums, basically a balanced market.
  • Sarasota County averaged 1,260 new listings per month in 2016, about the same monthly average as 2015, and this year the four-month average is 1,443. In April 1,112 listings came on the market.
  • Currently there is available inventory of 4,773 properties for sale vs. 4,595 at the end of 2016 and 3,598 at the end of 2015.
  • The higher inventory in The Sarasota Real Estate Market has been affecting list-to-contract periods, further suggesting that we are moving closer to a market that favors neither sellers nor buyers.

With the consumer confidence in real estate at a high level, even with the slight increase expected in mortgage rates, I have confidence that The Sarasota Real Estate Market will be a beneficiary of the strong housing market sentiment.  Our region continues to enhance its unique attributes such as performing arts, exhibitions, sports facilities, our beaches and waterways, and selection of exceptional restaurants and retail.  I now find conversation with clients about other regions they might be considering that we have historically competed with falling from discussion.

As we approach June and July, often some of our strongest selling periods of the year, the signals reflected in the data reported from April supports continued Sarasota Real Estate Market growth, hence my sense that our region’s housing market has the momentum to allow us to maintain our pattern of sales and price growth.

Are you or someone you know looking to purchase or sell a property?

If you have interest in listing your property, please ask me for my proprietary “Comparative Market Analysis” which enables me to analyze your home or property along with recent area sales, other homes on the market, and current overall market performance for your neighborhood and price points.  With this data I am able to help you to determine the current value of your home, what key factors might be most important to consider when pricing, and in what general time frame you can expect a sale based on today’s market conditions.

On the other hand, if your interest is in buying, I would be pleased to work with you in establishing the areas within the Sarasota region that most interest you, develop your key purchasing criteria, share with you my knowledge of the community that will be helpful in narrowing your focus, and help you find that dream home or condominium!

It is always my pleasure to work with friends and family of my valued newsletter subscribers.  Please let me know if you hear of someone seeking to buy or sell a property in our community, you can count on me!

This Month’s Featured Listing

Savoy on Palm

JUST LISTED – Exquisite Savoy on Palm Penthouse $5,800,000

THE SAVOY ON PALM PENTHOUSE

Savoy PenthouseSavoy Penthouse

The Savoy on Palm is a chic and sophisticated residential address, walking distance from the heart of downtown Sarasota. With only 24 residences it is perfect for those who wish exclusivity and privacy.

The offering is Sarasota’s ultimate penthouse with over 5,700 square feet.  The private elevator opens to a grand entry foyer and rotunda with onyx floor detail and sky dome above. Visitors are immediately met with a captivating view through the spacious grand salon and out a true floor-to-ceiling wall glass to Sarasota Bay and the Gulf beyond.  The large salon includes a full bar, gas fireplace with marble hearth, and ample spots to exhibit art and collectibles. And vast terraces wrap the condominium providing a variety of seating and dining areas from which to enjoy both water and city scenes.

401 S Palm Ave Unit 1101-large-023-52-024-1500x1000-72dpiThe residence has four bedroom suites and five full bathroom. A chef’s kitchen with large center island featuring a Viking gas range with Miele hood, also has Dacor ovens, Bosch dishwasher and Poggen Pohn cabinetry. Best of all are the incomparable views from the kitchen and breakfast room, as well as the adjacent family room with built-in cabinetry and 70’ television. A butler’s pantry serves the large dining room with wrap-around glass and stunning ceiling coffer detail. An outdoor kitchen with Dacor gas grill is easily accessed from the kitchen.

The master suite is an exquisite retreat for the residents. From the bed owners will view kaleidoscope sunsets through the wall of glass, his and hers closets are large and well equipped including dressing tables in each, a spacious double rain shower behind glass and glass block, double walk-in whirlpool oversplash tub and his and hers water closets are additional featuresSavoy Penthouse.

Grand halls throughout the penthouse with handsome finishes, niches and lighting create gallery like settings ideal for displaying sculpture and paintings. Guest suites are large and all feature private baths and terraces with views of the morning sun and the city. One guest suite comes with its own private elevator access, large private terrace, full morning kitchen, double shower and Kohler whirlpool.

All of the living spaces are ample for grand entertaining, while at the same time perfect for intimate conversation. Marble floors and designer light fixtures, electronic window treatments, sophisticated lighting and sound system, deep terraces, a private hot tub, 10 foot ceilings, solid core doors, water filtration system and hot water circulating pump, three air conditioning zones are just some of the special features the residence offers.

A 1,200 bottle wine cellar and three car garage are ideally located in the building just next to the elevator. The exceptional Savoy amenities include concierge services, social lounge and catering kitchen, fitness center, library w/ fireplace and wine bar, massage room, heated 60 foot pool and spa with summer kitchen, rooftop sunset terrace and a two-room guest suite.

The Savoy is a pet friendly building with fenced dog walk.  It also has fully funded reserves. Enjoy all that downtown Sarasota living has to offer: the spectacular waterfront, theaters, galleries, fine dining, Selby Gardens, Farmer’s Market, entertainment and more at your doorstep.

