Moulton Sarasota Real Estate Market Report – September 2017

Sarasota marina

Hurricane Irma and Holiday Trigger Lean Sales Volume

The Sarasota Real Estate Market suffered a considerable impact from many fewer business days in September as a result of both Hurricane Irma and the Labor Day holiday.  Though September is typically a softer month than others throughout the year, when comparing sales to the same month last year, the area saw an 18.5% decline in closings.  The Realtor Association of Sarasota and Manatee calculated that the region had 20% fewer business days compared to other months this year.

Despite the substantial decrease in number of units sold in the Sarasota Real Estate Market, condo sales dollar volume was just 2% behind last year, and single-family was 13.5% behind prior year.  At the same time sales weakened, prices maintained their climb with single-family home prices growing 8.4% and condominiums up 11.2%.

With homeowners focused on hurricane preparations, evacuation plans, and eventual clean-up, significant business disruptions caused by loss of power and technology, need for re-inspections of homes under contract after the storm passed, and general angst not only caused sales to lag, but also new listings and pending contracts to be impacted.  Single-family listings were almost 37% fewer than previous year and condos saw 18% less units come to market.

Current inventories of single-family homes and condominiums in the Sarasota Real Estate market are at the lowest levels in more than a year.  Homeowners who were unable to get their properties listed in September will hopefully go forward with their plans to sell and help to restock our now tight supply.

Pending sales is one of our best forward looking indicators.  In September new contracts signed were almost 30% behind last year.  However, it is important to note that while this may affect sales in the next month or two, demand has not waned and those same buyers are still in the market for properties, so I do not expect future sales to fall measurably as a result of the hurricane.

Florida and Texas represent nearly 20% of all real estate sales each month, so with the states so severely impacted by Harvey and Irma, both August and September saw total U.S. sales slide.  The National Association of Realtors reported that September inventory and pending sales nationwide also declined, likely attributable to the storms.

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 monthly.

Sales:

  • Total sales in The Sarasota Real Estate Market in September decreased by 143 sales to 769 from prior year, and decreased 224 sales from August.
  • Total dollar volume decreased $30.8 million from prior year and fell $89.3 million behind the prior month.
  • Single-family home sales in September of 529 were 106 less than a year ago and decreased by 196 sales from August.
    • Florida’s single-family sales fell 20.4% compared to last year.
    • U.S. sales also fell and were 1.2% below prior year.
  • Total number of condominium units sold of 240 in Sarasota in September was 13% lower than a year ago, and decreased by 28 sold properties from the prior month.
    • Florida condo sales were 15.9% lower than September 2016.
    • Condo sales nationally declined 3.2% compared to last September.
  • The 2016 monthly average of single family sales was 672, and for this year the monthly average is 679, an almost identical pace.  For condos, the average monthly sales in 2016 were 308, and this year it is 325.
  • All cash sales in Sarasota continue to be strong with 40% of single-family and 56% of condo sales closed without a mortgage.  This percentage consistently exceeds Florida and national cash sales trends.
  • Pending sales of 452 homes that went under contract during September decreased by 25% from the same month last year, which as noted earlier is a direct result of the large September storm.
  • Condominium pending sales were also significantly down with a 39% decrease in properties going under contract in September compared to prior year.
  • The monthly average of pending sales this year is 732 for houses vs. 725 in 2016, and 348 for condos vs. 334 in 2016.
    • U.S. pended sales fell 3.5% compared to prior year.
    • Florida’s pending sales saw a 30% drop in properties going under contract in September when compared to prior year, similar to what we experienced in our region.

Prices:

  • In September, Sarasota’s single-family homes were sold at a median price of $269,900 vs. $249,000 a year ago, 8% higher.
    • Florida median price for single-family homes was $239,900, a 7.6% increase over last year.
    • The national median price for homes was $246,800.
    • The median price in September for a NEW home in the U.S. was $319,700.
  • The 2016 monthly median price average for houses sold in Sarasota was $248,167 vs. this year it is $262,836.
  • Condominium median sale price was $220,000 in September, the 2017 monthly average is $221,449 vs. $209,058 as the 2016 monthly average.
    • Median price for a Florida condo last month was $173,000 an 8.1% increase over September 2016.
    • U.S. median condo price in September was $231,300.
  • The average sale price for houses in Sarasota was $353,869 in September vs. $340,938 a year ago.
  • The year’s monthly average price for houses sold in 2016 is $350,914 vs. $363,363 year to date.
  • Sarasota’s condominiums sold for an average price in September of $314,206 vs. $277,738 a year ago.
  • The 2016 monthly average price for sold condominiums was $330,575 vs. $314,206 this year.
  • Single-family homes sold at 95.7% of list price, and condominiums sold at 94.2% of the list price.

