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Old 11-16-2010, 08:14 AM
 
338 posts, read 951,089 times
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For the local realtors- What is your take on our local market right now? Are people buying,just looking or taking a break for the holidays? If they are buying which price range seems to be moving the most inventory? What would you say is the current time a home takes to sell (regular sale,no REO or short sale) in the Sarasota county area?
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Old 11-16-2010, 08:54 AM
 
Location: Palm Island and North Port
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Right now we're unusually busy. Generally from late October until the end of January is pretty dead. It's usually the slower time with the holidays and all. I can't say it's one specific price range that is moving. Feb-June are usually the big months for selling your home. There are quite a few investor/Realtors buying and flipping right now. Many of them are staying somewhat competitive with the bank homes but their properties are all fixed up.

Since you asked specifically about Sarasota county(Sarasota, Osprey, Venice, North Port, part of Englewood, Nokomis, Laurel) I will provide those stats. Right now there are 7007 properties for sale in Sarasota county. This includes mobiles, condos, single family, etc.

We are selling mostly bank owned properties, usually because the prices are better than an owner occupied home and many people don't want to wait for short sales.

We do have quite a few properties still in our "prelist" inventory, which means these are properties that were assigned to us and we are getting them ready to market- i.e. trashout, pool cleaned, etc. One interesting fact is that we also list many bank owned properties and we have seen a dramatic decrease in the number of listings coming from the banks. This may be due to the robo signing mess.

I'll go back a little so you have some history. Here's the sold stats for Sarasota county:

Nov 16th-Dec 16th, 2008, 535 homes sold
Dec 16th, 2008-Jan 16th, 2009, 561 homes sold
Jan 16th-Feb 16th, 2009, 545 homes sold
Feb 16th-Mar 16th, 2009, 682 homes sold
Mar 16th-Apr 16th, 2009, 802 homes sold
Apr 16th-May 16th, 2009, 801 homes sold
May 16th-June 16th 2009, 794 homes sold
June 16th-July 16th, 2009, 740 homes sold
July 16th-Aug 16th, 2009, 657 homes sold
Aug 16th-Sept 16th, 2009, 622 homes sold
Sept 16th-Oct 16th, 2009, 740 homes sold
Oct 16th-Nov 16th, 2009, 691 homes sold
Nov16th-Dec 16th 2009, 803 homes sold
Dec 16th 2009-Jan 16th 2010, 690 homes sold
Jan 16th-Feb 16th 2010, 672 homes sold
Feb 16th-Mar 16th 2010, 854 homes sold
Mar 16th-Apr 16th 2010, 993 homes sold
Apr 16th-May 16th 2010, 985 homes sold
May 16th-June 16th 2010, 937 homes sold
June 16th-July 16th 2010, 815 homes sold
July 16th-Aug 16th 2010, 633 homes sold
Aug 16th-Sept 16 2010, 641 homes sold
Sept 16th-Oct 16th 2010, 653 homes sold
Oct 16th-Nov 16th 2010, 554 homes sold

If I look at the last three months for sales in Sarasota county here's how it shakes out:
Aug 16th-Sept 16th, Average list price was $217,597 and the average sales price is $197,757. Average days to contract is 124. Remember there are many short sales that is driving this number up.
Sept 16th-Oct 16th, Average list price is $223,274 and the average sales price is $203,874. Average days to contract 122.
Oct 16th-Nov 16th, Average list price $239,450 and the average sales price is $215,047. Average days to contract 127.

Now here are the same stats taking the median price:
Aug 16th-Sept 16th, Average list price is $134,900 and the average sales price is $125K. Average days to contract is 73.
Sept 16th-Oct 16th, Average list $146,900 and average sales price $132,500. Average days to contract 70.
Oct 16th-Nov 16th, List $149K and selling at $137,500. Days to contract 64.

Now many areas are quite different throughout the county. For instance, if you just look at North Port the numbers are dramatically different. Here, I'll give you an example:
There are currently 903 active properties. 95 of the properties are bank owned, 288 short sales, 520 "regular sales".
In North Port there were 160 sales from Aug 16th-Sept 16th. The median list was $89,900 and the median sales price was $85K. Days to contract is 59.
Sept 16th-Oct 16th. 137 sales this month. The median list is $94,900 and the median sales is $89,550 and 46 days to contract.
Oct 16th-Nov 16th, 100 sales in the time period. The median list is $90k and the median sales is $85,375 and 47 days to contract.

Hope this helps

Last edited by SoFLGal; 11-16-2010 at 09:17 AM..
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Old 11-16-2010, 09:08 AM
 
Location: Lakewood Ranch, FL
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I'll just piggyback on what SoFLGal gave you...First, there is a public website with statistical analysis kept by the Sarasota Association of Realtors that you can view each month, if you like: Sarasota Association of RealtorsĀ® - SAR News
However, it can be very misleading to generalize because real estate is so location-specific. I'll bet if I spend only a little time at it, I can find a street where one end is doing well and the other end is not. So, yes you can ask us and yes, you can see the stats online but just remember that your situation is more likely than not to be different than what the data show you.
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Old 11-16-2010, 09:19 AM
 
Location: Palm Island and North Port
7,511 posts, read 21,702,993 times
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Quote:
Originally Posted by bbronston View Post
I'll just piggyback on what SoFLGal gave you...First, there is a public website with statistical analysis kept by the Sarasota Association of Realtors that you can view each month, if you like: Sarasota Association of RealtorsĀ® - SAR News
However, it can be very misleading to generalize because real estate is so location-specific. I'll bet if I spend only a little time at it, I can find a street where one end is doing well and the other end is not. So, yes you can ask us and yes, you can see the stats online but just remember that your situation is more likely than not to be different than what the data show you.
That's very true. You also have to not only look at the amount of properties coming off the market but also the amount coming on in any given month.
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Old 11-16-2010, 09:47 AM
 
Location: Lakewood Ranch, FL
5,648 posts, read 9,889,362 times
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Great minds think alike, right?
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Old 11-16-2010, 02:58 PM
 
338 posts, read 951,089 times
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Thanks for all the helpful info. It just seems quiet around here to me. I don't see many realtors showing clients around like in the past. From your input I quess people are still looking and buying which is good.
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Old 11-16-2010, 03:53 PM
 
Location: Palm Island and North Port
7,511 posts, read 21,702,993 times
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Quote:
Originally Posted by debvic View Post
Thanks for all the helpful info. It just seems quiet around here to me. I don't see many realtors showing clients around like in the past. From your input I quess people are still looking and buying which is good.
Yeah they are but most buyers are pretty savvy and selective. What I'm seeing sell is the lower end ($90k and under) and the higher end (above $300k-$400k). I guess I should clarify the "busy" statement as well. Lots of buyers running around and many people deciding which areas are the best fit. I have gotten 3 contracts so far this week on my bank owned stuff though. Again, that goes back to the original comment of the bank owned stuff moving.

On another note, about 5 minutes after I posted that we haven't gotten any new bank properties, we got one. Ya never know...
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Old 11-16-2010, 04:28 PM
 
Location: Palm Island and North Port
7,511 posts, read 21,702,993 times
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If you believe the papers writings here's what they had to say today: October home sales drop by 11 percent from September in Sarasota County | Real Estate | HeraldTribune.com
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