View the Listing HERE

401 S Palm Ave Unit 1101-large-001-2-001-1500x1000-72dpi

Moulton Sarasota Real Estate Market Report – March Data Reflects Positive Trends

Sarasota Housing Market Has Horsepower

The Sarasota Real Estate Market’s March results have revealed that the region continues to see healthy advances in sales and prices, despite an ever-growing inventory of properties for sale.  With pending sales activity in March also showing strong increases over prior year, it is expected that closed sales in April will show growth over prior year, as well.

Based on the activity from buyers in the market last month, and the traditional flow of “serious” buyers that tend to take action in our late spring months, I feel that there is potential for several more solid months ahead.  For those who question whether the housing market might be reaching levels of sales that are unsustainable, I recently found the following graph showing sales between 1990 and today.  It indicates that existing U.S. home sales are growing at a measured pace, we are not seeing erratic patterns, and sales have only just started to surpass 2002 activity.  When analyzing only The Sarasota Real Estate Market, similar sales growth patterns are seen.

Despite the continued increase in new listings of existing homes and condos, the tight supply of quality product in prime locations has generated high demand for new construction, buoying homebuilders high level of confidence.  If access to labor, and pricing and availability of building supplies is able to keep pace, new construction may soon begin to close in on matching buyer demand.  If so, this may bring some of those buyers back into the existing home market and help to ease the over-supply of inventory in some price points.

Based on the many resources that I review prior to publishing my monthly Moulton Sarasota Real Estate Report, I have great confidence in our region’s ability to maintain healthy sales and price growth, while at the same time absorbing more inventory.

Looking at the whole of The Sarasota Real Estate Market and comparing to national and state data, the following are some of the key points that I assimilated from the many resources I review on a monthly basis:

Sales:

  • Total sales in The Sarasota Real Estate Market in March improved by 6% over prior year and 44% over February, with total dollar volume rising by $1,007,000 over February and $32,000,000 over March 2016, with the majority of growth occurring in the condominium segment.
  • Single-family home sales in March of 784 were 20 more than a year ago, and increased 51% compared to February.
    • Florida’s single-family sales grew 9.3%.
    • U.S. sales were up 6.1%
  • Total number of condominium units sold of 413 in Sarasota in March increased by 14% from a year ago, and increased by 137 or 49% sold properties from the prior month.
    • Florida condo sales were 11.4% higher in March 2017 over prior year.
    • Condo sales nationally grew 5% over March 2016.
  • The 2016 monthly average of single family sales was 653, and for this year the monthly average is 592, and for condos the average monthly sales in 2016 were 301, and this year it is 312.
  • All cash sales in Sarasota continue to be strong with 40% of single-family and 69% of condos sales were closed without a mortgage.
  • Distressed sales in the Sarasota Real Estate Market in March were only 5% of total sales.
  • Pending sales of 880 homes that went under contract during March, increased by 62 sales over the same month last year and were the highest in the last 12 months.  Condominium pending sales of 413 increased by 49 sales from a year ago, a nearly 22% increase.
    • Nationally, pending sales improvement over prior year was much more tempered, growing my less than 1%.

Prices:

  • In March, Sarasota’s single-family homes were sold at a median price of $262,621 vs. $244,000 a year ago.
    • Florida median price for single-family homes was $231,900, a 10.4% increase over last year.
    • The national median price for homes was $237,800, a 6.6% increase over prior year.
  • The 2016 monthly median price average for houses sold was $249,867 vs. this year it is $256,707.
  • Condominium median sale price was $230,000 in March vs. $196,000 in March 2016, a 17% increase.
    • Median price for a Florida condo last month was $171,000, a 9.4% increase over March 2016.
    • U.S. median condo price in March was $224,700, an 8% increase.
  • The average sale price for houses in Sarasota was $350,055 in March vs. $356,767 a year ago.
  • The year’s monthly average price for houses sold in 2016 is $345,918 vs. $363,858 this year to date, a 5% increase.
  • Sarasota’s condominiums sold for an average price in March 2017 of $341,458 vs. $302,692 a year ago.
  • The 2016 monthly average price for sold condominiums was $325,232 vs. $359,066 this year.
  • Sarasota properties sold at 95% of the list price, which mirrors the rest of the U.S.
  • Of the 28 MSA’s in Florida, 22 regions had higher price growth than the North Port-Sarasota MSA, however, Sarasota remains one of the costliest areas in the state, though our number three spot is quite a difference from the front-runners. The Naples area has a median price of $450,000, and Miami has a median of $326,000, both considerably higher than Sarasota’s prices.

