The Moulton Sarasota Real Estate Report – June 2019 – Market Balance Boosts Sustainability

Sarasota Downtown

The number of transactions in the Sarasota Real Estate Market last month continued to show that the region has moved to more balanced conditions than have been seen over the last several years. Sales in the Sarasota market were nearly equal to last year. Prices grew at a healthy pace and inventory of both single-family homes and condominiums also moved higher. Pending contracts signed in June increased signaling that in the months ahead we will likely see sustained market conditions.

Condominium sales are still lagging well behind last year when there was a burst of new projects coming to market. It is in this segment where the greatest decrease in volume has occurred in the first-half of 2019. Several projects are under construction with the largest expected to begin welcoming new residents toward the end of the year and several others coming to market in 2020. Existing home inventory is still leaning towards a seller’s market, but the condo segment at 5.3 months of inventory is in the range of favoring neither buyers nor sellers.

I have been encouraging my sellers in the condominium segment to meet with me to discuss pricing and sales strategies to ensure we are staying competitive. Especially in the sector over $1 million, where inventory is nearly 40% more dense than last year at this time, purposeful and tactical approaches are needed to make sure our listings are set to sell.

Home builders in July once again responded to NAHB’s monthly survey that they continue to have strong confidence in the market. As has been well reported in our region, new communities in the eastern portions of our counties are fulfilling strong demand for modern construction and amenities. For existing home sellers, they also need to be sensible about expectations as inventory in their sector grows.

As has been mentioned in my recent reports, I remain bullish on the Sarasota Real Estate Market. With the flow of “tax refugee” relocations to our area expected to continue, excellent economic conditions – including the longest stretch of mortgage rates below 5% in more than 60 years, low unemployment, as well as significant strength in our condominium and home building regionally, there is plenty of supporting evidence that our market balance and steady conditions suggest a solidly sustainable environment.

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

Sales

  • Total Sarasota Real Estate Market dollar volume of $431.6 million in June decreased by $25.9 million, or 6% from the same month a year ago.
  • Broken down, single-family sales were $326.1 million and condominium sales were $105.5 million for the month.
    • The volume in single-family was nearly equal to prior year while condo volume was down over 17%.
  • The number of properties sold in June was 1,165, 17 less than a year ago. The sales total includes 821 houses (2.9% ahead of last year) and 344 condos (10.4% below 2018.) The 2018 monthly average for sold properties in Sarasota was 1,001.
    • Florida’s single-family sales decreased 1.9% from last year, and condo sales were 9.4% below prior year. Homes sold for in excess of $1 million were 5.5% lower than June 2018 and condos closed at over $1 million fell 25%.
    • U.S. sales fell with single-family sales declining 1.7% and condos down 6.5%.
  • Of the closed sales in Sarasota last month, 44 were for over $1,000,000, 38 were houses and 6 were condominiums.
  • In 2018 Sarasota averaged 29 house sales and 17 condo sales per month for over a $1 million sale price, a small portion of our overall sales.
  • Listings that went pending in June were 1,091, an increase of 21 transactions from the same month last year. For 2018 the monthly average for pending sales was 1,031.
    • Florida’s single-family pending sales increased 4.9% and condos fell 1.5% compared to last year.
    • U.S. pended sales in June were 1.6% ahead of a year ago.

Prices

  • In June, Sarasota’s single-family homes were sold at a median price of $290,000. The 2018 monthly median price for houses sold was $281,662.
    • In June, Florida median price for single-family homes was $270,000 a 3.8% increase over last year.
    • The national median price for existing homes grew 4.5% to $288,900.
  • The condominium median sale price in Sarasota was $234,000 in June. The 2018 monthly median average was $230,989.
    • Median price for a Florida condo last month was $194,900, a 2.6% increase over June 2018.
    • U.S. median condo price grew to $260,100, a 2.8% increase.
  • Sarasota houses sold on average for $397,227 in June, where the 2018 monthly average was $384,110.
  • Condominiums sold for an average price in June of $306,559. The condominium monthly average sale price in 2018 was $355,047.

Inventory

  • Currently there is available inventory of 4,514 properties for sale in Sarasota. This is a decrease of 360 listings from May. There were 5,401 at the end of 2018 and 4,401 at the end of 2017.
  • Of the available inventory for sale, 642 properties are listed for over $1 million or only 14%. 471 of the active listings over $1,000,000 are houses and 171 are condominiums.
  • Sarasota County had 1,028 new listings in June. The local market averaged 1,289 new listings in 2018. Of the new listings the past month 55 properties were listed over $1,000,000.
  • Current inventory results in 4.2 months of single-family homes for sale in Sarasota and 5.3 month’s supply of condominiums.
    • Florida currently has 3.9 months of single-family inventory and 5.7 month’s supply of condominiums. Inventory of properties selling for over $1 million have increased about 6% over last year.
    • U.S. inventory of existing single-family homes is virtually equal to last year and condo inventory has grown 4.6%.

