The Moulton Sarasota Real Estate Report – January 2019 Sales Activity Shrinks Again

Sarasota Real Estate

The Moulton Sarasota Real Estate Report – January 2019

Sales Activity Shrinks Again

 For a second month in a row the Sarasota Real Estate Market saw a dip in number of transactions. For those that read my report last month, much of the same applies – there were several newly built luxury condominium projects that were completed in the late fall 2017 and early winter 2018. The closings and buyer move-ins occurred mostly through the first quarter of 2018. January 2018 condominium sales grew by more than 60% over prior year. For condos over $1 million in price there were 35 units sold in January 2018 compared to this year’s 11, which is more typical of this month’s activity in past years.

When reviewing total dollar volume of transactions in January, single-family sales was nearly equal to last year, while condominium sales volume fell by 50% this year. I see this as more evidence of the effect that the new buildings had on the overall market. With a number of new luxury condominiums already under construction, I expect this same upshot when the time comes to occupy them over the next two-three years.

The Sarasota Real Estate Market has maintained a healthy price appreciation, though it is showing signs of deceleration. The softening of price appreciation is most likely a result of the activity in new listings. Inventory is nearing the theoretical balanced market when neither buyers or sellers are favored, which is encouraging sellers to take a closer (and more realistic) look at comps to price their properties to sell.

In reviewing our regional, state and national real estate market reports, it is my opinion that the Sarasota Real Estate Market remains extremely well positioned to continue a steady growth trajectory through the year ahead. I have seen incredible growth in buyer interest so far this season, and believe that with consumer confidence remaining high, increased demand from states being affected adversely by the new taxation policies, interest rates staying low, and a stabilized market locally are all reasons to be optimistic.

And now for my statistical report on the January Sarasota Real Estate Market activity:

Sales

  • Total Sarasota Real Estate Market dollar volume of $264.7 million in January decreased by $82.9 million from the same month a month ago, a 24% decrease.
  • Broken down, single-family sales were $189.7 million and condominium sales were $75 million.
  • The number of properties sold in January was 678 which was 177 less than a year ago, a 21% decrease The sales total includes 460 houses and 218 condos.
    • Florida’s single-family sales decreased 6.2% and condo sales were down 10.9% compared to prior year.
    • S. sales fell to a three-year low with single-family sales declining 8.4% and condo sales fell 9.5%.
  • The 2018 monthly average for sold properties in Sarasota was 1,001.
  • Of the closed sales in Sarasota last month, 40 were for over $1,000,000, 29 were houses and 11 were condominiums.
  • In 2018 Sarasota averaged 29 house sales a month for over $1 million and 17 condo sales over $1 million, a small portion of our overall sales.
  • Listings that went pending the past month were 1,124 and decreased by 393 transactions from the same month last year, though were 116 more than December.
    • Florida’s single-family pending sales also fell with 2.4% fewer single-family homes and 10.3% fewer condo contracts written compared to last year.
    • U.S. pending sales have fallen the last 12 months, in January down 2.3% compared to prior year.
  • For 2018 the monthly average for pending sales was 1,031.

Prices

  • In January, Sarasota’s single-family homes were sold at a median price of $286,600, an increase of nearly 4%. The 2018 monthly median price for houses sold was $281,662.
    • In January, Florida median price for single-family homes was $249,900 a 4.1% increase over last year.
    • The national median price for existing homes grew by 3.1% to $249,400.
  • The condominium median sale price was $240,000 in January, nearly equal to last year. The 2018 monthly median average was $230,989.
    • Median price for a Florida condo last month was $182,500, a 2.8% increase over January 2018.
    • U.S. median condo price was up nearly equal to last January, $233,000.
  • Houses sold for $412,457 in January and the monthly average sale price for houses sold in 2018 was $384,110.
  • Condominiums sold for an average price in January of $344,209. The condominium monthly average sale price sold in 2018 was $355,047.

Inventory

  • Currently there is available inventory of 5,612 properties for sale in Sarasota County. There were 5,401 at the end of 2018 and 4,401 at the end of 2017. We are heading towards a buyer’s market with the rising inventory. This will give buyers more choices and puts pressure on a seller to be conscious of not overpricing their property relative to market values.
  • Of the available inventory for sale, 696 properties are listed for over $1 million or only 12%. 516 of the active listings over $1,000,000 are houses and 180 are condominiums. Based on the past months 40 sales over $1 million this amounts to 17 months of inventory.
  • Sarasota County had 1,926 new listed properties in December, a significantly higher number than any month in the past couple years. The local market averaged 1,289 new listings in 2018. Of the new listings the past month 156 properties were listed over $1,000,000.
  • Current inventory results in 5.4 months of single-family homes for sale and 6.1 month’s supply of condominiums. Each month lately has seen this number close in on becoming a balanced market, favoring neither buyers or sellers.
    • Florida currently has 4.3 months of single-family inventory and 6.3 month’s supply of condominiums. Inventory of properties selling for over $1 million have increased more than 9% over last year.
    • U.S. inventory of all housing types is sitting at 3.9 months of supply.

In today’s somewhat confusing and often volatile economic environment it is easy to become a bit anxious. Having served clients in The Sarasota Real Estate Market for more than 37 years and carefully watching and examining business conditions, I have developed essential insight to aid both buyers and sellers in achieving their objectives in today’s shifting real estate market.

The value of partnering with a highly experienced, locally as well as globally connected agent/broker, and a skilled negotiator and advocate cannot be understated.  I look forward to working with you, your family and friends in achieving your goals in acquiring or selling your property.

Michael’s Featured Listing:

Sarasota Waterfront

subscribe-button

Moulton Sarasota Real Estate Report – So, What About the Sales Decline in December?

sarasota real estate

The Moulton Sarasota Real Estate Report – December 2018

So, What About the Sales Decline in December?

It has been well reported since the data from Sarasota Real Estate transaction sources released their month-end results that indeed the number of contracts signed in December declined 26%, with the largest percentage of decrease in the condominium sector.  In addition, price increases were less than prior months this year in single-family sales, and in condominium sales, again a considerable drop of 12%.  Pending sales in the condo segment also fell nearly 36.9%

While all the above statistics sound a bit startling, we need to look back to last year’s events to determine what may have been in play at that time. December 2018 had one of the highest closing months that I recall…in very large part to the completion and closings at The Vue, in downtown Sarasota. There were 47 condominiums sold over $1 million last December (40 0f them at The Vue,) and this year, just six sold in the Sarasota market.

We cannot underestimate the effects of slowed traffic from tourists – often our source of buyers – during the months of August, September and October, when those signing contracts in December would normally have been in our market. As we all remember, Red Tide was tormenting not just the hotel occupancies in the region, but also, as a result, number of available buyers who seemed to put off their search in favor of waiting until the effects subsided. Our hope is that those same buyers will return to the game and, now that inventories have also grown, we will see a healthy spring season ahead.

One other event that would have affected the middle and lower prices tiers was the rising interest rate in October and November. Again, many of those interested buyers who would likely have closed on homes in December put their search on hold. Now that rates for 30-year fixed rate mortgages have fallen back to 4.64% and the Fed has indicated a strategy for 2019 that may only involve two moderate increases, hopefully those interested buyers will also return to their searches.

I have mentioned the amazing numbers of millennials coming into the housing market before. This population is now in their late-30’s many with established careers and stable incomes, and are ready to put down roots and build home equity. The largest population since the baby-boomers will help to stabilize the mid-market tiers in the next few years.

The demand for new homes remains high and our area builders are responding to it as best they are able in the tight employment conditions. A recent report from Metrostudy for the Sarasota-Bradenton market indicated that new home starts year-over-year grew by 9.8%, and in the 4th quarter of 2018, closings were up 23.4% over previous year. With news of the start of several new communities and additional condominium projects throughout the Sarasota Real Estate Market, I am confident that this fresh product will help to fill the strong demand.

