I have been tracking the listing and sales volumes for years in our local market. While the statistics from the Sarasota Association of Realtors will show greater numbers, I track the data of the following zip codes 34201, 34202, 34228, 34229, 34231, 34232, 34233, 34234, 34235, 34236, 34237, 34238, 34239, 34240, 34241, 34242, 34243, 34275 which are the ones most pertinent to my team’s business.
As of the end of the third quarter of 2009 there are 5,465 active listings compared to 7,119 at 2008 year end, a 23% decline in active listings. The active listings are 33% less then 2007 year end. Of the active listings, 3,499 are priced under $500,000 or 64% of the active listings. There are 1,126 active listings priced between $500,000 and $1,000,000 or 21% of the total and 840 are priced above $1,000,000 or 15% of the active listings. There are 173 less listings over $1,000,000 then at 2008 year end. These are very positive trends to help us towards the markets recovery.
As the statistics pertain to closed transactions, there have been 4,296 closed transactions year to date compared to 5,161 for all of 2008 or 83% of last years total and we still have another three months for sales this year. The number of sales currently equals 2007’s total. Of the closed transactions year to date 3,698 or 86% are under $500,000, 438 or 10% sold between $500,000 and $1,000,000 and 160 or 4% sold for over $1,000,000. During 2008 there were 350 closed transactions over $1,000,000. One interesting item to point out is that no condominium transaction has closed this year over $3,500,000 yet there were 28 that closed in 2008 over the same amount. As the reports continue to show, the $8,000 first time home owner tax credit and the very reasonable interest rates available from FHA, Freddie Mac and Fannie Mae are helping the lower end of the market recover first. The buyers for the luxury market are very price oriented and are looking for the best priced values.
The positive is that the supply of inventory is decreasing towards the ideal of a six month supply of inventory which is generally considered a neutral market where it is neither called a sellers or buyers market. Hopefully we will get there in 2010.