Inventory:

  • Total available inventory in the Sarasota Real Estate Market is close to the same from August and a year ago. Consistency of available inventory is a good indicator of a stable market.
  • Since January 1, 2017, inventory has fallen by 771 properties or 17%.
  • For single-family homes, Sarasota’s inventory has decreased by 521 properties since the beginning of 2017.
  • Condominium inventory in Sarasota has decreased by 250 properties since the beginning of the year.
  • The Realtor Association of Sarasota-Manatee reports that there are 3.7 months of single-family homes inventory and 4.5 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 5.5 months of condominiums.
    • U.S. inventory of all housing types is reported to be at 4.2 months, 6.4% less than a year ago.
  • Sarasota County averaged 1,162 new listings per month in 2016 and this year the nine-month average is 1,227. In September only 759 listings came on the market, I am sure a direct result of the storm.
  • Currently there is available inventory of 3,824 properties for sale vs. 4,595 at the end of 2016 and 3,598 at the end of 2015.

Homebuilders remain steadfast in their confidence that the market for newly built homes will continue to be strong.  Though material and labor shortages exist and costs are rising, a recent survey by the National Association of Homebuilders indicated developers believe they can maintain their pace of building and deliver much needed new inventory to market.

A recent survey of more than 100 real estate experts, economists and market strategists also reflected sentiments of a very healthy housing market.  They project a strong finish to 2017, sales increase in 2018 of more than 5%, and price increases of about 6% on the national stage.  Over the next five years the same group expects national average home value appreciation to grow 3.6% annually and cumulative appreciation for homes of 18.4%

  October activity in my business has been as strong as I can remember in recent years.  A high level of activity from eager buyers and many new sellers give me confidence that in the season ahead the Sarasota Real Estate Market will continue this year’s pattern of sales and price growth.

If this is your time to sell or buy a new home or condominium, give me a call and let me help you achieve your real estate objectives.

View Michael’s Newest Listing!

Renaissance PH collage 431 N Shore collage
2525 Bayshore collage Elden Bayshore collage

View all of Michael’s Listings HERE

Moulton Sarasota Real Estate Market Report – July Shows Continued Growth

Sarasota waterfront

The Moulton Sarasota Real Estate Report – July 2017

Summer Sales Show Further Market Growth

The Sarasota Real Estate Market managed to continue its growth pattern. July data exhibited that demand remains strong for the region, and it appears that the healthy conditions should allow for sustained growth in the months to come.

While many expect our summer selling season to be softer when compared to the peak tourist/part-time resident months, July closed sales are typically active, this year topping sales in the October 2016 thru February 2017 months. Properties that went under contract in July 2017 exceeded those of July 2016 by approximately 4%, so expectations are that the moderate sales growth over prior year will continue in the Sarasota Real Estate Market.

Inventory once again remained in the 4.5-month supply range, well enough below what economists view as a healthy balance of 6-month’s supply, so we are left with conditions that will continue to keep upward pressure on prices. Despite a steady flow of new listings in July, both single-family and condominium units for sale grew at their slowest pace for the year, and just barely replaced sold inventory for the month.

Median price growth in the Sarasota Real Estate Market is considered “sustainable” by market experts. Though prices have fluctuated month-to-month, escalation year-over-year has been moderate and appears to be at a pace that reflects soundness in the housing market here.

The “affordable” tier of our regional market still shows few signs of easing inventory scarcity, making it difficult for our young families and workforce to achieve homeownership. With new homes coming to market generally priced more than 30% above existing homes, it doesn’t appear these conditions will improve in the short-term.

At the other end of the Sarasota Real Estate Market where most of my business is done, above $1 million, new listings fell just short of sales for the month, though still leaving us with a fair inventory of luxury properties for sale. I am aware of a number of prospective existing home and condominium owners contemplating bringing their luxury properties to market this fall. As a result, expect to see supply expand in the next few months, creating some competition for inventory that has been on the market for a while.