In addition, with the softening of sales, our existing-homes and condo inventories have been allowed to grow to levels that narrow the gap between number of buyers and sellers, giving those seeking a new property more to choose from, and those selling less chance of returning to double-digit price growth as we had seen for much of 2018.

Since early December, I have been incredibly busy responding to both sellers looking to list their properties, and to buyers who are eager to get something under contract. This has been one of my busiest two-month stretches that I remember in a while. The effect of the new tax laws on northeasterners and some mid-western states and continued tax pain in California, has created a flow of buyers, especially at the higher end of the market, that has grown exponentially. After speaking to my colleagues and hearing similar accounts of client interest, it gives me confidence that the softening that we felt in December is not likely to continue in our peak selling months ahead.

And now for my statistical report on December Sarasota Real Estate Market activity:

Sales

  • Total Sarasota Real Estate Market dollar volume of $288.2 million in December decreased by $113.1 million from December a year ago though the 2018 sales volume increased approximately $220 million from 2017.
    • Broken down, single-family sales were $213.5 million and condominium sales were $74.7 million.
  • The number of properties sold in December was 767 which was 199 less than a year ago. The sales total included 527 houses and 240 condos.
    • Florida’s single-family sales decreased 9.9% and condo sales were down 11.4% compared to prior year.
    • U.S. single-family sales declined 10.1% and condo sales fell 11.5%.
  • The 2018 monthly average for sold properties in Sarasota County is 1,001 whereas the 2017 monthly average was 978, a nice average monthly increase of 2.4%.
  • Of the closed sales in Sarasota last month 37 were for over $1,000,000, 31 were houses and 6 were condominiums. Sarasota averaged 29 house sales a month for over $1 million and 17 condo sales over $1 million.
  • Listings that went pending the past month were 673 and decreased by 222 transactions from the same month last year.
    • Florida’s single-family pending sales also fell with 9% fewer single-family homes and 11.4% fewer condo contracts written compared to last year.
    • U.S. pending sales have fallen the last 11 months, in December down 9.8% compared to prior year.
  • For the year Sarasota averaged 1,031 pending sales per month vs. 1,043 in 2017.

Prices

  • In December, Sarasota’s single-family homes were sold at a median price of $285,000. The 2018 monthly median price for houses sold was $281,662 vs. $267,043 in 2017.
    • In December, Florida median price for single-family homes was $255,000 a 4.2% increase over last year.
    • The national median price for existing homes grew by 2.9% to $255,200.
  • The condominium median sale price was $220,000 in December vs. $250,000 a year ago. The 2018 monthly median average was $230,989 vs. $225,585 in 2017.
    • Median price for a Florida condo last month was $185,000, a 2.8% increase over December 2017.
    • U.S. median condo price was up 2.3% in December to $240,600.
  • The monthly average sale price for houses sold in 2018 was $384,110 vs. in 2017 it was $370,708.
  • Condominiums sold for an average price in December of $311,284 vs. in 2017 it was $480,239.
  • The condominium monthly average sale price sold in 2018 was $355,047 vs. in 2017 it was $362,378.

Inventory

  • Currently there is available inventory of 5,041 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015. This is the first time since March 2017 with listing inventory over 5,000 properties. With the rising inventory it will give buyers more choices and help keep list prices from rising too quickly. The most reasonable list prices to the comparables are always the first to sell.
  • Of the available inventory for sale, 634 properties are listed for over $1 million or only 12%. 462 of the active listings over $1,000,000 are houses and 172 are condominiums.
  • Sarasota County had 1,008 new listed properties in December. The local market averaged 1,245 new listings per month in 2017, and 1,289 in 2018. Of the new listings the past month, 73 properties were listed over $1,000,000, a small percentage of the overall available inventory for sale.
  • Current inventory results in 4.8 months of single-family homes for sale and 5.5 month’s supply of condominiums, both under the 6-month level considered a balanced market.Florida currently has 4.0 months of single-family inventory and 5.7 month’s supply of condominiums. Inventory of properties selling for over $1 million have increased about 8% over last year.
    • U.S. inventory of all housing types is sitting at 3.7 months of supply.

In today’s somewhat confusing and often volatile economic environment it is easy to become a bit anxious. Having served clients in The Sarasota Real Estate Market for more than 36 years and carefully watching and examining business conditions, I have developed essential insight to aid both buyers and sellers in achieving their objectives in today’s shifting real estate market.  The value of a highly experienced, locally as well as globally connected agent/broker, and a skilled negotiator and advocate cannot be understated.  I look forward to working with you, your family and friends in achieving your goals in acquiring or selling your property.

Michael’s Featured Listing:

Sarasota Real Estate

 

subscribe-button

SOLD! Enchanting en Provence on Longboat Key

Enchanting Longboat Key Gulf Front Condominium – SOLD

I’m pleased that my client’s Longboat Key Gulf-front en Provence residence with the most dramatic and enchanting water views has SOLD! My clients love this development so much they are moving to another condo there!  SOLD for $3,362,500.Longboat Key Gulf Front

The gracious private elevator entry foyer welcomes residents and guests to a wonderful open floor plan with volume ceilings,sparkling Gulf views, and details such as crown moldings, and travertine marble floors throughout the main living areas, plus an 800 square foot wraparound terrace with built-in gas grill.

en ProvenceWith over 3,400 square feet of private living on the beach, this residence has three bedroom suites, including Gulf facing master suite, two guest suites with balconies, large formal dining area, family room, living room, and fabulous kitchen with premium appliances, and abundant storage.

En Provence is an exquisite seaside hideaway with the ambiance of a private estate on the French Mediterranean, but here on the shores of Longboat Key. There are only 21 residences in three charming and elegant mid-rise buildings surrounding a resort style pool and spa, fitness center, concierge and clubhouse, gorgeous mature gardens all nestled right on the beach front.

En Provence is close to the Longboat Key Town Center with a variety shopping, a number of award-winning restaurants are only a short distance from the development, and it is a short drive to famed St. Armand’s Circle and downtown Sarasota.

Moulton Sarasota Real Estate Report – October 2018 – Early Fall Activity Moderates

Sarasota Real Estate

The Moulton Sarasota Real Estate Report – October 2018

Early Fall Sales, Prices and Inventory Moderating

October marked the first month of the year in the Sarasota Real Estate Market in which most of the data reflected a moderation in activity. While total units sold increased, single-family existing home sales saw a decline and the condominium market increased over prior year by more than 10%.

Median prices saw a similar pattern with single-family homes sliding slightly and condominiums gaining 4.4% over prior year.

It is number of properties for sale where the most change occurred, with October registering the third highest volume of new listings this year. The growing inventory on the market will naturally begin to slow the pace of price appreciation. A growing number of properties coming to market is not unusual this time of year, as homeowners know that our peak selling season is getting underway. Many have spent the summer preparing their homes for sale, others believe that with rising interest rates and other factors, it is time for they themselves to get on with their next purchase.

Another of the Sarasota Real Estate Market indicators that I pay close attention to is the number of properties put under contract each month. Referred to as pending sales, this helps us to forecast what the activity may look like in the months ahead based on these contracts closing. October’s contract signing slipped from prior year. With a good deal of new product coming to market this year and last creating much of the activity, I do not see October’s slowing as an omen of softening sales in the months ahead, but more as a sign that conditions are becoming more balanced. I believe our market is healthy and will continue to grow, though at a moderate pace.