Inventory:

  • Total available inventory in the Sarasota Real Estate Market decreased slightly by 37 properties from February and grew by 661 properties or 15% from a year ago and 12% since January 1st.
  • For single-family homes, inventory has grown by 316 properties since the beginning of 2017.
  • Condominium inventory in Sarasota has grown by 191 properties since the beginning of the year.
  • The Realtor Association of Sarasota-Manatee reports that there are 5.1 months of single-family homes inventory and 6 month’s supply of condominiums, basically a balanced market.
  • Sarasota County averaged 1,274 new listings per month in 2016, about the same monthly average as 2015 and this year the three-month average is 1,553. In March 1,534 listings came on the market.
  • Currently there is available inventory of 5,147 properties for sale vs. 4,595 at the end of 2016 and 3,598 at the end of 2015.
  • The higher inventory in The Sarasota Real Estate Market has been affecting list-to-contract periods, further reflecting that we are moving closer to a market that favors neither sellers nor buyers.

As we approach June and July, often some of our strongest selling periods of the year, the signals reflected in the data reported from March supports continued Sarasota Real Estate Market growth, hence my sense that our region’s housing market has the right “horsepower” to allow us to maintain our pattern of sales and price growth.

If you have interest in listing your property, please ask me for my proprietary “Comparative Market Analysis” which enables me to analyze your home or property along with recent area sales, other homes on the market, and current overall market performance for your neighborhood and price points.  With this data I am able to help you to determine the current value of your home, what key factors might be most important to consider when pricing, and in what general time frame you can expect a sale based on today’s market conditions.

On the other hand, if your interest is in buying, I would be pleased to work with you in establishing the areas within the Sarasota region that most interest you, develop your key purchasing criteria, share with you my knowledge of the community that will be helpful in narrowing your focus, and help you find that dream home or condominium!

It is always my pleasure to work with friends and family of my valued newsletter subscribers.  Please let me know if you hear of someone seeking to buy or sell a property in our community, you can count on me!

Sarasota Real Estate

SOLD! Gorgeous Longboat Key Waterfront Home

Mistletoeback

Mistletoepool

Mistletoe Lane Home

My clients are the lucky new owners of a most incredible slice of paradise! Their gorgeous Longboat Key Waterfront home boasts majestic 180 degree views of Sarasota Bay, and nearly half an acre in Corey’s Landing within Bay Isles, one of the most desirable communities on Longboat Key.

Positioned at the end of a cul-de-sac, this stunning refuge is surrounded by enchanting Japanese gardens.  Artistic glass entry doors will welcome family and friends into a massive living area with hypnotic water views featuring 25-foot ceilings and marble floors. The open floor plan flows into the stylish gourmet kitchen with top of the line appliances, adjoined by a formal dining room and breakfast nook.

The Grand Master Suite with lavish master bath, walk-in closets and private entrance to the pool, a handsome library/den, and extensive utility/storage rooms finish out the ground floor.

Accessible by elevator or staircase, the second floor is host to four guest suites, a large open balcony overlooking the bay and a vast office/bonus room. Every window and door opens to a private sanctuary including a charming waterfall fed koi pond, a functional greenhouse, cooling banyan trees and custom paver walkways through Selby-like gardens.

An open pool/spa and private boat dock equipped with water and electric grace the bay front. Corey’s Landing is minutes from St. Armand’s Circle, award-winning beaches and exhilarating Downtown Sarasota. Membership to the private beach club is included in the HOA.

Sold for $2,200,000

JUST LISTED – Manatee River Waterfront Home

43   Bimini Picture 2  21

Medallion Home’s furnished Bimini model in the desirable Inlets community on the Manatee Waterfront, 2016 Parade of Homes winner, is a stunning contemporary new home on a choice deep water site.  Vast terraces on both the main living level and the second level offer expansive views of the Manatee River.

The more than 4,800 square foot, four bedroom residence was meticulously designed with state of the art architectural details including a floating staircase with glass railing, limestone flooring, rock waterfall behind the dining room, luxury wood cabinets throughout, stunning lighting features, high ceilings – many with beautiful detailing, and impact glass windows aplenty, to name just a few special elements.

The main level features a two-story living room with generous use of glass to highlight the magnificent views, gas fireplace, formal dining room with built in sideboard with generous storage, family room, and complete chef’s kitchen with views of the Manatee Waterfront has a 6-burner Wolf gas cook-top, sub-zero fridge, two dishwashers and beautiful cabinetry providing ample counter space and storage. The main level master bedroom retreat has inlay ceilings, and a coffee bar leads to the spa-like master bath.

The second level of the home has two en-suite bedrooms, den, tech or hobby room, an architecturally stimulating large gathering room with a serving bar and full walk-in glass wine cellar and large terraces. An elevator serves the two living levels of the residence.

Outdoor entertaining is special beside the Infinity edge salt water pool and spa.  With a full summer kitchen and fire pit and vast decks for multiple seating areas and sunning spots, this home is perfect for true indoor-outdoor living.  This is an ideal waterfront location convenient to Sarasota, St. Petersburg and Tampa with world class shopping, I75, IMG Sports Academy, Benderson Rowing Park and three airports.