July sales of luxury properties in the Sarasota Real Estate Market grew considerably over 2016 – well in excess of 80%, but it is also important to note that total number of $1 million and above units sold last month was only 50. There are currently 571 $1 million+ properties for sale in the Sarasota Real Estate Market. The Sarasota media helps us celebrate when one of these prized properties changes hands by featuring them in their publications and broadcasts, but showing you this variance between inventory and number of sales highlights just how exceptional – and rare – each one of these transactions is.

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 monthly:

Sales:

  • Total sales in The Sarasota Real Estate Market in July increased by 54 sales to 989 from prior year, and decreased 14% from June.
  • Total dollar volume increased $44.6 million over prior year and fell $60.4 million behind last month.
  • Single-family home sales in July of 683 were 3 sales more than a year ago and decreased by 102 sales from June.
    • Florida’s single-family sales grew 3.3% compared to last year.
    • U.S. sales were up just 1.7% from prior year.
  • Total number of condominium units sold of 306 in Sarasota in July was 20% higher than a year ago, and decreased by 64 sold properties from the prior month.
    • Florida condo sales were 3.6% higher than July 2016.
    • Condo sales nationally grew 5.3% over last July.
  • The 2016 monthly average of single family sales was 653, and for this year the monthly average is 694.  For condos, the average monthly sales in 2016 were 301, and this year it is 346.
  • All cash sales in Sarasota continue to be strong with 33% of single-family and 60% of condos sales closed without a mortgage.  This percentage consistently exceeds Florida and national cash sales trends.
  • Pending sales of 703 homes that went under contract during July increased by 7% over the same month last year.
  • Condominium pending sales were impressive with a 20% increase in properties going under contract in July over prior year, racking up a total of 306 units.  This statistic is very helpful in projecting sales growth in the 30-60 days ahead.
  • The monthly average of pending sales this year is 774 for houses vs. 649 in 2016, and 377 for condos vs. 298 in 2016.
    • U.S. pended sales fell 1.3% compared to prior year.
    • Florida’s pending sales saw an approximately 3% increase in properties going under contract in July when compared to prior year.

Prices:

  • In July, Sarasota’s single-family homes were sold at a median price of $260,000 vs. $242,500 a year ago, 7% higher.
    • Florida median price for single-family homes was $240,000, a 7.1% increase over last year.
    • The national median price for homes was $260,600, a 6.3% increase over prior year.
    • The median price in July for a NEW home in the U.S. was $313,700, 6.3% higher than a year ago.
  • The 2016 monthly median price average for houses sold in Sarasota was $249,867 vs. this year it is $262,937.
  • Condominium median sale price was $214,175 in July, the 2017 monthly average is $222,789  vs. $207,892 as the 2016 monthly average.
    • Median price for a Florida condo last month was $170,950 a 6.8% increase over July 2016.
    • U.S. median condo price in July was $239,800, a 5.3% increase.
  • The average sale price for houses in Sarasota was $373,959 in July vs. $335,617 a year ago.
  • The year’s monthly average price for houses sold in 2016 is $346,008 vs. $364,667 year to date.
  • Sarasota’s condominiums sold for an average price in July of $327,912 vs. $325,238 a year ago.
  • The 2016 monthly average price for sold condominiums was $325,549 vs. $345,475 this year.
  • Single-family homes sold at 95.2% of list price, and condominiums sold at 94.1% of the list price.

Inventory:

  • Total available inventory in the Sarasota Real Estate Market decreased by 168 properties from June and grew by 242 properties or 6% from a year ago.
  • Since January 1, 2017, inventory has fallen 9.2%.
  • For single-family homes, Sarasota’s inventory has decreased by 227 properties since the beginning of 2017.
  • Condominium inventory in Sarasota has decreased by 196 properties since the beginning of the year.
  • 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, basically a balanced market.
    • Florida currently has 4.1 months of single-family inventory and 5.8 months of condominiums.
    • U.S. inventory of all housing types is reported to be at 4.2 months, 9% less than a year ago.
  • Sarasota County averaged 1,260 new listings per month in 2016 and this year the seven-month average is 1,312. In July 1,067 listings came on the market.
  • Currently there is available inventory of 4,172 properties for sale vs. 4,595 at the end of 2016 and 3,598 at the end of 2015.