And now for my report on October Sarasota Real Estate Market activity:

Sales

  • Total Sarasota Real Estate Market dollar volume of $285.1 million in October decreased by $29.1 million from the prior year.
    • Broken down, single-family sales were $204.7 million and condominium sales were $80.4 million.
  • The number of properties sold in October was 866 which was 12 more than a year ago. The sales total included 598 houses and 268 condos.
    • Florida’s single-family sales increased 8.5% and condo sales were up 14% compared to prior year.
    • U.S. single-family sales declined 5.3% and condo sales fell 3.2%.
  • The 2018 monthly year-to-date average for sold properties in Sarasota County is 1,036 whereas the 2017 monthly average was 966, a nice average monthly increase.
  • Of the closed sales in Sarasota last month 21 were for over $1,000,000, 17 were houses and 4 were condominiums.
  • Listings that went pending the past month were 906 and decreased by 56 transactions from the same month last year.
    • Florida’s single-family pending sales showed a similar pace with 4.7% fewer single-family homes and 7.6% more condo contracts written compared to last year.
    • U.S. pending sales fell 6.7% compared to prior year.
  • For the first ten months of 2018 Sarasota has averaged 1,088 pending sales. The monthly average of pending sales in 2017 was 1,043 and in 2016 it was 1,005.

Prices

  • In October, Sarasota’s single-family homes were sold at a median price of $270,000. The 2017 monthly median price average for houses sold in Sarasota was $267,043, about a 5% increase.
    • In October, Florida median price for single-family homes was $253,853 a 7.6% increase over last year.
    • The national median price for existing homes grew by 4.3% to $257,900.
  • The condominium median sale price was $233,745 in October vs. $224,000 a year ago. The 2017 monthly median average was $225,585.
    • Median price for a Florida condo last month was $180,000, a 5.9% increase over October 2017.
    • U.S. median condo price dropped a slight .2% in October to $236,200.
  • The average sale price for houses sold was $342,247 vs. the past year’s monthly average price for houses sold of $370,708.
  • Sarasota’s condominiums sold for an average price in October of $300,172 vs. the 2017 monthly average price for sold condominiums was $362,378.
  • Overall properties sold for 95.7% of the list price, a consistent ratio on a regular basis. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.

Inventory

  • Currently there is available inventory of 4,490 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.
  • Of the available inventory for sale, 568 properties are listed for over $1 million or only 12%. 422 of the active listings over $1,000,000 are houses and 146 are condominiums.
  • Sarasota County had 1,482 new listed properties in October. The local market averaged 1,245 new listings per month in 2017, and 1,304 year-to-date in 2018. Of the total new listings the past month, 116 properties were listed over $1,000,000, a small percentage of the overall available inventory for sale.
  • As mentioned in my reports through this year, inventories in The Sarasota Real Estate Market have fallen from a high of 5,015 properties for sale to the low of 4,020.
  • Current inventory is 4,490, resulting in just 4.3 months of single-family homes and 4.6 month’s supply of condominiums, both under the 6-month level considered a balanced market.
  • The single-family months of inventory has been consistent all year while the condominiums months of inventory continues to have a slight decrease each month.
    • Florida currently has 4.0 months of single-family inventory, up 9.8% compared to last year, and 5.5 month’s supply of condominiums, up 5.4% over last year and also close to a balanced market.
    • U.S. inventory of all housing types is sitting at 4.3 months of supply.

As always, I look forward to serving you, your family and friends with their real estate needs. It would be my pleasure to assist in reviewing your buying or selling needs and help to guide you to the best plan to achieve your goals.

I wish you a warm and wonderful Holiday Season!


My wife Katie and I regret the late delivery of the reporting of the Sarasota Real Estate Market results for the month of October 2018. As many of my subscribers know, Katie is the daughter of Murray (Murf) Klauber, the well-known founder of The Colony Beach & Tennis Resort on Longboat Key, visionary, innovator and community advocate, accomplished developer, and colorful and treasured friend to so many around the globe. Murf passed away on Thanksgiving evening after a day surrounded by his beloved family. In the weeks following we have been taking time to reflect on our great loss, and at the same time remember and celebrate his wonderful and full life, generosity and kindness, laughter and love. For those who did not know Murf, here is just one of many beautiful tributes, this one published in the Sarasota Herald Tribune.  Please also see The Longboat ObserverWall Street Journal and Longboat Key News for additional articles.


Michael’s Featured Listings:

Sarasota Real Estate

 

subscribe-button

Sarasota Real Estate Market Report – September 2018

Sarasota Real Estate

The Moulton Sarasota Real Estate Report – September 2018

Summer Sales Maintain Momentum

The Sarasota Real Estate Market turned in another month of increased sales and prices, inventory expansion and considerable growth over prior year in pending sales in the month of September. Remembering that September 2017 had a major disruption with Hurricane Irma tracking through the state, we expected improvement over prior year. What we saw was not an extreme expansion, but rather a modest lift in sales and prices, yet again setting our regional market on a steady and sustainable course as we move into our busier selling season.

Last year’s hurricane event caused a double-digit drop in contract signings, so not surprisingly that statistic in September 2018 grew to a pace that, as you’ll see in the statistics below, was substantial.

New construction remains robust and is helping to meet demand in that segment, however existing homes and condominiums are still showing slim inventory for buyers in the market for established neighborhoods and buildings. A six-month supply of properties for sale is considered a “normal” market, in which home prices would be expected to rise at the same pace as GDP. With our inventories well below that standard, the Sarasota Real Estate Market has and will continue to have prices grow at a greater pace in the months ahead.

National economists are confident that sales and price growth will continue through 2019, though at a slower rate than we experienced in 2018. The Sarasota Real Estate Market is expected to maintain its rate of growth that typically beats data reported across the rest of the country.

Buyers who are planning to use a mortgage have seen an increase in rates this year, as has been well reported. In the luxury market where most of my transactions take place, the majority are paid in cash. However, in the last few years with historically low interest rates many couldn’t help but take advantage of the cost of money.

Buyers in other price tiers may feel that borrowing bSarasota Real Estateelow or near 5% is objectionable, but if you take a look at the chart here (provided by Keeping Current Matters using data from Freddie Mac,) you’ll see that though you may have missed the lowest mortgage rates in modern history, you’re still experiencing very favorable borrowing conditions. Add to the attractive rates the easing of banking regulations for borrowing, conditions are still good for buyers wanting to use a mortgage for their purchase.

The stream of international buyers, demand coming from states facing harsh tax environments, and the large number of baby-boomers beginning their search for retirement properties, all lead to confidence in the Sarasota Real Estate Market’s potential to keep expanding. Based on my own buyer traffic and recent number of clients looking to list their properties, I am convinced that our peak selling season ahead will maintain the momentum that we have seen throughout 2018.

Many of my subscribers are outside the Sarasota area. With decades of experience assisting clients from across North America, I have developed a great network of some of the best realtors. Let me know if you’re contemplating selling and I’ll help you find a professional to work with in your community.

And now for my report on September Sarasota Real Estate Market activity:

Sales

  • Total Sarasota Real Estate Market dollar volume of $275.3 million in September increased by $12.7 million from the prior year.
    • Broken down, single-family sales were $194.8 million and condominium sales were $80.5 million.
    • The effects of Hurricane Irma on sales last year are remarkable when you see the year-over-year data for the entire state of Florida – single family sales volume grew 23.5% and condo volume was up 23.3%.
  • The number of properties sold in September was 806 which was 37 more than a year ago. The sales total included 548 houses and 258 condos.
    • Florida’s single-family sales increased 17% and condo sales were up 14.6% compared to prior year.
    • U.S. single-family sales declined 4.0% and condo sales fell 5%.
  • The 2018 monthly year-to-date average for sold properties in Sarasota County is 1,055 whereas the 2017 monthly average was 966, a nice average monthly increase.
  • Of the closed sales in Sarasota last month 19 were for over $1,000,000, 4% of the total sales, 11 were houses and 8 were condominiums.
  • All cash sales in Sarasota continue to be strong with 36% of single-family and 54% of condo sales closed without a mortgage. By comparison, national all cash transactions were about 20% of total sales.
  • Listings that went pending the past month were 842 and increased by 205 transactions from the same month last year, with single-family growing 28.8% and condominiums up 17.8%.
    • Florida’s single-family pending sales also showed an incredible increase over Hurricane Irma affected September 2017 with 37.9% more single-family homes and 44.1% more condo contracts written compared to last year.
    • U.S. pending sales fell 1% compared to prior year.
  • For the first nine months of 2018 Sarasota has averaged 1,108 pending sales. The monthly average of pending sales in 2017 was 1,043 and in 2016 it was 1,005. This trend is important to watch as it tends to forecast sales activity in the 30-90 days ahead.

