Absorption Rate (Sarasota, Port Charlotte, North Port: houses, price, stats)

[movin-on-up!]

thanks soflgal for the cool info. using your "superpowers"- can you explain what this means in a few sentences -for the overall state of real estate in sarasota county?? thanks

also can you put average list price of SFH in nokomis, and also average sales price in nokomis (in last six months)??

{if you are too busy to answer this- no problem.}

have a great day!

[SoFLGal]

Originally Posted by movin-on-up!

thanks soflgal for the cool info. using your "superpowers"- can you explain what this means in a few sentences -for the overall state of real estate in sarasota county?? thanks

also can you put average list price of SFH in nokomis, and also average sales price in nokomis (in last six months)??

{if you are too busy to answer this- no problem.}

have a great day!

I think right now the overall picture is that there are many more homes coming off the market in Sarasota and Charlotte counties than being listed. Another thing that I find interesting is that it is now summer time, traditionally the slowest time of the year for real estate sales in Florida, we haven't seen any significant drop in the amount of homes sales. Actually in many places the homes sales have risen, which you can see by my data.

I would also keep in mind that I have been saying I am seeing a lot of orders come in from the banks for me to go out an price property for upcoming foreclosures. I think we will be seeing another wave of foreclosures. I really don't know how big this wave is going to be though and how quickly they are going to get snatched up. Right now as quick as I get the homes listed I have 10 offers on them. So, I'm not sure how much the new wave of foreclosures is going to effect the market.

This isn't just pie in the sky predictions. This is actual data and actual factual sales figures to back it up.

To sum it up. Right now in Sarasota and Charlotte counties we are seeing fewer homes go on the market, lots of homes selling and rising sales prices.

Hope this helps

Nokomis
# of listings in Nokomis= 303 active listings
# of listings sold from May 20-June 20: 27
# of listings sold from Apr 20-May 20: 20
# of listings sold from Mar 20-Apr 20: 20
# of listings sold from Feb 20-Mar 20: 36
# of listings sold from Jan 20-Feb 20: 21
# of listings sold from Dec 20-Jan 20: 9
133 homes sold in the last six months in Nokomis. Average number of homes sold per month over the last 6 months in Nokomis: 22 homes
#sold (22 homes) X 12 (months) = 264
divide 264 by 52 weeks= 5 units per week
If 5 units sell each week divide that number into the number of active listings 5 divided by 264 = 53 weeks is the absorption rate or Just over a years worth of inventory in Nokomis. The average list price in Nokomis for the last six months was $273,843 and the average sales price was $240,216. Average days on the market were 108. And the average size home that sold was 1789 sq ft under air.

[loves2read]

have you been a RE agent more than 8 yrs--SFG???
what was your average inventory before people started buying anything that was not nailed down--

and are you starting to see the more expensive homes start to be fought over--those over 500 or 750,000 like the less expensive ones

are the foreclosures coming out of the chutes above your current average listing/sales prices, do you know?

[SoFLGal]

Originally Posted by loves2read

have you been a RE agent more than 8 yrs--SFG???
what was your average inventory before people started buying anything that was not nailed down--

and are you starting to see the more expensive homes start to be fought over--those over 500 or 750,000 like the less expensive ones

are the foreclosures coming out of the chutes above your current average listing/sales prices, do you know?

I'll try to answer each question. I got my real estate license in 2004 when I was nine months pregnant with my third daughter. My mom/partner and I got our license the same day. I wanted a job that would incorporate my knowledge of the area (as many of you know I was born and raised in the area) and still give me freedom to set my own schedule. Real estate seemed like the perfect answer. My parents have always had real estate investments and I now have several investment properties with my father. I've had several business with my mom and we seem to work well together, most of the time. We have several buyers agents on our team and two assistants (a listing specialist and closing coordinator).

It really depends on the month as far as what our inventory is. We usually hold anywhere from 10-15 homes, most of them are bank owned homes. The reason for this right now is that many home owners just can't compete with the bank owned homes. Our inventory has stayed pretty consistent. We try not to take many more listings because that's what we can manage comfortably and still work with buyers. On average we close 7 properties a month.