Offered for $2,695,000

View the listing HERE

Manatee Waterfront

Moulton Sarasota Real Estate Report – February 2017

Sarasota Real Estate

February’s Forward Momentum

The Sarasota Real Estate Market saw continued growth of sales volume and median prices in February.  As I have written in the last several months of my reports, the pace of growth has moderated from most of 2015 and early 2016, which in my opinion is good for the region.

Inventory is marching toward a “balanced” market, which is considered to be neither favoring sellers nor buyers, creating a less frenzied environment on both sides of the table.  Conditions at the lower end and mid-market remain extremely active, as quality and availability of properties has created tight inventory and in certain price-points, bidding competition.

As my readers know, the majority of my work is with premium properties where the market conditions are considerably different.  When I reviewed the most recent Trendgraphix report there were several key contrasts.  For example, when all of Sarasota County pending sales for the month of February were reported to be nearly the same as last year at this time, Trendgraphix data for the $1 million and higher bracket had a 32% increase in contracts written in February, the highest number of pended sales in that price tier in the last 12-months.

Available housing inventory in The Sarasota Real Estate Market was 18.2% higher than last February at the premium tier. Increased inventory in low-mid prices was 13% higher in comparison.  While 34 luxury properties were sold in February, there were more than 100 newly listed.  This growing inventory at the upper end of the market is bringing some gorgeous homes and condominiums online, giving our clients many amazing choices.  It has also begun to encourage sellers who have been reluctant to “right price” their properties to reconsider their listing prices, especially if they’re ready to move on.

One of the most remarkable differences comes in the time from list-to-sale.  Luxury homes typically take between 3-4 times as long to sell.  Another difference is in the list-to-sale price, which is generally a bigger spread by about 3% in the luxury market.  Premium median prices grew 14% over prior February, but in the mid-lower tiers, median prices have fluctuated dramatically month-to-month and are now just 3% higher than last year, according to Trendgraphix.

Looking at the whole of The Sarasota Real Estate Market and comparing to national and state data, the following are some of the key points that I assimilated from the many resources I review on a monthly basis:

Sales:

  • Total sales in The Sarasota real Estate Market in February improved 2.7% over prior year and 2.5% over January, with total dollar volume rising 3%.
  • Single-family home sales in February of 518 were 12 more than a year ago, a 2.2% increase, and increased approximately 10% compared to January.
    • Traditional single-family home sales (non-distressed) showed 6.2% improvement.
    • Florida’s single-family sales fell .5% year-over-year.
    • U.S. sales were up 5.8%
  • Total number of condominium units sold of 276 in Sarasota in February increased by one sale from a year ago, and increased by 28 sold properties from the prior month.
    • After removing distressed condo sales, the data showed an improvement of 1.1% over prior year.
    • Florida condo sales were 4.1% higher in February 2016 over prior year.
    • Condo sales nationally grew 1.7% over February 2016.
  • The 2016 monthly average of single family sales for 2016 was 653 vs. 697 in 2015, and for condos the average monthly sales in 2016 were 301 vs. 314 in 2015.
  • All cash sales in Sarasota continue to be strong with 42% of single-family and 66% of condos sales closed without a mortgage.
  • Distressed sales in the Sarasota Real Estate Market in February were only 6% of total sales, compared to 9% last year in February.
  • Pending sales of 790, homes that went under contract during February, increased by 10 sales over the same month last year.  Condominium pending sales of 373 decreased by 13 sales from a year ago.

Prices:

  • In February, Sarasota’s single-family homes were sold at a median price of $257,500 vs. $252,250 a year ago.
    • Florida median price for single-family homes was $225,000, a 12.5% increase over last year.
    • The national median price for homes was $229,900, a 7.6% increase over prior year.
  • The 2016 monthly median price average was $249,867 vs. $221.067 in 2015.
  • Condominium median sale price was $219,245 in February vs. $190,000 in February 2016, a 15% increase.
    • Median price for a Florida condo last month was $167,500, a 11.7% increase over February 2016.
    • U.S. median condo price in February was $216,100, an 8.2% increase.
  • The average sale price for houses in Sarasota was $389,011 in February vs. $376,318 a year ago, a 3.3% increase.
  • The year’s monthly average price for houses sold in 2016 is $345,918 vs. $321,651 in 2015, another strong 7.5% increase.
  • Sarasota’s condominiums sold for an average price in February 2017 of $296,029 vs. $310,252 year ago.
  • The 2016 monthly average price for sold condominiums is $325,232 vs. $284,361 in 2015.
  • Sarasota properties sold at 95% of the list price, which mirrors the rest of the U.S.