In today’s ever-fluid 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.

Having served clients in The Sarasota Real Estate Market for more than 37 years and carefully analyzing our business conditions, I have developed essential insight to assist both buyers and sellers in achieving their objectives.

It would be my privilege to work with you, your family and friends in realizing your goals in acquiring or selling your property.

My Featured Listing:

Sarasota Real Estate

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SOLD! Harbor Acres Epitome of Sophistication

1415 Flower Dr.

Congratulations to my buyers, who will certainly enjoy quiet stylish living and dazzling entertaining in this spectacular residence! Sold for $2,825,000.

Located in the heart of Sarasota in Harbor Acres, one of Sarasota’s most coveted neighborhoods, this magnificent five-bedroom residence exudes sophistication.

Built in 2014, this contemporary expression of Sarasota living fuses a clean-lined custom design with artful details. Boasting a magnificent open, great room floor plan flowing with ease and elegance with details such as an electric fireplace and custom floating shelves, which create sculptural centers of interest.

My epicurean clients will certainly enjoy the modern kitchen with granite island, and premium appliances and cabinetry, along with extraordinary flooring, wall and ceiling finishes, including exotic wood accents, Porcelanosa Italian tile on bathroom walls, 10’ doors and sliding glass doors, hurricane-rated windows and doors, fully functional smart-home technology and security, and whole house generator.

Adding to the true Florida lifestyle…but in the most remarkable milieu, the outdoor terrace is a tropical testament to the Sarasota’s unique environment. Featuring a heated pool with expansive sunshelf, stone waterfall, spa, custom outdoor kitchen, retractable patio screens, and gas fireplace, just outside the vast walls of living room glass.

The Selby Gardens-inspired landscaping creates a series of outdoor “rooms”, completely walled and private for quiet reflection and enjoyment. Located in the heart of Sarasota, near exceptional and varied dining experiences, boating adventures, white-sand beaches, and endless arts and culture.

Moulton Sarasota Real Estate Report – Slowing Price Appreciation Motivates Sellers

Sarasota Real Estate

The Sarasota Real Estate Market experienced a solid increase in sales activity in May when compared to prior year. The single-family home segment carried the majority of the growth, where there was a 17% increase in closings of all price points and more than 26% more transactions over $1 million. In addition, total sales volume grew 26.3% and prices also saw above average appreciation. As has been the case for the last several months, the condominium sector was less robust but did see a modest increase in sales last month.

The movement of new home sales is continuing to pace ahead of last year with little change expected on the horizon. Though labor and supplies are still creating challenges for new construction, home builders surveyed remain confident and continue to feed the strong demand for new construction, both in single-family and condominiums.

One of the key market drivers in the Sarasota Real Estate Market is coming from the now labeled “tax refuges” from states such as New York, New Jersey, Illinois and California. Those of us who serve high net worth clientele from these states searching for properties have seen a shift from second homes to more demand for primary residences. We are also seeing a rise in middle-market buyers from those same states who are small business owners and wish to close shop in their hometowns and start fresh in our area.

At the same time demand is increasing, we have also seen growth in available inventory. As price appreciation has slowed this year, would-be sellers who were waiting for more double-digit gains are now motivated to list their properties for sale and get on with their own purchase of a new home. Especially in the price tier over $1 million, we are seeing significant increases in available inventory with single-family listings last month alone growing 13.4% and condominiums 41.1%.

I am very encouraged by both the out-of-area buyers I am working with who are anxious to find something quickly to transition their primary residence, and, also the eager sellers who are entering the market. Though our traditionally slower months are not far off, I believe that the Sarasota Real Estate Market will continue to see healthy activity.