I am expecting more higher end homes come on the market due to the option ARM's resetting, but that's not what I'm seeing come across my desk. Many of the new homes are under $150K. The new homes that are coming on are being listed at a higher price than a few months ago. Back in January and February there were many newer homes in NP under $60K now there are none and the new homes that are coming on are in the $80K+ range. We are seeing the homes in the higher range getting in bidding wars as well-if they are priced well and in desirable areas.

I think I've answered all the questions.

[loves2read]

I did not mean to knock your knowledge--just to know if you had been an agent when the market was in pre-boom era...
appreciate your input--it is always grounded in reality

read post on builder's web site in my area last night--he builds homes in high end/custom category....the caption on his site was that the bottom of the market has been reached and is coming back...that all indicators are showing growth in buyers/obtainable loan money/home values stabilizing...so buy a house now basically...

frankly when I check out some of the areas he is building in and see foreclosures still cropping up I don't know how accurate his POV is...but there is still a viable market here in DFW...just depends on price range and location basically

[Peter the Brit]

Just look at the Sarasota Clerk of the Court site and see how many foreclosures there are
IMHO there are and will be plenty more foreclosures pending because of the reset of arms, lack of tenants willing to pay high rents to "flippers" who are trying to cover their loan costs and are now walking away from their properties.
High end homes small middle end whatever the bargains have to be sold before the market can start a recovery.

[SoFLGal]

This is what the absorption rate was on April 22, 2009 when I started this thread. Now a little over two months later North Port has dropped almost exactly 200 properties.

North Port---April 22, 2009
# of listings in North Port= 999 active listings
# of listings sold from Mar 22-Apr 22: 153
# of listings sold from Feb 22-Mar 22: 165
# of listings sold from Jan 22-Feb 22: 155
# of listings sold from Dec 22-Jan 22: 126
# of listings sold from Nov 22-Dec 22: 127
# of listings sold from Oct 22-Nov 22: 138
864 homes sold in the last six months in NP. Average number of homes sold per month over the last 6 months in NP: 144 homes
#sold (144 homes) X 12 (months) = 1728
divide 1728 by 52 weeks= 33.23 units per week
If 33.23 units sell each week divide that number into the number of active listings 33.23 divided by 999 = 30 weeks is the absorption rate or 7 ½ months of inventory in North Port.

North Port---June 30, 2009
# of listings in North Port= 800 active listings
# of listings sold from May 22-June 22: 153
# of listings sold from Apr 22-May 22: 172
# of listings sold from Mar 22-Apr 22: 153
# of listings sold from Feb 22-Mar 22: 165
# of listings sold from Jan 22-Feb 22: 155
# of listings sold from Dec 22-Jan 22: 126
924 homes sold in the last six months in NP. Average number of homes sold per month over the last 6 months in NP: 154 homes
#sold (154 homes) X 12 (months) = 1848
divide 1848 by 52 weeks= 36 units per week
If 36 units sell each week divide that number into the number of active listings 36 divided by 800 = 22 weeks is the absorption rate or 5 ½ months of inventory in North Port

As you can see the absorption rate is following right on schedule. Two months ago we had 7 1/2 months of inventory. If things follow according to schedule we will see very limited inventory come the beginning of next year in North Port.

[SoFLGal]

I figured I'd post them on my absorption rate threads as well for anyone that has been following it.

Bradenton stats-Single family, townhomes, condos, mobiles, etc:

June, 2007-July, 2007, Average list price $343,032, Average sales price, $312,365, Average DOM 189, 255 properties sold

July, 2007-Aug, 2007, Average list price $328,883, Average sales price, $305,342, Average DOM 189, 240 properties sold

Aug, 2007-Sept, 2007, Average list price $322,606, Average sales price, $300,031, Average DOM 174, 221 properties sold

Sept, 2007-Oct, 2007, Average list price $$339,714, Average sales price, $309,400, Average DOM 210, 163 properties sold

Oct, 2007-Nov, 2007, Average list price $341,887, Average sales price, $322,847, Average DOM 208, 194 properties sold

Nov, 2007-Dec, 2007, Average list price $287,099, Average sales price, $255,112, Average DOM 305, 219 properties sold