Inventory:

  • Total available inventory in the Sarasota Real Estate Market has increased by 136 properties from January or 3%, and grew 18% from a year ago.
  • Since the beginning of last year the available inventory has increased by almost 1,600 properties or 44%, which will affect prices. The greater the inventory, the more downward pressure there is on list and sale prices.
  • For single-family homes, inventory has grown by 914 properties since the beginning of 2016 or 38% and continues to climb each month.
    • Florida single-family inventory is at a 4.2 month supply and condos at a 6.4 month supply.
    • Inventory on a national scale has fallen more than 6% since last year and is at just a 3.8 month supply.
  • Condominium inventory in Sarasota has grown by 672 properties since the beginning of last year or 56%.
  • The Realtor Association of Sarasota-Manatee reports that there are 5.1 months of single-family homes inventory and 6.2 month’s supply of condominiums. The number has been steadily increasing each month the past year. This is the first time in many years that we have crossed the 6 months of supply, the line that is believed to signal a balanced market.
  • Sarasota County averaged 1,274 new listings per month in 2016, about the same monthly average as 2015. In February 1,459 listings came on the market.
  • Currently there is available inventory of 5,184 properties for sale vs. 3,598 at the end of 2015.

The recent reports of strong consumer confidence, along with homebuilder sentiment reaching record high levels, signal a lasting growth pattern for the real estate market.  Though there are likely to be financial and political pressures that affect many areas of the economy, analysts and experts believe the housing market is positioned to be resilient to these forces and will continue its moderate expansion.

Florida was recently cited as being the #1 state in the country for inbound new residents.  Interestingly, some of our key feeder markets – New York, Illinois, Connecticut and New Jersey – had the highest number of residents moving out.  Our next highest competitors for these relocations are Texas and Arizona (a distant 3rd.)   With the pace of new residents expected to maintain for the foreseeable future, it is not at all unreasonable for us to feel very confident in The Sarasota Real Estate Market’s ability to continue its momentum.

Despite the considerable increase in inventory that has been reported, we are at the height of The Sarasota Real Estate Market season, and the interest from buyers is stronger than I have seen it in years.  I believe that for quality properties, in the most desirable locations, with limited repairs or renovations necessary, and sellers who are prepared to “right price” their properties and ready to move quickly if a reasonable offer is proffered , this is an excellent time to take action.  Buyers, especially at the luxury level have the available resources to close quickly, but are also prepared to wait for just the right home.  Maybe yours is the one they’re looking for!

If you have interest in listing your property, please ask me for my proprietary “Comparative Market Analysis” which enables me to analyze your home or property along with recent area sales, other homes on the market, and current overall market performance for your neighborhood and price points.  With this data I am able to help you to determine the current value of your home, what key factors might be most important to consider when pricing, and in what general time frame you can expect a sale based on today’s market conditions.

On the other hand, if your interest is in buying, I would be pleased to work with you in establishing the areas within the Sarasota region that most interest you, develop your key purchasing criteria, share with you my knowledge of the community that will be helpful in narrowing your focus, and help you find that dream home or condominium!

It is always my pleasure to work with friends and family of my valued newsletter subscribers.  Please let me know if you hear of someone seeking to buy or sell a property in our community, you can count on me!

View this month’s featured listing:

Longboat Key Home

View all my listings HERE

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What Drives the Affluent Homebuyer?

Luxury Real Estate

As a Luxury Real Estate Broker/Associate with Michael Saunders & Company I have the privilege of also being an Associate of several carefully curated relationships with international luxury real estate marketing partners.  One such group is Luxury Portfolio International, which offers marketing benefits including the opportunity for my listings to have an extended reach through the most prestigious luxury global real estate agents.  Along with the marketing benefits, I am also invited to exclusive events and presentations that sometimes only an élite group are offered to participate in.

Two weeks ago Luxury Portfolio International held its annual conference in Miami, which I was fortunate to have been invited to attend.  Luxury Portfolio is a division of Leading Real Estate Companies of the World – known as the premier network of the world’s most powerful independent brokerages. Luxury portfolio is where the highest global net-worth buyers are introduced to some of the world’s finest listings, including many represented by Michael Saunders & Co. associates such as myself.

Recently Luxury Portfolio released an excellent white paper on the traits and objectives of “The Affluent Homebuyer.”  Together with several qualified partners, the top 10% of consumers in 14 countries were surveyed for learning about affluent homebuyer trends and proclivities.  In all, more than 5,000 worldwide interviews were conducted including more than 1,000 million-dollar homebuyers, and along with data provided by a variety of organizations, Luxury Portfolio presented an insightful report on this important group of prospective buyers.

At our Miami conference many of the points raised in the report were shared and discussed in-depth.  The full report is attached HERE, as a benefit to my loyal subscribers.  After reading it, I would be delighted to hear from any readers who have thoughts and comments about the findings.

Having a better understanding of this important tier of homebuyers is extremely important in the Sarasota Real Estate Market, as this price grouping is a considerable part of our regional housing market.  While the majority of my business is in the greater than $1 million domain, what I found interesting in the report, is how reflective the findings are on the mid-price tier, as well.  So for those not at the top of the market, I believe this is an interesting read for all.

One of the quotes in the report says, “More and more, the affluent today want something new and different and the once strong push to find ‘the right products’ is giving was to a search for something deeper, unique and more meaningful.”  This sounded to me like virtually all of the clients I am working with – whether it’s the new property they are searching for, or in conversations about travel preferences and experiences, favorite consumer products and even the automobiles they drive.