Prices

  • In September, Sarasota’s single-family homes were sold at a median price of $280,000. The 2017 monthly median price average for houses sold in Sarasota was $267,043, about a 5% increase.
    • In September, Florida median price for single-family homes was $251,610, a 4.9% increase over last year.
    • The national median price for existing homes grew by 4.6% to $266,500.
  • The condominium median sale price was $236,248 in September vs. $220,000 a year ago. The 2017 monthly median average was $225,585.
    • Median price for a Florida condo last month was $182,500, a 5.5% increase over September 2017.
    • U.S. median condo price grew 1.5% in September to $239,200.
  • The average sale price for houses sold was $355,485 vs. the past year’s monthly average price for houses sold of $370,708.
  • Sarasota’s condominiums sold for an average price in September of $311,829 vs. the 2017 monthly average price for sold condominiums was $362,378.
  • Overall properties sold for 95.3% of the list price, a consistent ratio on a regular basis. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.

Inventory

  • Currently there is available inventory of 4,046 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.
  • Of the available inventory for sale, 508 properties are listed for over $1 million or only 12%. 379 of the active $1m+ listings are houses and 129 are condominiums.
  • Sarasota County had 1,083 new listed properties in September. The local market averaged 1,147 new listings per month in 2017. Of the total new listings the past month, 63 properties were listed over $1,000,000, a small amount of the overall available inventory for sale.
  • As mentioned, inventories in The Sarasota Real Estate Market have fallen this year and are now just 3.8 months of single-family homes and 4.2 month’s supply of condominiums, both under the 6-month level considered a balanced market. The single-family months of inventory has been consistent all year while the condominiums months of inventory continues to have a slight decrease each month.
    • Florida currently has 3.9 months of single-family inventory, up 6.5% compared to last year, and 5.3 month’s supply of condominiums, up about 3% over last year and also close to a balanced market.
    • U.S. inventory of all housing types is sitting at 4.4 months of supply, up 4% from this time last year.

As always, I look forward to serving you, your family and friends with their real estate needs. It would be my pleasure to assist in reviewing your buying or selling needs and help to guide you to the best plan to achieve your goals.

Michael’s Featured Listing:

Longboat Key Waterfront

subscribe-button

Moulton Sarasota Real Estate Market Report – August 2018 – It’s a Seller’s Market

Longboat Key

The Moulton Sarasota Real Estate Report – August 2018

It’s Still a Seller’s Market – Get in on it!

For months now the Sarasota Real Estate Market has favored sellers. What does this mean and why is it important to bring into focus for my readers? As we near the start of our busier season – both from regional and out-of-town buyer prospects – the market is favoring sellers. With property sellers in the driver seat, especially in the luxury market, unless there is a considerable increase in listings, we expect to see a narrowing of list-to-sale price gaps, and also likely buyers who have been looking for some time move more swiftly on the best new listings that come online.

If you are a would-be seller, now is the time to get started. It can take weeks and even months to bring a property to market, as often some repairs and refreshing may be necessary, and with tight labor conditions there may be a delay in preparing your home to show at its very best. Our busiest showing months coincide with higher tourist seasons. And it is very common in the early fall months to have all-cash buyers in the market looking to make a purchase and close before the end of the year.

In reviewing last month’s Sarasota Real Estate sales reports, condominiums once again showed strong growth. However, for the first month in some time, pending sales (contracts signed but not closed) fell slightly against contracts signed the same month last year. In the single-family segment, pending sales fell more significantly. I would be remiss if I didn’t mention red tide and its possible effect on recent contract signing activity. Though red tide is not new, the media attention during this year’s event has reached the global marketplace, and may have a softening effect on our market for a few months.

Inventory, regardless of outside influencers such as red tide, the economy and politics, needs to grow to maintain our longtime growth trend. Unless our region sees meaningful increases in properties for sale, buyers may find little to choose from during our busiest time of year. There are ample ready, willing and able buyers seeking properties to absorb an increased inventory of homes for sale, and certainly strong consumer confidence that real estate is the best investment in the years ahead. Again, I remind any of my readers considering putting their properties on the market, now is a prime time to make this important decision.

Many of my subscribers are outside the Sarasota area. With decades of experience assisting clients from across North America, I have developed a great network of some of the best realtors. Let me know if you’re contemplating selling and I’ll help you find a professional to work with in your community.

And now for my report on August Sarasota Real Estate Market activity:

Sales

While single-family home sales softened in comparison to last year, condominium activity remained robust. With the addition of a number of high quality projects brought to market this year and selling at quick pace, it is clear that this segment has strong demand. My experience is that the buyers are in many cases moving from the keys, and also snowbirds making their first foray into semi-retirement with an eye on permanent residency here in the nest 5-10 years. The new 73-unit ultra-luxury Ritz Carlton Residences has just broken ground. I expect these stunning condominiums to sell quickly – should you have an interest in taking a look at the project before it is fully reserved/sold out, please let me know.

  • Total Sarasota Real Estate Market dollar volume of $376.4 million in August increased by $24.5 million from the prior year and increased $14 million from July.
    • Broken down, single-family sales were $274.5 million and condominium sales were $102 million.
    • Single family sales increased $11 million compared to the prior year, and condo sales were up $13.6 million from the prior year.
    • Florida’s single family sales volume grew 8.9% and condo volume was up 17.4%.
  • The number of properties sold in August was 1,031, which was 14 less than July and 38 more than a year ago. The sales total included 716 houses and 315 condos.
    • Florida’s single-family sales increased 4.2% and condo sales were up 6.6% compared to prior year.
    • U.S. single-family sales declined 1.0% and condo sales fell 4.8%.
  • The 2018 monthly year-to-date average for sold properties is 1,086 whereas the 2017 monthly average was 966, a nice average monthly increase.
  • Of the closed sales in Sarasota last month 42 were for over $1,000,000, 4% of the total sales, 31 were houses and 11 were condominiums.
  • All cash sales in Sarasota continue to be strong with 34% of single-family and 53% of condo sales closed without a mortgage. By comparison, national all cash transactions were about 20% of total sales.
  • Listings that went pending the past month were 899 and decreased by 122 transactions from the same month last year. The majority of reduction occurred in the single-family segment, with just six fewer condo contracts signed.
    • Florida’s single-family pending sales fell 2.6% and condo contracts written dropped 8.9% compared to last year.
  • For the first eight months of 2018 Sarasota has averaged 1,141 pending sales. The monthly average of pending sales in 2017 was 1,043 and in 2016 it was 1,005. This trend is important to watch as it tends to forecast sales activity in the 30-90 days ahead.

Prices

Median prices for all segments have grown near 10% over prior year and average prices are up more than 5% in the Sarasota Real Estate Market. With inventory remaining tight, this trend is expected to continue.

  • In August, Sarasota’s single-family homes were sold at a median price of $283,488. The 2017 monthly median price average for houses sold in Sarasota was $267,043, about a 6% increase.
    • In August, Florida median price for single-family homes was $254,290, a 6% increase over last year.
    • The national median price for existing homes grew by 4.9% to $267,300 – this was the 78th consecutive month of year-over-year price appreciation.
  • The condominium median sale price was $232,950 in August vs. $213,500 a year ago. The 2017 monthly median average was $225,585.
    • Median price for a Florida condo last month was $185,000, an 8.8% increase over August 2017.
    • U.S. median condo price grew 2% in August to $244,500.
  • The average sale price for houses sold in Sarasota was $383,488. The past year’s monthly average price for houses sold was $370,708.
  • Sarasota’s condominiums sold for an average price in August of $323,255. The 2017 monthly average price for sold condominiums was $362,378.
  • Overall properties sold for 95% of the list price, a consistent ratio on a regular basis. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.