As we look back at the July 2017 data, I maintain my confidence that the Sarasota Real Estate Market is positioned well to extend its stretch of healthy balanced conditions and sustained growth.

This Month’s Featured Listing

Siesta Key Waterfront

Moulton Sarasota Real Estate Market Report – June Continued Upward Course

Sarasota Real Estate Market

The Moulton Sarasota Real Estate Report – June 2017

Housing Market Continued Upward Course

The Sarasota Real Estate Market marked yet another month of growth in June 2017. Though moderate, our region has been able to sustain its momentum while other markets in Florida and nationally are tending to less constancy in sales, prices and inventory.  Last year’s inventory replenishment set Sarasota’s housing market on a course that has allowed for sustained equilibrium, which has contributed to prolonged growth.

April and May’s improvement in pending sales, compared to the same months in 2016, led us to expect a rise in closed transactions in June.  The most notable increase was in the Sarasota condominium segment, with a nearly 5% increase in sales in the month compared to last year. Interestingly, as inventory inched up over the last few months, prices for condominiums have been stabilizing, and the gap between list and sale price has widened slightly, from a high of 95.5% of list price at 12/31/16 to 93.2% last month.

Closed sales of Sarasota Real Estate in June saw the largest growth in the price tiers greater than $600,000.  Single-family homes in the higher price points grew 33% and condominiums approximately 19%.  This is likely due to the fact that lower priced inventory is so thin, that buyers in those segments simply cannot find properties in their preferred locations and within their budgets.

June’s new listings in the Sarasota Real Estate Market’s single-family segment fell slightly when compared to 2016, while condominium new listings increased more significantly.  With an average of around 660 homes sold each month, the growth in inventory that we saw in June is still not equaling the number of sold properties.  New listings of condominiums grew by 50 more units compared to last year’s new listings for the month, but that is not quite keeping up with the region’s average monthly condo sales.  With current inventory at about 4.3 months for single-family homes and condominiums at a 4.8 month supply, we seem to have inched back away from the near-equilibrium that we saw a few months ago.

Real Estate analysts and economists believe that the national housing market is still in a growth phase, likely resulting from consumer confidence related to job and wage growth, the increase in GDP, continued stabilization of mortgage rates, and especially homeowner equity gains.  Experts are projecting these conditions to remain stable, and in turn see ongoing market strength through the months ahead.

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 monthly:

Sales:

  • Total sales in The Sarasota Real Estate Market in June decreased by just 11 sales from prior year, and decreased 7% from May.
  • Total dollar volume increased $17 million over prior year and fell $12 million behind last month.
  • Single-family home sales in June of 785 were 6 sales less than a year ago and decreased by 37 sales from May.
    • Florida’s single-family sales grew 4.3% compared to last year.
    • U.S. sales were up just 0.6% from prior year.
  • Total number of condominium units sold of 370 in Sarasota in June was almost 5% higher than a year ago, and decreased by 55 sold properties from the prior month.
    • Florida condo sales were 4.9% higher than June 2016.
    • Condo sales nationally grew only 1.6% over last June.
  • The 2016 monthly average of single family sales was 653, and for this year the monthly average is 696.  For condos, the average monthly sales in 2016 were 301, and this year it is 352.
  • All cash sales in Sarasota continue to be strong with 38% of single-family and 64% of condos sales were closed without a mortgage.  This percentage consistently exceeds Florida and national cash sales trends.
  • Pending sales of 741 homes that went under contract during June increased by 6.2% over the same month last year.
  • Condominium pending sales were impressive with a 36% increase in properties going under contract in June over prior year, racking up a total of 346 units.  This statistic is very helpful in projecting sales growth in the 30-60 days ahead.
  • The monthly average of pending sales this year is 786 for houses vs. 760 in 2016, and 392 for condos vs. 353 in 2016.
    • U.S. pending sales were up just 0.5% compared to prior year.
    • Florida’s pending sales saw an approximately 3.5% increase in properties going under contract in June when compared to prior year.
  • Median time from listing to sale has inched higher in the last several months, now nearly 10% longer than last year at this time.