As evidenced by the Sarasota Real Estate Market’s consistent strong price growth, especially at the luxury level.  Our region continues to attract buyers who see us as not only more desirable geographically than other cities, but also our rich culture, active lifestyle, family-friendly community, philanthropic spirit and several other motivations.

Many thanks to Michael Saunders for recognizing the importance of these prized global affiliations and for bringing Sarasota into the global spotlight through Luxury Portfolio International and Leading Real Estate Companies of the World.

Read the full report HERE.

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Moulton Sarasota Real Estate Report – January 2017

sarasota real estate

A Promising Start to the New Year

The Sarasota Real Estate Market’s first month of 2017 did not disappoint the forecasters.  With the last months of 2016 showing strong volume of new contracts signed, the healthy number of transactions in January were generally expected.  Reports of improved consumer confidence at the end of 2016 helped to attract buyers, potential increases in interest rates likely also motivated would-be buyers, and expectations of continuing price appreciation moved buyers to take action.

While growth in sales across the nation has slowed slightly over the last year, it is expected that the prolonged growth cycle we have been experiencing will continue.  The gradual economic gains, rather than patchy peaks and valleys has helped housing stay on an even course.

In general, consumers believe that housing is a sound investment.  The Conference Board reported that consumer confidence rose in their February survey, both for current conditions and near-term (6 months), as well as for future business conditions.  Though there is some concern tied to the projected interest rate increases, a recent survey of 100 economists by Pulsenomics showed that in their opinion, an impact on sales would likely not occur until rates for a 30-year fixed mortgage hit 5% or higher.  And to put the rate into historical perspective, the average over the last many decades has been 8.1%.

Home builders also remain bullish, especially after new home sales clocked a 5.5% increase over January 2016.  Headwinds for new construction in the year ahead such as burdensome regulations, rising material and labor costs do not appear to be swaying home builder confidence.  New homes typically average about 35% more than the cost of an existing home.

Economists surveyed last month project that over the next five years, housing prices will grow a cumulative 17.3% or an average of about 3.5%, with 2017 seeing an increase of 4.4% and gradual decline each year to 2.8% growth in prices in 2021.  I believe this to be a fair and sound picture of housing on a national scale, with slightly higher increases in our region.

The following are some of the key data that I assimilated from the many resources I review on a monthly basis: 

Sales:

The big story in the Sarasota Real Estate Market in January was the considerable increase in condominium sales over the prior year.  Based on the pending contracts activity that we saw in the prior months, I was not surprised by the figures, and expect next month to also show improvement.  The dollar volume of transactions in Sarasota was also impressive, with total sales improving 12.4% over prior year, all a result of the increased condo sales, where volume rose 60.4%.

  • Single-family home sales in January of 474 decreased 9% when compared to January 2016, and decreased 23% compared to December.
    • Florida’s single-family sales grew 5.2% year-over-year.
    • U.S. sales were up 3.7%
  • Total number of condominium units sold of 248 in Sarasota in January increased 15% from a year ago, and decreased by 50 sold properties from the prior month.
    • Florida condo sales were 6.2% higher in January 2016 over prior year.
    • Condo sales nationally grew 4.8% over January 2016.
  • The 2016 monthly average of single family sales for 2016 was 653 vs. 697 in 2015, and for condos the average monthly sales were 301 vs. 314 in 2015.
  • All cash sales in Sarasota continue to be strong with 41% of single-family and 62% of condos sales closed without a mortgage.
    • The national average is 23% of all sales transactions.
  • Distressed sales in the Sarasota Real Estate Market in January were only 5% of total sales, compared to 10% last year in January.
  • National home sales are expected to increase 2.25% in 2017.
  • Pending sales, homes that went under contract during January, increased 8.1% over the same month last year.  Condominium pending sales also grew – 11.2%.  This is an excellent indicator of sales pace in the months ahead.

Prices:

Median and average prices in the Sarasota Real Estate Market continue to climb, albeit at a more measured pace than last year’s often double-digit growth month after month.

  • In January, Sarasota’s single-family homes were sold at a median price of $250,000 vs. $230,500 a year ago, an increase of 8.5%.
    • Florida median price for single-family homes was $220,000, a 10% increase over last year.
    • The national median price for homes was $228,900, a 7.1% increase over prior year.
  • The 2016 monthly median price average was $249,867 vs. $221.067 in 2015.
  • Condominium median sale price was $239,900 in January vs. $218,000 in January 2016, a 10% increase.
    • Median price for a Florida condo last month was $161,000, a 6.6% increase over January 2016.
    • U.S. median condo price in January was $217,400, a 6.2% increase.
  • The average sale price for houses in Sarasota was $352,507 in January vs. $341,644 a year ago, a 3% increase.
  • The year’s monthly average price for houses sold in 2016 is $345,918 vs. $321,651 in 2015, another strong 7.5% increase.
  • Sarasota’s condominiums sold for an average price in January 2017 of $439,711 vs. $314,735 a year ago. The key factor in the sharp increase was the closing of some significant new construction waterfront condominiums.
  • The 2016 monthly average price for sold condominiums is $325,232 vs. $284,361 in 2015.
  • Sarasota properties sold at 95% of the list price, which mirrors the rest of the U.S.