Inventory

As noted earlier in this report, we remain in a seller’s market. Inventory is just above last year’s level in both single-family and condominium segments. However in the luxury tier (above $1 million,) where the majority of my activity is, inventory is near its lowest level recorded in the last five years, dropping from a high of 30-months of inventory to today’s just 10-months, according to data tracker Trendgraphics. Again, this statistic should be an encouragement to would-be sellers as we enter our busier seasons ahead.

  • Currently there is available inventory of 4,020 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.
  • Total available inventory in the Sarasota Real Estate Market has decreased by 16 listed properties from August and 149 more properties than a year ago.
  • Of the available inventory for sale, 499 properties are listed for over $1 million or only 12%. 376 of the active listing are houses and 123 are condominiums.
  • Sarasota County had 1,141 new listed properties in August. The local market averaged 1,147 new listings per month in 2017. Of the total new listings the past month, 45 properties were listed over $1,000,000, a small amount of the overall available inventory for sale.
  • Inventory of properties over $1 million has fallen in the last year with 6.5% fewer single-family homes and 12.1% less condos on the market.
  • As mentioned, inventories in The Sarasota Real Estate Market have fallen this year and are now just 3.9 months of single-family homes and 4.1 month’s supply of condominiums, both under the 6-month level considered a balanced market. The single-family months of inventory has been consistent all year while the condominiums months of inventory continues to have a slight decrease each month.
    • Florida currently has 4.0 months of single-family inventory, up 4.5% compared to last year, and 5.3 month’s supply of condominiums, close to the same as last year and also close to a balanced market.
    • U.S. inventory of all housing types is sitting at 4.3 months of supply, up from 4.1 months at this time last year.

The Sarasota Real Estate Market is on track for another healthy selling season. New building continues to help to ease the inventory shortage of high quality well-located existing homes and condominiums. Surveys of home builders suggest that their confidence in the market is strong and that the pace of new product that we’ve seen over the last year will continue.

In general, it’s hard to ignore the creeping up of interest rates and expectation of an acrimonious mid-term election ahead, which could cause some national real estate and investment market disruptions, but I feel that neither will have much effect on our local area’s housing industry. The positive GDP growth, low unemployment, small business optimism, consumer confidence and rise in household net worth all create a confluence of healthy factors allowing for real estate market stability in the months ahead.

As always, I look forward to serving you, your family and friends with their real estate needs.

subscribe-button

Moulton Sarasota Real Estate Report – July 2018 Market Keeps Up Steady Growth

Sarasota Real Estate

Despite The Sarasota Real Estate Market being in the midst of the somewhat slower summer months, July kept with tradition and raised year-over-year pace. The majority of contracts are written in April-June for closings that occur in July, so July tends to remain active. All indicators showed positive results with sales growth, total volume up, price appreciation and contracts signed steady with last year, indicating the months ahead will continue to see healthy conditions.

Inventory of both existing single-family homes and condos continues to tighten, which is keeping upward pressure on prices. Both segments saw more than 8% growth in median prices last month. New listings have consistently fallen below sales this year and left us with only a 3.9 month supply of single-family homes and 4.1 months of condominiums, both well below the 6-month supply level assumed to indicate a balanced market between buyers and sellers.

New construction in the Sarasota Real Estate Market has been consistently bringing outstanding product to market and is helping to ease strong demand for housing in our region. Both in the urban areas as well as to the east have added wonderful communities. The quality, detail, amenities and beauty our local builders are offering in their new homes is giving even the most discerning buyers the chance to check off all the “covets” on their wish lists.

Since moving with my wife Katie into a beautiful condominium to enjoy the “downtown” lifestyle five years ago, we have not only seen incredible growth of both condo and apartment options, but also extraordinary demand for urban living. My clients from the keys as well as newcomers to the area see that Sarasota’s downtown corridor has become extremely attractive with its year-round performing arts, amazing variety of fabulous restaurants, and wonderful boutiques. The projects underway and still in design and approval stages will add some spectacular new options to consider. It would be my pleasure to speak with you, your family and friends about the exciting new and existing choices.

And now for my monthly statistical information. As always, I have analyzed a number of local, regional and national resources and present a compilation of my findings.

Sales

  • Total Sarasota Real Estate Market dollar volume of $362.5 million in July increased by $7 million from the prior year and decreased $95 million from June, which was expected as we get away from sales in season.
    • Broken down, single-family sales were $249.5 million and condominium sales were $113 million.
    • Single family sales decreased $6 million compared to the prior year, and condo sales were up $13 million from the prior year. Total sales volume increase a little over 2%.
    • Florida’s single family sales volume grew 9.8% and condo volume was up 9.6%.
  • The number of properties sold in July was 1,045, which was 137 less than June yet 56 more than a year ago. The sales total included 683 houses and 306 condos.
    • Florida’s single-family sales increased 3.8% and condo sales were up 8.5% compared to prior year.
    • S. single-family sales declined 1.2% and condo sales fell 3.3%.
  • The 2018 monthly year-to-date average for sold properties is 1,094 whereas the 2017 monthly average was 966, a nice average monthly increase.
  • Of the closed sales in Sarasota last month 31 were for over $1,000,000, 3% of the total sales, 18 were houses and 13 were condominiums.
  • All cash sales in Sarasota continue to be strong with 33% of single-family and 57% of condo sales closed without a mortgage. By comparison, national all cash transactions were 20% of total sales.
  • Listings that went pending the past month were 998 and increased by 6 transactions from the same month last year.
    • Florida’s single-family pending sales were virtually equal to last year.
  • For the first seven months of 2018 we have averaged 1,176 pending sales. The monthly average of pending sales in 2017 was 1,043 and in 2016 it was 1,005. This trend is important to watch as it tends to forecast sales activity in the 30-90 days ahead.

Prices

  • In July, Sarasota’s single-family homes were sold at a median price of $280,750. The 2017 monthly median price average for houses sold in Sarasota was $267,043, about an 8% increase.
    • In July, Florida median price for single-family homes was $255,000, a 6.3% increase over last year.
    • The national median price for existing homes grew by 4.6% to $272,300 – this was the 77th consecutive month of year-over-year price appreciation.
    • New homes continue to sell for 20% or more over existing home prices.
  • The condominium median sale price was $232,000 in July vs. $215,500 a year ago. The 2017 monthly median average was $225,585.
    • Median price for a Florida condo last month was $180,000, a 5.3% increase over July 2017.
    • S. median condo price grew 3.2% in July to $248,100.
  • The average sale price for houses sold in Sarasota was $354,396. The past year’s monthly average price for houses sold was $370,708.
  • Sarasota’s condominiums sold for an average price in July of $331,241. The 2017 monthly average price for sold condominiums was $362,378.
  • Overall properties sold for 95% of the list price, a consistent ratio on a regular basis. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.

Inventory

  • Currently there is available inventory of 4,036 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.
  • Total available inventory in the Sarasota Real Estate Market has decreased by 137 listed properties from June and 136 less properties than a year ago.
  • Of the available inventory for sale 535 properties are listed for over $1 million or only 13%. 409 of the active listing are houses and 123 are condominiums.
  • Sarasota County had 1,134 new listed properties in July. The local market averaged 1,147 new listings per month in 2017. Of the total new listings the past month, 67 properties were listed over $1,000,000, a small amount of the overall available inventory for sale.
  • As mentioned previously in this report, inventories in The Sarasota Real Estate Market have fallen this year to just 3.9 months of single-family homes and 4.1 month’s supply of condominiums, both under the 6-month level considered a balanced market.
    • Florida currently has 3.9 months of single-family inventory, close to the same as last year, and 5.3 months of condominiums, which is 2.2% below prior year levels.
    • S. inventory of all housing types is sitting at 4.3 months of supply, about the same level as last year at this time.