Dec, 2007-Jan, 2008, Average list price $324,612, Average sales price, $287,674, Average DOM 215, 226 properties sold

Jan, 2008-Feb, 2008, Average list price $319,034, Average sales price, $293,803, Average DOM 202, 175 properties sold

Feb, 2008-Mar, 2008, Average list price $283,428, Average sales price, $258,491, Average DOM 213, 200 properties sold

Mar, 2008-Apr, 2008, Average list price $278,081, Average sales price, $250,354, Average DOM 171, 253 properties sold

Apr, 2008-May, 2008, Average list price $279,237, Average sales price, $254,764, Average DOM 207, 288 properties sold

May, 2008-June, 2008, Average list price $292,473, Average sales price, $264,996, Average DOM 201, 283 properties sold

June, 2008-July, 2008, Average list price $294,442, Average sales price, $241,840, Average DOM 189, 279 properties sold

July, 2008-Aug, 2008, Average list price $253,880, Average sales price, $235,446, Average DOM 133, 225 properties sold

Aug, 2008-Sept, 2008, Average list price $266,046, Average sales price, $240,601, Average DOM 208, 165 properties sold

Sept, 2008-Oct, 2008, Average list price $247,073, Average sales price, $228,564, Average DOM 170, 172 properties sold

Oct, 2008-Nov, 2008, Average list price $220,115, Average sales price, $204,024, Average DOM 179, 159 properties sold

Nov, 2008-Dec, 2008, Average list price $204,727, Average sales price, $185,667, Average DOM 161, 160 properties sold

Dec, 2008-Jan, 2009, Average list price $214,893, Average sales price, $192,799, Average DOM 199, 174 properties sold

Jan, 2009-Feb, 2009, Average list price $184,371, Average sales price, $162,254, Average DOM 159, 156 properties sold

Feb, 2009-Mar, 2009, Average list price $170,300, Average sales price, $154,880, Average DOM 194, 173 properties sold

Mar, 2009-Apr, 2009, Average list price $170,196, Average sales price, $149,681, Average DOM 198, 242 properties sold

Apr, 2009-May, 2009, Average list price $171,255, Average sales price, $155,381, Average DOM 207, 244 properties sold

May, 2009-June, 2009, Average list price $163,610, Average sales price, $149,164, Average DOM 193, 247 properties sold



Venice stats-Single family, townhomes, condos, mobiles, etc:

June, 2007-July, 2007, Average list price $305,930, Average sales price, $277,678, Average DOM 207, 119 properties sold

July, 2007-Aug, 2007, Average list price $327,672, Average sales price, $289,089, Average DOM 212, 89 properties sold

Aug, 2007-Sept, 2007, Average list price $279,670, Average sales price, $255,305, Average DOM 235, 91 properties sold

Sept, 2007-Oct, 2007, Average list price $263,907, Average sales price, $238,839, Average DOM 235, 85 properties sold

Oct, 2007-Nov, 2007, Average list price $271,400, Average sales price, $240,499, Average DOM 166, 97 properties sold

Nov, 2007-Dec, 2007, Average list price $287,099, Average sales price, $255,112, Average DOM 305, 81 properties sold

Dec, 2007-Jan, 2008, Average list price $293,879, Average sales price, $261,072, Average DOM 230, 94 properties sold

Jan, 2008-Feb, 2008, Average list price $293,488, Average sales price, $262,939, Average DOM 235, 70 properties sold

Feb, 2008-Mar, 2008, Average list price $288,799, Average sales price, $259,219, Average DOM 276, 102 properties sold

Mar, 2008-Apr, 2008, Average list price $287,242, Average sales price, $257,432, Average DOM 226, 144 properties sold

Apr, 2008-May, 2008, Average list price $251,669, Average sales price, $227,351, Average DOM 265, 141 properties sold

May, 2008-June, 2008, Average list price $263,405, Average sales price, $238,400, Average DOM 193, 138 properties sold

June, 2008-July, 2008, Average list price $291,798, Average sales price, $260,799, Average DOM 278, 141 properties sold

July, 2008-Aug, 2008, Average list price $246,947, Average sales price, $219,924, Average DOM 251, 108 properties sold