Prices:

  • In June, Sarasota’s single-family homes were sold at a median price of $275,000 vs. $248,000 a year ago, nearly 11% higher.
    • Florida median price for single-family homes was $245,000, an 8.9% increase over last year.
    • The national median price for homes was $266,200, a 6.6% increase over prior year.
    • The median price in June for a NEW home in the U.S. was $310,800 – 17% more than an existing home.
  • The 2016 monthly median price average for houses sold in Sarasota was $249,867 vs. this year it is $262,937.
  • Condominium median sale price was $215,500 in June, the 2017 monthly average is $224,224  vs. $209,429 as the 2016 monthly average.
    • Median price for a Florida condo last month was $176,820, a 7.2% increase over June 2016.
    • U.S. median condo price in June was $245,900, a 6.5% increase.
  • The average sale price for houses in Sarasota was $359,226 in June vs. $334,481 a year ago.
  • The year’s monthly average price for houses sold in 2016 is $346,008 vs. $363,118 year to date.
  • Sarasota’s condominiums sold for an average price in June of $362,344 vs. $379,877 a year ago.
  • The 2016 monthly average price for sold condominiums was $325,549 vs. $348,402 this year.
  • Single-family homes sold at 95% of list price, and condominiums sold at 93.2% of the list price.

Inventory:

  • Total available inventory in the Sarasota Real Estate Market decreased by approximately 130 properties from May and grew by 330 properties or 11% from a year ago.
  • Since January 1, 2017, inventory has fallen 5.5%.
  • For single-family homes, Sarasota’s inventory has decreased by 100 properties since the beginning of 2017.
  • Condominium inventory in Sarasota has decreased by 155 properties since the beginning of the year.
  • The Realtor Association of Sarasota-Manatee reports that there are 4.3 months of single-family homes inventory and 4.8 month’s supply of condominiums, basically a balanced market.
    • Florida currently has 4.9 months of single-family inventory and 5.8 months of condominiums.
    • U.S. inventory of all housing types is reported to be at 4.3 months, and has decreased now for 25 months in a row.
  • Sarasota County averaged 1,260 new listings per month in 2016, about the same monthly average as 2015, and this year the six-month average is 1,353. In June 1,132 listings came on the market.
  • Currently there is available inventory of 4,340 properties for sale vs. 4,595 at the end of 2016 and 3,598 at the end of 2015.
  • New home building nationally is still lagging behind historical trends when compared to population growth.  Lack of skilled labor and increased costs of development – both related to supplies and regulations – has kept construction well below demand, and below what is needed to help the country’s housing inventory reach a better inventory equilibrium.

It comes as no surprise to my readers that The Sarasota Real Estate Market is heavily influenced by foreign market interest.  And on a national scale, Florida continues to be in the top spot for foreign buyer interest, with nearly 25% of all transactions taking place in our fine state.  Canadian buyers are the leading source of foreign buyers in Florida.

Though the value of the dollar my make some take pause, the fact that real estate prices have escalated at such explosive rates in certain areas of Canada, buyers are feeling they have the equity in their primary residence to consider investing in U.S. real estate.  In general, our key international feeder markets still consider the U.S. and especially Florida, a secure place to invest, despite political and economic factors here and abroad.

The National Association of Realtors just released a report showing that in the 12-months ended March 30, more than $153 Billion of properties were acquired by foreign nationals and recent immigrants, a 49% increase over the year prior.  Also noted in the report was that the median price paid by a foreign buyer is 28% higher than a U.S. buyer.

Michael Saunders & Co. has been at the forefront of establishing international affiliations, and this serves our clients well.  Michael Saunders herself travels many months of the year nurturing these relationships, while at the same time building our brand visibility through speaking engagements and event sponsorships.  Having the depth and breadth of relationships around the globe is one of the most valuable resources we luxury Sarasota Real Estate agents have at Michael Saunders.

Summer selling season in the Sarasota Real Estate Market is powered in part by the broad appeal our region has to the international buyer.  With the reach that Michael Saunders & Co. has, our sellers often have a considerable advantage in marketing their properties.  For example, one of my listings was featured this month on the home page of Luxury Portfolio International’s website.  Properties appearing on their site are said to reach 10 times more qualified buyers, as they have 250,000 visitors to their site from more than 200 countries/territories around the world each month.