Wishing all of my readers a wonderful late summer!

As always, I look forward to serving you, your family and friends with their real estate needs.

Moulton Sarasota Real Estate Report – June 2018 – Price Appreciation Continues

Sarasota Real Estate

The Moulton Sarasota Real Estate Report – June 2018

Sarasota Market Continues Price Appreciation

The Sarasota Real Estate Market has seen consistent price appreciation in the last several years. However, unlike some parts of the country that experience seasonal peaks and valleys, our region is one of the most stable of the high-demand communities that I keep an eye on. Seeing steady growth in home values, along with consistent inventory levels and sales growth has set our local real estate market on solid fundamentals, which will serve us well through the balance of our summer season.

Strong consumer confidence is driving steady demand from buyers for both existing and new homes. Home sellers are also feeling upbeat. A recent study found that many would-be sellers have decided to stay in place waiting to find just the right property, resulting in one of the longest average ownership periods in decades. The upside for sellers? Average return on investment has also grown – now said to be in excess of 30% for a home that has been owned eight years.

The most recent survey by the National Home Builder Association showed continued confidence from builders, despite some rising costs for materials and ever-present shortage of skilled labor. Median prices for new homes are averaging 15-20% higher than an existing home, which is a smaller gap than had been seen last year. The national supply of new homes is growing and is currently said to have 5.7 months of available inventory. However, it is important to note that the inventory count includes both completed and homes under construction.

The statistical information below is a compilation from a number of local, regional and national resources that I monitor every month to evaluate the market.

Sales

  • Total Sarasota Real Estate Market dollar volume of $457.5 million in June increased by $39.3 million from the prior year and decreased $10 million from May.
    • Broken down, single-family sales were $330 million and condominium sales were $127.5 million.
    • Single family sales increased $48 million or 17% compared to the prior year, and condo sales were down $6.6 million or 5% from the prior year.
    • Florida’s single family sales volume grew 6.3% and condo volume was up 10.9%.
  • The number of properties sold in June including both single family and condominiums was 1,182, which was 90 less than May and 27 more than a year ago. The sales total included 798 houses and 384 condos.
    • Florida’s single-family sales decreased 1.3% and condo sales were up 1.2% compared to prior year.
    • U.S. single-family sales declined 2.3% and condo sales fell 1.6%.
  • The 2018 monthly year-to-date average for sold properties is 1,102 whereas the 2017 monthly average was 966 and in 2016 the monthly average was 952.
  • Of the closed sales in Sarasota last month 56 were for over $1,000,000 or 4.7% of total sales, 42 were houses and 14 were condominiums.
  • All cash sales in Sarasota continue to be strong with 34% of single-family and 58% of condo sales closed without a mortgage. By comparison, national all cash transactions were 22% of total sales.
  • Total pending sales of 1,070 properties that went under contract during June decreased by 17 transactions from the same month last year.
    • Florida’s single-family pending sales fell 3.3% and pending condos sales were virtually equal to last year.
    • National pending sales fell 2.5% from prior year’s contract signing activity.
  • For the first six months of 2018 we have averaged 1,205 pending sales. The monthly average of new pending sales in the Sarasota Real Estate Market in 2017 was 1,043 and in 2016 it was 1,005. This trend is important to watch as it tends to forecast sales activity in the 30-90 days ahead.

Prices

  • In June, Sarasota’s single-family homes were sold at a median price of $279,500 vs. $275,000 a year ago. The 2017 monthly median price average for houses sold in Sarasota was $267,043 and in 2016 $249,943.
    • In June, Florida median price for single-family homes was $260,000, a 6.3% increase over last year.
    • The national median price for existing homes grew by 5.2% to $279,300 – this was the 76th consecutive month of year-over-year price appreciation.
  • The condominium median sale price was $221,250 in June vs. $215,500 a year ago. The 2017 monthly condominium median average was $225,585 vs. $208,539 in 2016.
    • Median price for a Florida condo last month was $190,000, a 7.5% increase over June 2017.
    • U.S. median condo price grew 4.9% in June to $258,100.
  • The average sale price for houses sold in Sarasota was $413,500 in June vs. $359,226 a year ago. The past year’s monthly average price for houses sold was $370,708 vs. $346,232 in 2016.
  • Sarasota’s condominiums sold for an average price in June of $332,009 vs. $362,344 a year ago. The 2017 monthly average price for sold condominiums is $362,378 vs. $325,802 in 2016.
  • Overall properties sold for at 95% of the list price, a consistent ratio on a regular basis. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.

Inventory

  • Currently there is available inventory of 4,270 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.
  • Total available inventory in the Sarasota Real Estate Market has decreased by 174 properties from May, and 70 less properties than a year ago.
  • Of the available inventory for sale 561 properties are listed for over $1 million or only 13%. 436 of the active listing are houses and 125 are condominiums.
    • Inventory of single-family homes for sale in the Sarasota Real Estate Market listed over $1,000,000 has fallen 5.2% compared to last year.
    • Luxury condos in the price tier declined more than 23%. The drop in condominium inventory at the higher price points was reflective of considerably fewer new properties coming to market in the last few months when compared to prior year new listings.
  • The Realtor Association of Sarasota-Manatee reports that there are 4.1 months of single-family homes inventory and 4.5 month’s supply of condominiums, both under the 6-month level considered a balanced market, and indicating that we are still in a seller’s market.
    • Florida currently has 3.9 months of single-family inventory, close to the same as last year, and 5.5 months of condominiums, which is 2.8% below prior year levels.
    • U.S. inventory of all housing types is sitting at 4.3 months of supply, about the same level as last year at this time.
  • Sarasota County had 1,134 new listed properties in June. The local market averaged 1,147 new listings per month in 2017 and in 2016 it was 1,005. Of the total new listings the past month, 74 properties were listed over $1,000,000 or only 6.5%.

Market experts continue to project housing market growth through the 2nd half of 2018. As noted earlier in this report, consumer confidence in the economy and strong employment numbers are fueling home buyer interest.

With the Sarasota Real Estate Market still well below the 6-month inventory level, presumed to be the sign of a balanced market, I expect our prices to continue their appreciation, albeit at a modest and sustainable pace. Our region remains fundamentally strong allowing for more growth in the months ahead.

Having assisted clients in the region for more than 35 years, I have the knowledge and experience to guide my customers through the complex process of searching for or marketing and selling a property in a relaxed and rewarding manner.

As always, I look forward to serving you, your family and friends with their real estate needs.

Michael’s Featured Listing:

Sarasota Real Estate

View All Michael’s Listings HERE

subscribe-button

Moulton Sarasota Real Estate Market Report – April 2018 Luxury Tier Maintains Growth

Longboat Key Condo

The Moulton Sarasota Real Estate Report – April 2018

Sarasota Real Estate Market’s Luxury Tier Maintains Growth Pattern

The whole of the Sarasota Real Estate Market continues to experience measured growth in sales, price appreciation and generally stable inventory conditions. But it is in the luxury tier – properties for sale over $1,000,000 – where activity has been consistently showing year-over-year growth of some significance. Subscribers to my newsletter are aware that the majority of my transactions are in this category, so I do watch and analyze it more than other price points. It has been some time since I focused one of my monthly reports on this segment, so in light of the unique aspects of this tier, I thought it was deserving of my April highlight.

What has been especially noteworthy in the Sarasota Real Estate Market this year is the completion of several spectacular new condominium projects, which have begun welcoming residents over the last six months. These developments, as well as other existing luxury condo residences had an increase in sales of more than 95% in the first four months of the year, when compared to the same period in 2017.  By comparison, single family homes in the over $1 million category increased 24% over prior year.