Inventory:

The Sarasota Real Estate Market has hovered near a balanced market for much of the last year, in stark contrast to many other markets across the country where inventory shortages have been inflating prices and creating unbalanced conditions.  While our growth in inventory is concerning to some, I find it a great relief to have multiple high-quality properties to show each of my buyers.

In the low-to-mid price tiers inventory is still tight, while in the luxury level we are in a healthy position with new inventory nearly evenly replacing sales each month, establishing a nice pipeline of fresh properties coming to market.  Motivated sellers are being pressured by the growing inventory and are beginning to revise prices to move their properties so that they in turn can find their next home.

  • Total available inventory in the Sarasota Real Estate Market has increased by 556 from December or 12%.  The largest growth occurred in the $200-400,000 price points.
  • Since the beginning of last year the available inventory has increased 1,151 properties or 30%.
  • For single-family homes, inventory has grown by 560 properties since the beginning of 2016.
    • In the luxury tier, above $1 million, growth was 11% compared to more than 40% in the mid-priced tiers.
    • Florida single-family inventory is at a 4.2 month supply and condos at a 6.4 month supply.
    • Inventory on a national scale has fallen more than 7% since last year and is at just a 3.6 month supply.
  • Condominium inventory has grown by 517 properties since the beginning of last year.
  • The Realtor Association of Sarasota-Manatee reports that there are 5 months of single-family homes inventory and 5.9 month’s supply of condominiums. The number has been steadily increasing each month the past year.
  • Sarasota County averaged 1,274 new listings per month in 2016, about the same monthly average as 2015. In January 1,665 listings came on the market.
  • Currently there is available inventory of 5,048 properties for sale vs. 3,835 at the end of 2015.
  • At the luxury level of greater than $1 million, inventory of single-family homes has increased 11% from prior year, and condominium inventory has grown more than 16%.
    • Time from listing to sale fell about 25% during 2016, however, sales above $1 million typically take up to three times longer than properties priced in every other pricing tier.

According to a recent report in RealtyTrac, the average sale in 2016 netted a 21% gain since the homeowner purchased their property – this is the highest since 2007.  With prices continuing to escalate over the next year, home equity will stay on an upward trajectory, providing the capital needed for those wanting to sell to “move-up” and others wishing to make improvements to their current residence through use of HELOC’s.  HELOC activity has been on the rise for the last several years, with activity growing 21% in the last two years alone.

As we move into the Sarasota Real Estate Market’s peak selling season, all of the data and analyst forecasting lead me to believe that our first-quarter 2017 will build on the prosperous start in January.  With the Administration’s focus on adjusting regulations to make home-ownership more attainable for qualified purchasers, necessary loosening of onerous regulations, modest rise in interest rates, commitment to building job opportunities and investing in infrastructure, along with encouraging investment in the U.S. from International markets, and many other economic stimuli will sustain the advancing momentum of our housing industry.

Based on my own business activity since the start of the year, especially at the luxury level where the majority of my listings and sales occur, I feel a noticeable burst of energy in the Sarasota Real Estate Market.  Buyers and sellers that I have worked with over the years are both in a “get moving” temperament.  Buyers who were sitting on the fence are looking feverishly for their something special.  Sellers who have been tentative in either bringing their property to market or in “right-pricing” to get it sold are also in a great mind-set to move on to their next home.  From my perspective, I see our peak selling season keeping us busy!

If you have interest in listing your property, please ask me for my proprietary “Comparative Market Analysis” which enables me to analyze your home or property along with recent area sales, other homes on the market, and current overall market performance for your neighborhood and price points.  With this data I am able to help you to determine the current value of your home, what key factors might be most important to consider when pricing, and in what general time frame you can expect a sale based on today’s market conditions.

Conversely, if your interest is in buying, I would be pleased to work with you in establishing the areas within the Sarasota area that most interest you, develop your key purchasing criteria, share with you my knowledge of the community that will be helpful in narrowing your focus, and help you find that dream home or condominium!

It is always my pleasure to work with friends and family of my valued newsletter subscribers.  Please let me know if you hear of someone seeking to buy or sell a property in our community!

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JUST LISTED – $26.5 Million Beachfront Estate on Longboat Key

Serenissima

A stunning ode to the majesty of Renaissance Venice, Serenissima “The Most Serene” is one of the finest homes ever built in Florida. The Beachfront Estate is incomparable in architecture, irreplaceable in artistic beauty and and situated on the southern end of the Longboat Key, this palatial masterwork embraces a luminous panorama of sea, sand and sky. The serene yet powerful exterior dazzles with its white Italianate façade, while the interior presents unprecedented design and luxury.