Aug, 2008-Sept, 2008, Average list price $231,607, Average sales price, $209,505, Average DOM 237, 83 properties sold

Sept, 2008-Oct, 2008, Average list price $246,251, Average sales price, $221,292, Average DOM 262, 103 properties sold

Oct, 2008-Nov, 2008, Average list price $227,897, Average sales price, $204,267, Average DOM 158, 87 properties sold

Nov, 2008-Dec, 2008, Average list price $201,251, Average sales price, $184,453, Average DOM 175, 80 properties sold

Dec, 2008-Jan, 2009, Average list price $207,524, Average sales price, $188,268, Average DOM 177, 115 properties sold

Jan, 2009-Feb, 2009, Average list price $187,005, Average sales price, $165,716, Average DOM 209, 80 properties sold

Feb, 2009-Mar, 2009, Average list price $166,322, Average sales price, $151,738, Average DOM 218, 98 properties sold

Mar, 2009-Apr, 2009, Average list price $193,455, Average sales price, $174,049, Average DOM 196, 137 properties sold

Apr, 2009-May, 2009, Average list price $205,541, Average sales price, $186,815, Average DOM 194, 149 properties sold

May, 2009-June, 2009, Average list price $215,372, Average sales price, $188,350, Average DOM 193, 143 properties sold



North Port-including single family homes, townhomes, manufactured homes, condos, etc

I think the longer DOM has to do with the amount of short sales and the extended wait time for them to close. I’ll post each city as I complete them

June, 2007-July, 2007, Average list price $195,168, Average sales price, $184,960, Average DOM 163, 90 properties sold

July, 2007-Aug, 2007, Average list price $193,619, Average sales price, $182,651, Average DOM 181, 103 properties sold

Aug, 2007-Sept, 2007, Average list price $200,594, Average sales price, $194,031, Average DOM 162, 103 properties sold

Sept, 2007-Oct, 2007, Average list price $200,792, Average sales price, $188,567, Average DOM 166, 83 properties sold

Oct, 2007-Nov, 2007, Average list price $202,754, Average sales price, $191,032, Average DOM 155, 73 properties sold

Nov, 2007-Dec, 2007, Average list price $192,565, Average sales price, $180,477, Average DOM 170, 91 properties sold

Dec, 2007-Jan, 2008, Average list price $151,906, Average sales price, $143,839, Average DOM 172, 75 properties sold

Jan, 2008-Feb, 2008, Average list price $153,641, Average sales price, $145,070, Average DOM 144, 76 properties sold

Feb, 2008-Mar, 2008, Average list price $154,726, Average sales price, $143,493, Average DOM 143, 91 properties sold

Mar, 2008-Apr, 2008, Average list price $162,365, Average sales price, $150,596, Average DOM 157, 132 properties sold

Apr, 2008-May, 2008, Average list price $154,844, Average sales price, $145,136, Average DOM 141, 138 properties sold

May, 2008-June, 2008, Average list price $162,916, Average sales price, $152,190, Average DOM 147, 159 properties sold

June, 2008-July, 2008, Average list price $160,652, Average sales price, $149,107, Average DOM 145, 105 properties sold

July, 2008-Aug, 2008, Average list price $132,879, Average sales price, $124,806, Average DOM 142, 145 properties sold

Aug, 2008-Sept, 2008, Average list price $131,233, Average sales price, $122,825, Average DOM 130, 127 properties sold

Sept, 2008-Oct, 2008, Average list price $136,367, Average sales price, $127,947, Average DOM 130, 116 properties sold

Oct, 2008-Nov, 2008, Average list price $124,213, Average sales price, $117,257, Average DOM 119, 132 properties sold

Nov, 2008-Dec, 2008, Average list price $113,231, Average sales price, $108,322, Average DOM 120, 119 properties sold

Dec, 2008-Jan, 2009, Average list price $109,926, Average sales price, $102,899, Average DOM 115, 139 properties sold

Jan, 2009-Feb, 2009, Average list price $111,099, Average sales price, $105,145, Average DOM 137, 131 properties sold