Another remarkable piece of data is in pending sales, those properties put under contract in the month but not yet closed. According to Trendgraphix, million dollar and above condominiums have shown consistently high growth over prior year with an average of 77% more pending contracts signed each month in 2018 compared to last year. Keeping an eye on pending contracts is key to being able to project sales activity in the 1-3 months ahead.

Also of note is inventory of available luxury condos in the Sarasota Real Estate Market. Again, using the first four months of the year, the area is averaging 27% less inventory of million dollar condo properties on the market. In contrast, inventory of luxury single-family homes is averaging 27% more monthly inventory when compared to last year.

The luxury condo market could be said to have been “disrupted” by the addition of the new buildings, but with others currently under construction and several more in various stages of design and development, I believe the trends that we have seen thus far in 2018 are likely to become the norm over the next couple of years. There has been great pent-up demand from both in-market and out-of-market buyers wanting to buy new construction, and with years of no new product coming to market, I believe there is great promise for luxury condo absorption.

In-market demand is especially interesting as I am finding a desire from current residents on the keys to want to relocate to downtown Sarasota and some new east County developments. In addition, there are many “baby-boomer” local clients looking for the lower-maintenance, privacy and security, and especially luxury-hotel-like services and amenities of today’s condominiums, instead of maintaining a large single-family home.

When looking at where the majority of our non-residents are coming from – the northeastern U.S., as well as Canada and the U.K., Sarasota Real Estate is a great value/investment in comparison to their home communities, with an incredible bonus of the extraordinary Sarasota lifestyle. Luxury buyers are no longer just seeking prime locations, lifestyle has become a primary factor in where to make their investments. The ultra-wealthy have also become increasingly mobile with easy global travel and tech advances allowing them to work remotely, allowing them to spend more time in their preferred location.

The Federal Reserve released a recent report identifying that there are 12.6 million U.S. households that rank in the nation’s top 10% level of wealth, defined as having more than $1.2 million in total assets. Market analysts used this information to assert that there are more potential wealthy buyers than ever before.

One challenge that exists for us in the Sarasota Real Estate Market is that buyers of premium properties typically have the benefit of time and money to wait to find the perfect home. On the other side of the coin, they are often not under pressure to have to sell another home before closing on a new one. So will these wealthy prospects wait for the yet to be completed new buildings to be developed, or will they want to take advantage of the excellent existing condos that have been put on the market during the last year but have not yet been sold, and choose to renovate so that they can move sooner rather than later?

For a snapshot of data from the Sarasota Real Estate Market as it compares to previous year and also state and national statistics, see below:

Sales

  • Total Sarasota Real Estate Market dollar volume of $465.3 million in April increased by $43.4 million from the prior year, and decreased $35.2 million from March.
    • Broken down, single-family dollar volume increased $23.7 million or 8% compared to the prior year and condo sales dollar volume was up $38.3 million or 32% from the prior year. A very healthy status of the market.
  • The number of properties sold in April including both single family and condominiums was 1,200, which was 20 less than March and 26 more than a year ago.
    • Florida’s single-family sales decreased 4.1% and condo sales were up 9.2% compared to prior year.
    • S. single-family sales declined 1.6% and condo sales increased 1.6%.
  • The 2018 monthly year to date average for sold properties is 1,040 whereas the 2017 monthly average was 978 for the year and in 2016 the monthly average was 952.
  • Of the closed sales in Sarasota last month 54 were for over $1,000,000 or 4.5% of total sales, 39 were houses and 15 were condominiums. Though only a small number of units in comparison to total, it is interesting to note that data that I reviewed showed that nearly 25% of total sales volume in the Sarasota Real Estate Market in April was from the luxury market.
  • All cash sales in Sarasota continue to be strong with 37% of single-family and 64% of condo sales closed without a mortgage. By comparison, national all cash transactions were 21% of total sales.
  • Total pending sales of 1,134 properties that went under contract during April decreased by 101 transactions from the same month last year.
    • As mentioned earlier in this report, the luxury market experienced a notably higher pending contract rate than previous year.
    • S. pended sales for all housing types fell by 2.1% compared to prior year.
    • Florida’s total pending increased by 2%.
  • For the first four months of 2018 we have averaged 1,257 pending contracts signed. The monthly average of new pending sales in the Sarasota Real Estate Market in 2017 was 1,043 vs. 1,005 in 2016.

Prices

  • In April, Sarasota’s single-family homes were sold at a median price of $285,000 vs. $272,500 a year ago, a 5% increase.
  • The 2017 monthly median price average for houses sold in Sarasota was $267,043 and $249,943 in 2016.
    • In April, Florida median price for single-family homes was $253,895, an 8.1% increase over last year.
    • The national median price for existing homes grew by 5.5% to $259,900.
  • Condominium median sale price was $235,000 in April vs. $215,000 in April 2017.
  • The 2017 monthly condominium median average is $225,585 vs. $208,539 in 2016.
    • Median price for a Florida condo last month was $190,000 a 10.5% increase over April 2017.
    • S. median condo price grew 3.4% in April to $242,500.
  • The average sale price for houses in Sarasota was $410,122 in April vs. $382,073 a year ago.
  • The past year’s monthly average price for houses sold was $370,708 vs. $346,232 in 2016.
  • Sarasota’s condominiums sold for an average price in April of $350,311 vs. $312,361 a year ago.
  • The 2017 monthly average price for sold condominiums is $362,378 vs. $325,802 in 2016.
  • Overall properties sold for at 95% of the list price, a consistent ratio on a regular basis. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.

Inventory

  • Currently there is available inventory of 4,289 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.
  • Total available inventory in the Sarasota Real Estate Market has decreased by 70 properties from March, 484 less properties than in April 2017, and 112 than the end of 2017.
  • The Realtor Association of Sarasota-Manatee reports that there are 4.1 months of single-family homes inventory and 4.6 month’s supply of condominiums, both under the 6-month level considered a balanced market, and indicating that we are still in a seller’s market.
    • Florida currently has 3.8 months of single-family inventory and 5.8 months of condominiums.
    • S. inventory of all housing types is sitting at just 4.0 months of supply.
  • Sarasota County had 1,236 new listed properties in April. The local market averaged 1,147 new listings per month in 2017, and in 2016 it was 1,005.
  • Of the total new listings the past month, 72 properties were listed over $1,000,000 or only 6%.

Statistics on new home construction in the Sarasota Real Estate Market is difficult to obtain, but one recent report noted that more than 900 new home starts in 2017 occurred in Lakewood Ranch alone. I drove through Lakewood Ranch this week to visit some of the new communities underway and continue to me amazed at the seemingly endless new home building. Add Palmer Ranch, The West Villages and other planned communities, along with homebuilder confidence being near an all-time high, and it appears that the new inventory stream will help to maintain a steady balance between supply and demand.

Sarasota has been dubbed a “lifestyle market” where beach, cultural arts and entertainment, culinary offerings, golf and other sports activities are strong influencers for buyers. While our region used to be known as a second home market, we are evolving to a more primary market, not only for the lifestyle aspects, but also for its relative value where buyers can enjoy more space and luxury design elements for their investment.

Consumer confidence remains quite high as a result of a strong jobs market and healthy economy. There appears to be buyer resiliency with little effect on demand from rising interest rates and the prospect of additional increases expected this year. Demand from buyers interested in the Sarasota Real Estate Market is still outpacing supply in virtually all price points and housing segments. All of these market fundamentals suggest that our region will continue its steady expansion.

Economists have estimated that more than 1,000 people move to Florida every day. With Sarasota’s unique lifestyle attributes and affordability when compared to many other coastal communities, it appears that without a significant global geopolitical or other unforeseeable disruption, our region is poised to maintain a healthy pace of sales and price growth, and also inventory balance for the year ahead.

Having assisted clients in the region for more than 35 years, I have the knowledge and experience to guide my customers through the labyrinth of searching for or marketing and selling a property in a relaxed and rewarding manner.