As we are at the height of our international visitor season here in Sarasota, and with the pace of pending contracts continuing to grow over prior year each month, I am projecting that in the months ahead The Sarasota Real Estate Market will maintain its steady upward course.

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

This Month’s Featured Listing:

Longboat Key Waterfront

newslettersignup

 

JUST LISTED – The Landings Sarasota 5BR Home

5121 Kestral Park

This meticulously maintained 3,700 square foot five-bedroom split floor plan residence in the coveted neighborhood of The Landings, is perfect for family living.

The high vaulted ceiling in the open living room offers ample space for family and friends. dsc_4203-srq360-2250x1500The open kitchen with gas appliances and family room with wood-burning fireplace offer wonderful views of the expansive open pool and outdoor entertainment areas, with easy access for true indoor-outdoor living.

Family dining is set at large windows overlooking the pool and lush landscaping and the formal dining room is enhanced by private gardens outside a wall of windows.dsc_4209-srq360-2250x1500

The owner has added a separate in-law suite to the home with a large living room and separate bedroom. The property has a buried propane gas tank and a generator that will power the kitchen and a/c units.

This spacious family home is in the only gated residential community west of Tamiami Trail in northern Sarasota. The Landings is known for its elegant oak trees and mature landscaping throughout the community with beautifully manicured winding roads, lakes, park, nature trails and fishing pier.

The Landings neighborhood is a collection of single family homes, townhouses, villas and condominiums and is a short drive to the Southside shopping district, downtown Sarasota and the world famous sand beaches of Siesta Key.

Just outside the gates of this community is the very private Field Club and within the Landings community is the Landings Racquet Club with 8 Har-Tru tennis courts, pro shop, library, pool and spa. The nearby A+ rated schools make this the perfect location to raise your family. The sellers have had a pre-selling home inspection done and made all the suggested repairs.

Priced at $929,000

the landings

View the full listing HERE

Moulton Sarasota Real Estate Market Report – Spring Sales Swell

Sarasota Home Sales

The view from one of the sales in my Spring portfolio

Moulton Sarasota Real Estate Report – May 2017

Spring Sales Swell

Looking back at the Spring Selling Season in the Sarasota Real Estate Market, total sales in the months March-May grew more than 7% over 2016, with condominium transactions seeing the largest growth over prior year.  At the same time, inventory has also grown generally keeping up with demand, and has been pretty evenly split between new listings of single-family and condominiums.

The result of this steady sales and inventory growth has been a shift, bringing the market closer to neither favoring sellers nor buyers.  However, in the less than $250,000 tier there continues to be a scarcity of product, especially in the most desirable locations where our workforce and young families are looking to buy.

In the greater than $1 million tier, inventory has grown quite substantially in the single-family home segment, taking available properties to a nearly 15-month supply.  This is forcing sellers to reassess their pricing strategy, potentially creating an advantage for buyers seeking a home in this category.  In the luxury market of condominiums, inventory is closer to a 6-month supply, which is considered a position of market equilibrium.

In May, pending sales once again improved over prior year, indicating that June sales may again show growth in the Sarasota Real Estate Market.  Recent surveys of consumer confidence have shown that it continues to rise, further fueling the all-important economic engine of real estate.  Analyses of the homebuilder market also reflects their confidence in the market’s demand and ability to absorb new homes and multi-family development.

In addition, economists have released their projections after the 1st quarter of 2017 indicating that, barring any major geopolitical disruption, the U.S. economy is on track to grow GDP at a rate of 2.5-3% over the next few years, after a flat 2% rate for the last eight years.  This is expected to translate into more jobs and wage growth, increased household wealth, and will most likely trigger more investment in real estate.