Feb, 2009-Mar, 2009, Average list price $106,940, Average sales price, $101,033, Average DOM 150, 147 properties sold

Mar, 2009-Apr, 2009, Average list price $106,653, Average sales price, $101,014, Average DOM 124, 185 properties sold

Apr, 2009-May, 2009, Average list price $114,081, Average sales price, $106,690, Average DOM 122, 184 properties sold

May, 2009-June, 2009, Average list price $112,977, Average sales price, $106,389, Average DOM 166, 163 properties sold



Sarasota stats-Single family, townhomes, condos, mobiles, etc:

June, 2007-July, 2007, Average list price $661,967, Average sales price, $611,750, Average DOM 191, 364 properties sold

July, 2007-Aug, 2007, Average list price $518,006, Average sales price, $475,405, Average DOM 190, 374 properties sold

Aug, 2007-Sept, 2007, Average list price $502,556, Average sales price, $448,734, Average DOM 204, 270 properties sold

Sept, 2007-Oct, 2007, Average list price $200,792, Average sales price, $188,567, Average DOM 166, 221 properties sold

Oct, 2007-Nov, 2007, Average list price $495,306, Average sales price, $443,406, Average DOM 193, 250 properties sold

Nov, 2007-Dec, 2007, Average list price $502,668, Average sales price, $451,259, Average DOM 201, 214 properties sold

Dec, 2007-Jan, 2008, Average list price $519,901, Average sales price, $471,852, Average DOM 213, 229 properties sold

Jan, 2008-Feb, 2008, Average list price $532,501, Average sales price, $470,893, Average DOM 54, 239 properties sold

Feb, 2008-Mar, 2008, Average list price $463,532, Average sales price, $411,264, Average DOM 212, 271 properties sold

Mar, 2008-Apr, 2008, Average list price $439,300, Average sales price, $388,032, Average DOM 202, 318 properties sold

Apr, 2008-May, 2008, Average list price $461,399, Average sales price, $411,998, Average DOM 223, 362 properties sold

May, 2008-June, 2008, Average list price $478,476, Average sales price, $427,236, Average DOM 201, 411 properties sold

June, 2008-July, 2008, Average list price $486,654, Average sales price, $434,554, Average DOM 183, 377 properties sold

July, 2008-Aug, 2008, Average list price $389,237, Average sales price, $356,393, Average DOM 86, 355 properties sold

Aug, 2008-Sept, 2008, Average list price $404,305, Average sales price, $360,014, Average DOM 202, 287 properties sold

Sept, 2008-Oct, 2008, Average list price $368,846, Average sales price, $333,518, Average DOM 172, 313 properties sold

Oct, 2008-Nov, 2008, Average list price $312,333, Average sales price, $280,216, Average DOM 168, 290 properties sold

Nov, 2008-Dec, 2008, Average list price $314,973, Average sales price, $275,484, Average DOM 175, 259 properties sold

Dec, 2008-Jan, 2009, Average list price $334,062, Average sales price, $298,144, Average DOM 195, 295 properties sold

Jan, 2009-Feb, 2009, Average list price $256,686, Average sales price, $232,363, Average DOM 174, 253 properties sold

Feb, 2009-Mar, 2009, Average list price $263,435, Average sales price, $231,872, Average DOM 157, 277 properties sold

Mar, 2009-Apr, 2009, Average list price $262,143, Average sales price, $232,524, Average DOM 194, 387 properties sold

Apr, 2009-May, 2009, Average list price $274,905, Average sales price, $244,603, Average DOM 180, 426 properties sold

May, 2009-June, 2009, Average list price $298,958, Average sales price, $268,140, Average DOM 184, 402 properties sold

[222muchcoffee]

I hope you don't have to type all that yourself! Good info as always, SoFlGal!

[SoFLGal]

Originally Posted by 222muchcoffee

I hope you don't have to type all that yourself! Good info as always, SoFlGal!

Ummm...actually I do! Well, kind of. I copy and paste each one so I have the dates and then I look up the average sales, list, DOM and number of properties sold and change the numbers I have down. So, I have to fill in the blanks on every one (basically all the numbers on each). That's why it takes a bit of time to do.