As always, I look forward to serving you, your family and friends with their real estate needs.

Sarasota’s Finest Properties April Featured Listing

Sarasota Real Estate

View all Michael’s Listings Here

subscribe-button

Moulton Sarasota Real Estate Report – Market Scores with Solid Spring

Sarasota Waterfront

The Moulton Sarasota Real Estate Report – March 2018

Sarasota Real Estate Market Scores with Solid Spring

The Sarasota Real Estate Market’s spring selling season is winding down, but some of our strongest months are still ahead. Traditionally, May, June and July are when buyers who viewed properties in our peak season make their offers and close on their new properties. So far this year, sales have been 8.7% higher than 2017’s first quarter, and based on the traffic that I have seen, I believe our market will not only maintain its energy and continue to produce growth in sales and prices, but also retain our balanced conditions.

As stated in past reports, I keep a close eye on the luxury market, which is defined as properties above the $1 million mark. In March, the Sarasota Real Estate Market saw 42 single-family homes and 38 condos change hands in the luxury price tier. 67 homes and 26 condos at the price point came to market, essentially maintaining status quo as far as available properties are concerned. In the first quarter of 2018, million dollar transactions were about 6.7% of total sales in the Sarasota Real Estate Market. It is important to note that the luxury market tends to have less peaks and valleys of seasonal demand when compared to lower and mid-market tiers.

Much of the country is facing severe shortages of inventory, and despite last month’s slide in new listings in all price points in the Sarasota Real Estate Market, the region is still in a stable position with more than four-months of single-family homes and nearly five-months of condos available for sale. It is not entirely unusual to see a softening of new inventory coming to market at the end of season, as sellers often take their properties off the market to reassess pricing, make repairs that were obstacles to buyers, to hold through the summer and await the next peak tourist season, or because they themselves were not able to find the “move-up” or “move-on” property they were seeking.

Because the Sarasota Real Estate Market remains a seller’s market, meaning having less than six-months of available inventory which is the presumed balance point between buyers and sellers, prices continue to grow. Single-family prices increased 9.3% and condos 4.3% from prior year, and while that sounds like fairly hefty growth, prices are still within range of the pace of growth that Florida and the rest of country are experiencing. In addition, though we are closing in on pre-recession home price levels, there is no need for alarm. This region experienced such dramatic loss of housing values that I believe there is still plenty of room for prices to grow before any concern is warranted.

The pace of new pending contracts signed last month leveled off compared to prior year, but for the quarter is still nearly 5% ahead of 2017. This should help to keep the pace of sales in the next couple of months on track for market growth compared to prior year through the summer.

For a snapshot of data from the Sarasota Real Estate Market as it compares to previous year and also state and national statistics, see below:

Sales

  • Total Sarasota Real Estate Market dollar volume of $500.5 million in March increased by $85.1 million from the prior year, and increased $132.2 million over the prior month.
    • Broken down, single-family dollar volume increased $41.9 million or 15% compared to the prior year and condo sales dollar volume was up $43.2 million or 30% from the prior year.
  • The number of properties sold in March including both single family and condominiums was 1,220, which was 336 more than February and 23 more than a year ago, representing a modest 2% growth in number of closings in the month over last March.
    • Florida’s single-family sales decreased 3.5% and condo sales were down 1.8% compared to prior year.
    • U.S. single-family sales declined 1% and condo sales fell 3.2%.
  • The 2017 monthly average of total sales in Sarasota was 978 and in 2016 the monthly average was 952.
  • Of the closed sales in Sarasota last month 80 were for over $1,000,000 or 6.6% of total sales – 42 were houses and 38 were condominiums.
    • Florida and U.S. $1 million sales were about 3% of total sales in comparison.
  • All cash sales in Sarasota continue to be strong with 38% of single-family and 65% of condo sales closed without a mortgage. By comparison, national all cash transactions were 20% of total sales.
  • Total pending sales of 1,379 properties that went under contract during March increased by 8 transactions from the same month last year.
    • U.S. pended sales for all housing types fell by 3% compared to prior year.
    • Florida’s total pending also dropped about 3%.
  • The monthly average of new pending sales in the Sarasota Real Estate Market in 2017 was 1,043 vs. 1,005 in 2016. For the first three months of 2018 we have averaged 1,298 pending contracts signed.

Prices

  • In March, Sarasota’s single-family homes were sold at a median price of $287,053 vs. $262,621 a year ago, a 9% increase.
  • The 2017 monthly median price average for houses sold in Sarasota was $267,043 and $249,943 in 2016.
    • Florida median price for single-family homes was $250,800, an 8.2% increase over last year.
    • The national median price for existing homes grew by 5.8% to $250,400.
  • Condominium median sale price was $240,000 in March vs. $230,000 in March 2017.
  • The 2017 monthly condominium median average is $225,585 vs. $208,539 in 2016.
    • Median price for a Florida condo last month was $183,000 a 7% increase over March 2017.
    • U.S. median condo price grew 4.8% in March to $236,100.
  • The average sale price for houses in Sarasota was $412,904 in March vs. $350,055 a year ago.
  • The past year’s monthly average price for houses sold was $370,708 vs. $346,232 in 2016.
  • Sarasota’s condominiums sold for an average price in March of $405,745 vs. $341,458 a year ago.
  • The 2017 monthly average price for sold condominiums is $362,378 vs. $325,802 in 2016.
  • Overall properties sold for at 94.9% of the list price. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.

Inventory

  • Total available inventory in the Sarasota Real Estate Market has decreased by 646 properties from February, 778 less properties than in March 2017, and 968 more than the end of 2017.
  • Currently there is available inventory of 4,369 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.
  • The Realtor Association of Sarasota-Manatee reports that there are 4.1 months of single-family homes inventory and 4.8 month’s supply of condominiums, both under the 6-month level considered a balanced market.
    • Florida currently has 3.8 months of single-family inventory and 5.9 months of condominiums.
    • U.S. inventory of all housing types is sitting at just 3.6 months of supply.
  • Sarasota County had 1,359 new listed properties in March, the local market averaged 1,147 new listings per month in 2017, and in 2016 it was 1,005.
  • Of the total new listings the past month, 93 properties were listed over $1,000,000.

The Mortgage Bankers Association recently reported that the 30-year fixed mortgage rate was at its highest since August of 2013. However, even at 4.58% they said that mortgage applications were up 11% compared to last year at this time. The generally solid economic news, growth of homeowner equity resulting from prices rising across the country and steady investment growth, leads experts to opine that they do not anticipate the rising interest rates to diminish demand for housing.

Last month’s survey of home builders once again showed confidence in continuing a steady pace of both new multi-family and single-family development. With a steady in-flow of new product in the Sarasota Real Estate Market, price growth will remain moderate as demand still exceeds both existing available inventory and pace of new housing completions. In fact, the pace of home price increases is reported to be back on a similar track as was seen for the 15-year period preceding the financial crisis, when annual growth averaged 6.1%.

As the traffic and high-season pace of activity in the Sarasota area begins to ebb, I want to remind all of my non-resident readers that this area has so very much to offer in the “softer” shoulder and summer seasons. The wide variety of performing arts, stunning exhibits at our galleries and facilities such as Marie Selby Botanical Gardens’ Andy Warhol feature and the ever-thought provoking Embracing our Differences on the downtown Bayfront, endless activities on the water and at the beaches, beautiful golf courses and so much more make this one of my favorite times of year. Consider coming to see for yourself why investing in the lifestyle that is Sarasota is something truly like none other – every season of the year!

Having assisted clients in the region for more than 35 years, I have the knowledge and experience to guide my customers through the labyrinth of searching for or marketing and selling a property in a relaxed and rewarding manner.

As always, I look forward to serving you, your family and friends with their real estate needs.

This Month’s Featured Listing from Michael’s Portfolio:

Sarasota Real Estate

View all of Michael’s Listings HERE

subscribe-button