Longboat Key Beachfront Estate015023Serenissima engages all of the senses, starting with the breathtaking atrium-style marble-clad entry hall, where a brass trimmed and glass birdcage elevator awaits passengers, peering upwards you are met with stunning colonnades on the living floors above and the handcrafted majestic glass dome opening to the skies, and before your eyes the azure Gulf of Mexico melts into the horizon.

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Indulgent details such as gold-leaf domed ceilings, gold and crystal faucets, intricate trompe l’oeil features throughout the home, beautiful wall sconces and sparkling chandeliers, a 10-seat home theatre with stage and 100 foot screen, graceful silk drapes with distinctive detailing, even elegant decorative finial hinges and custom door handles, subtle rope lighting in recessed ceilings, and electric shades on nearly all windows, help to make this home the epitome of style and sophistication.

Designed with a reverence for craftsmanship; lyrical Venetian murals, beautiful locally designed and fabricated stained glass windows and doors, custom 043balustrades along wide colonnades on each floor, extraordinary millwork and carefully curated stone, marble and granite throughout are just a glimpse of the details across three living levels.

Serenissima truly does blend spectacular entertaining with warm living spaces. Even the grand salon, which could easily fit 100 guests, has intimate seating 045areas perfect for a family crossword puzzle night or for gathering to watch a major sporting event with a few friends. The kitchen is master-chef quality, yet also a perfect setting for family holidays and celebrations, with ample areas to either participate in the feast’s preparations on simply to keep the cook company, it is fantastic for congregation and conversation.

Three levels of palatial terraces encased in glass rails present striking views over the sprawling pool with infinity edge to the captivating backdrop of the Gulf just beyond.

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Supreme in scale, Serenissima balances voluminous spaces for entertaining with intimate leisure rooms, all of which inspire memorable moments with family. These include a magnificent grand salon, which could easily accommodate 100 guests, a master chef’s kitchen ideal for congregation and conversation, 10-seat theatre and Sun Room adjacent to the pool.

The second living level of the home is for intimate family living.  A central sitting room with full kitchenette separates double master suites and offices, all of which offer a unique security system making this area058 especially fortified should an owner choose to engage it.  This level also offers an en-suite guest suite, two full laundry rooms and access with both the Bird Cage elevator and a service elevator, as well as the grand staircase.

A third living level is home to the 10-seat theatre, which is wood encased with structural elements to enhance the sound, houses a 100 foot screen and even has a stage for performances.  The theatre’s foyer is harlequin themed with faux painted walls with brass brad detailing, stained glass doors and a bathroom with an elegant Phantom of the Opera motif.  In addition, this level includes three en-suite bedrooms, family room with kitchenette and laundry facility complete with hairwash sink.

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At Serenissima, active days of sand castle building, shell seeking, sailing, golfing or theatre-going are capped by spectacular sunsets enjoyed from expansive terraces with incredible views spanning the infinity pool, beach and Gulf.

On the ground level is a 10-car gallery with ample room to allow drive through when fully occupied, vast storage areas, wine room and even a gardener’s potting room and large crafting room.

The beachfront estate is set behind the exclusive gates of The Longboat Key Club, amenities include golf courses, tennis courts, restaurants, a spa, fitness center and marina. St. Armand’s Circle is less than 5 minutes away and downtown with its renowned visual and performing arts venues, shopping and award-winning dining awaits just across the iconic Ringling Bridge.

Appointments for private showings for qualified buyers and brokers may be made by calling 941.928.3559 or emailing MichaelMoulton@MichaelSaunders.com.

View the PROPERTY VIDEO HERE

View the LISTING HERE

$26,500,000

SOLD! Moulton Sells Homes on Longboat Key and in Sarasota

Longboat Key real estate

Michael Moulton recently closed on two sales – one in a prized waterfront community on Longboat Key and the other in a charming neighborhood in Sarasota.

Moulton real estate

Michael represented the buyer in the purchase of  waterfront home on Longboat Key. With one of the most stunning views in all of Bay Isles, a coveted community on south Longboat Key, this gorgeous residence boasts more than 200 feet of waterfront and 4,200 square feet of living space. There are five bedrooms, including a master suite wing, plus two very private en-suite guest accommodations. The sweeping great room welcomes you with stunning views, high ceilings, crown molding and a dual-sided fireplace sharing its warmth with the kitchen and family room. A large pool and spa area and vast deck overlook the beautiful waterfront, perfect for enjoying the flora and fauna, birds and dolphin watching. The home was purchased for $2,275,000


Moulton real estate

Michael represented the sellers of this lovely home in Ashton Glen, a small enclave of residences built in the early 2000’s, sited on a quiet cul de sac within a family-friendly neighborhood. The home is one story with three bedrooms and a fourth that could either be used as a bedroom or office/den. The open great room design of the home, and split floor plan, makes wonderful use of the nearly 2,700 sq.ft.. The outdoor living space surrounds a wonderful family/pet-friendly pool with wading deck, and also has ample space for seating along with grill area and gardens.  The home sold for $530,000.