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 May improved by 10% over prior year and increased slightly from April, with total dollar volume rising by $6,000,000 over April and approximately $8,000,000 over May 2016.
  • Single-family home sales in May of 822 were 61 more than a year ago or 8.7% higher, and increased slightly compared to March.
    • Florida’s single-family sales grew 7.6% compared to last year, recording the most ever homes sold in a month.
    • U.S. sales were up 2.7% from prior year.
  • Total number of condominium units sold of 425 in Sarasota in May was nearly 13% higher than a year ago, and increased by 44 sold properties from the prior month.
    • Florida condo sales were 8% higher than May 2016, also setting an all-time record.
    • Condo sales nationally grew 3.2% over May 2016.
  • The 2016 monthly average of single family sales was 653, and for this year the monthly average is 678.  For condos the average monthly sales in 2016 were 301, and this year it is 349.
  • All cash sales in Sarasota continue to be strong with 36% of single-family and 62% of condos sales were closed without a mortgage.
    • By comparison, all cash transactions in all of the U.S. were 22% of sales.
  • Pending sales of 753 homes that went under contract during May, increased by 12 sales over the same month last year, a 1.6% increase.  Condominium pending sales of 425 increased by 48 sales from a year ago, a 4.2% increase.  This statistic is helpful in projecting sales growth in the 30-60 days ahead.
    • U.S. pending sales fell 1.7% compared to prior year.
    • Florida’s pending sales saw approximately 7.5% increase in homes going under contract in May.
  • The monthly average of pending sales this year is 795 for houses and 401 for condos.

Prices:

  • In May, Sarasota’s single-family homes were sold at a median price of $260,000 vs. $263,000 a year ago.
    • Florida median price for single-family homes was $239,000, a 7.7% increase over last year.
    • The national median price for homes was $252,800, a 5.8% increase over prior year.
    • The median price for a NEW home in the U.S. is currently $345,800 – 36% more than an existing home.
  • The 2016 monthly median price average for houses sold in Sarasota was $249,867 vs. this year it is $260,524.
  • Condominium median sale price was $225,700 in May, 3.1% higher than 2016.
    • Median price for a Florida condo last month was $178,000, an 8.1% increase over May 2016.
    • U.S. median condo price in May was $238,700, a 4.8% increase.
  • The average sale price for houses in Sarasota was $345,835 in May vs. $377,779 a year ago.
  • The year’s monthly average price for houses sold in 2016 is $363,986 vs. $357,128 this year to date.
  • Sarasota’s condominiums sold for an average price in May of $338,511 vs. $358,234 a year ago.
  • The 2016 monthly average price for sold condominiums was $325,371 vs. $345,614 this year.
  • Sarasota properties sold at 95% of the list price, which mirrors the rest of Florida and the U.S.

Inventory:

  • Total available inventory in the Sarasota Real Estate Market decreased by approximately 200 properties from April and grew by 450 properties or 11% from a year ago.
    • Inventory fell slightly in Florida in April, and declined 8.4% across the U.S.
  • For single-family homes, inventory has grown by 41 properties since the beginning of 2017.
    • Compared to May 2016, growth last month was evenly distributed across all price ranges.
  • Condominium inventory in Sarasota has decreased by 47 properties since the beginning of the year.
    • The growth in May compared to prior year in the condominium category was seen most in the under $200,000 and over $1 million tiers.
  • The Realtor Association of Sarasota-Manatee reports that there are 4.5 months of single-family homes inventory and 5.2 month’s supply of condominiums, basically a balanced market.
  • Sarasota County averaged 1,162 new listings per month in 2016, about the same monthly average as 2015, and this year the five-month average this year is 1,397. In May 1,214 listings came on the market.
  • Currently there is available inventory of 4,589 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 homebuilder sentiment maintaining optimism, new home sales are expected to help to improve availability in some price tiers where inventory is tight.  The challenge remains finding quality finish workers, enough laborers to keep production on track, and a rising cost of materials.  These concerns may be what led to the drop in U.S. home starts of 2.4% and permits down 1% last month.  The Census Bureau reported that new home sales last month grew 11.3% in the U.S., and Florida’s new home sales rose 2.9%.

It is my hope that the new building that we’re experiencing in the Sarasota Real Estate Market will continue to fill demand and help to keep the market in a healthy buyer/seller balance, allowing for our sales and prices to continue on their steady growth through the summer months.

Despite being in what many consider to be our quieter summer selling season, I have seen only a slight dip in demand from new and repeat clients looking to purchase.  I am convinced that the Sarasota Real Estate Market is a year-round pursuit for eager buyers and sellers.

If you have interest in listing your property, let’s talk.  My proprietary “Comparative Market Analysis” enables me to quickly analyze your home or property 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 know you can count on me!

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