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

Sales

  • Total Sarasota Real Estate Market dollar volume of $559.9 million in May increased by $92.4 million or approximately 20% from the same month a year ago, a great month to close out the winter selling season
  • Broken down, single-family sales were $394.6 million and condominium sales were $165.3 million for the month.
  • The number of properties sold in May was 1,416, 144 more than a year ago. The sales total includes 959 houses and 457 condos. The 2018 monthly average for sold properties in Sarasota was 1,001.
    • Florida’s single-family sales increased 9.6% over last year, and condo sales were up 1.6% compared to prior year. Homes sold for in excess of $1 million were 11% higher than May 2018 and condos closed at over $1 million fell 13%.
    • U.S. sales fell slightly with single-family sales declining .8% and condos down 3.3%.
  • Of the closed sales in Sarasota last month, 66 were for over $1,000,000, 48 were houses and 18 were condominiums.
  • In 2018 Sarasota averaged 29 house sales and 17 condo sales per month for over a $1 million sale price, a small portion of our overall sales.
  • Listings that went pending in May were 1,244, an increase of 110 transactions from the same month last year, deviating from the nearly static state and national trends. For 2018 the monthly average for pending sales was 1,031.
    • Florida’s single-family and condo pending sales were virtually equal to last year.
    • U.S. pended sales in May increased slightly, 1.1% compared with a year ago.

Prices

  • In May, Sarasota’s single-family homes were sold at a median price of $305,305. The 2018 monthly median price for houses sold was $281,662.
    • In May, Florida median price for single-family homes was $266,000 a 4.3% increase over last year.
    • The national median price for existing homes grew 4.6% to $280,200.
  • The condominium median sale price in Sarasota was $238,000 in May. The 2018 monthly median average was $230,989.
    • Median price for a Florida condo last month was $194,050, a 2.1% increase over May 2018.
    • U.S. median condo price grew to $257,100, a 5.4% increase.
  • Sarasota houses sold on average for $411,499 in May, where the 2018 monthly average was $384,110.
  • Condominiums sold for an average price in May of $361,732. The condominium monthly average sale price in 2018 was $355,047.

Inventory

  • Currently there is available inventory of 4,874 properties for sale in Sarasota. There were 5,401 at the end of 2018 and 4,401 at the end of 2017. This is a decrease of 455 listings from May.
  • Of the available inventory for sale, 682 properties are listed for over $1 million or only 14%. 500 of the active listings over $1,000,000 are houses and 182 are condominiums.
  • Sarasota County had 1,188 new listings in May. The local market averaged 1,289 new listings in 2018. Of the new listings the past month 70 properties were listed over $1,000,000.
  • Current inventory results in 4.5 months of single-family homes for sale in Sarasota and 5.7 month’s supply of condominiums.
    • Florida currently has 4.0 months of single-family inventory and 5.9 month’s supply of condominiums. Inventory of properties selling for over $1 million have increased more than 6% over last year.
    • U.S. inventory of all housing types is sitting at 4.3 months of supply, increasing 2.7% in May over prior year.

In today’s ever-fluid 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.

Having served clients in The Sarasota Real Estate Market for more than 37 years and carefully analyzing our business conditions, I have developed essential insight to assist both buyers and sellers in achieving their objectives.

It would be my privilege to work with you, your family and friends in realizing your goals in acquiring or selling your property.

Michael’s Featured Listing:

Sarasota Real Estate

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The Moulton Sarasota Real Estate Report – February 2019 Inches Toward a Balanced Market

Sarasota Real Estate

The Moulton Sarasota Real Estate Report – February 2019

Inching Toward a Balanced Market

The Sarasota Real Estate Market has been inching toward what the industry refers to as a “balanced” or “normal” market for the last five years. February’s sales and inventory activity brought us even closer to this equalized condition, in which neither buyers or sellers are in an advantageous position.

Nationally and in our own region we experienced nearly 7 years of a buyer’s market after the downturn started in 2007, we then had nearly 7 years of a seller’s market when inventory was not keeping up with rising demand, and we are finally entering a more stabilized period.

The signs of a balanced market are just what our statistical reporting has indicated we were approaching these last several months: a slowing of transactions, increased inventory available, narrowing of list-to-sale prices and median sales prices are rising at a slower pace.

I have seen first-hand an increase in the number of my clients who had been waiting on the side-lines to list their home for fear of not finding a suitable place to move. These would-be sellers finally have confidence that there is ample supply and are moving forward.

At the same time, the number of buyers entering the Sarasota Real Estate Market is as active as I have ever seen, and for the first time in recent memory I can find a quality portfolio to present that will allow them several options from which to choose, in excellent condition and in their prime locations.

However, the savvy buyers who have been waiting the last few years to pursue their new properties are ready to buy now and I’m beginning to see deals lost because the best are going very quickly…including several recently that never made it to full listing before going under contract.

Whether a buyer or seller in the Sarasota Real Estate Market, this is an excellent time to be making your move. Sellers are motivated to get into their next property and buyers are equally driven to move. As an experienced broker-realtor in the Sarasota market for more than 35 years, I have seen my fair share of cycles – this is something we have been expecting for some time and the stability is welcome.

With interest rates expected to remain low, consumer confidence strong, and new construction on the rise, I expect the months ahead to continue a slow and steady growth.

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

Sales

  • Total Sarasota Real Estate Market dollar volume of $339.3 million in February decreased by $19.3 million from the same month a month ago.
  • Broken down, single-family sales were $236 million and condominium sales were $103.3 million.
  • The number of properties sold in February was 870, only 14 less than a year ago. The sales total includes 593 houses and 277 condos.
    • The 2018 monthly average for sold properties in Sarasota was 1,001.
    • Florida’s single-family sales increased 1.9% and condo sales were down 5.7% compared to prior year. Homes sold for in excess of $1 million fell 11.5% and condos 13.2%.
    • U.S. sales fell with single-family sales declining 1.4% and condo down 5%.
  • Of the closed sales in Sarasota last month, 37 were for over $1,000,000, 25 were houses and 12 were condominiums.
  • In 2018 Sarasota averaged 29 house sales and 17 condo sales per month for over a $1 million sale price, a small portion of our overall sales.
  • Listings that went pending the past month were 1,118 and decreased by 83 transactions from the same month last year, though were 64 more than January.
    • For 2018 the monthly average for pending sales was 1,031.
    • Florida’s single-family pending sales were equal to last year and 3.1% fewer condo contracts were written compared to last year.
    • U.S. pending sales have fallen the last 14 months, in February down 4.9% compared to prior year.

Prices

  • In February, Sarasota’s single-family homes were sold at a median price of $287,700, an increase of 5.3% over prior year.
    • The 2018 monthly median price for houses sold was $281,662.
    • In February, Florida median price for single-family homes was $250,500 a 1.3% increase over last year.
    • The national median price for existing homes grew by 3.6% to $251,400.
  • The condominium median sale price in Sarasota was $242,000 in February, up 10.5% over last year.
    • The 2018 monthly median average was $230,989.
    • Median price for a Florida condo last month was $187,500, a 4.7% increase over February 2018.
    • U.S. median condo price grew to $233,300, a 3.1% increase.
  • Sarasota houses sold for $397,980 on average in February where the 2018 monthly average was $384,110.
  • Condominiums sold for an average price in February of $373,070. The condominium monthly average sale price sold in 2018 was $355,047.

Inventory

  • Currently there is available inventory of 5,749 properties for sale in Sarasota County. There were 5,401 at the end of 2018 and 4,401 at the end of 2017.
  • Of the available inventory for sale, 728 properties are listed for over $1 million or only 12.6%. 541 of the active listings over $1,000,000 are houses and 187 are condominiums.
  • Sarasota County had 1,507 new listed properties in February. The local market averaged 1,289 new listings in 2018. Of the new listings the past month 119 properties were listed over $1,000,000.
  • Current inventory results in 5.4 months of single-family homes for sale in Sarasota and 6.5 month’s supply of condominiums.
    • Florida currently has 4.3 months of single-family inventory and 6.4 month’s supply of condominiums. Inventory of properties selling for over $1 million have increased more than 10% over last year.
    • U.S. inventory of all housing types is sitting at 3.5 months of supply.

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

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SOLD! Longboat Key Waterfront Condominium – Grand Bay

3040-246 (75)Congratulations to my selling clients on the closing of their beautifully remodeled Longboat Key waterfront condominium. Sold for $925,000.

The residence has three full bedroom suites, and open living areas all with sweeping views of Sarasota Bay and magical sunsets over the Gulf of Mexico.

Grand Bay is one of the most sought after residential communities on Longboat Key. A secure elevator entry leads to your private foyer opening to a large living area with floor-to-ceiling glass overlooking the vast wrap around terraces and glorious vistas.

This corner residence with 2,250 square feet has a master suite with easy terrace access, Jacuzzi tub, his and her water closets, and oversize walk-in closet. Boasting 9’ ceilings, wood floors and top-quality appointment, this condominium is move in ready.

Grand Bay is truly the jewel of Sarasota Bay condominium living on the Longboat Key waterfront, located within Bay Isles, part of Longboat Key Club, which includes the beautiful 27-hole Harbourside golf course and tennis club. The Grand Bay community has 24-hour manned gate, four Har-Tru tennis courts, fitness center, spacious clubhouse, library, social room, heated swimming pools and spas. It has unsurpassed building and grounds maintenance, strong financial reserves and excellent social activities. Each resident also enjoys deeded access to the gorgeous Longboat key Beach via the private Bay Isles Beach Club.

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

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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

 

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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

 

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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

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