More Inventory Means More Choices for Buyers

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1 FOR IMMEDIATE RELEASE Realtor Association of Sarasota and Manatee Contact: Kathy Roberts (941) More Inventory Means More Choices for Buyers SARASOTA, Fla. (March 22, 217) The combined inventory of single-family homes and condos in the two-county area reached 8,557 in February, the highest number since April of 212. The number of single family homes for sale in Sarasota County is up by 15.1 percent from February of last year, and is up by 6.5 percent in Manatee County. Condo inventory also increased from last year with Sarasota County up by 24.3 percent, while Manatee County was up by 1.6 percent. Inventory has been rising in each county for nearly twelve months, resulting in an increase of month s supply and bringing the area even closer to the benchmark of a balanced market of 5.5 months. In Sarasota County, the month s supply of condos reached 6.2, indicating a buyer s market, while single family homes are at a 5.1-month supply. Manatee County is at a 4.9-month supply for condos and a 4.6- month supply for single family. With more active listings on the market, buyers are able to take time to view and compare more properties, and are not under pressure to jump on the first property they see, said 217 RASM President Xena Vallone. We are seeing this translate into longer time on the market, making it even more important for sellers to price their properties appropriately. The median time between a property listing and a purchase contract increased for single family homes in Sarasota County to 49 days, up from 4 days in February of last year, while Manatee County rose from 47 days to 61 days. For condos in Sarasota County, the median time to contract in February was 64 days, up from 34 days last February. Condos in Manatee County fared much better, with median time to contract of 38 days this February, up from 36 last year. Year over year, median sales prices have been increasing nearly every month for the last 12 months. Median prices for Sarasota single family homes increased to $257,5, up 2.1 percent from February 216, while Manatee single family increased to $289,752, an increase of 13.6 percent. Condo median sales prices rose 15.4 percent to $219,245 in Sarasota, and 5.8 percent to $174,5 in Manatee. It is important to remember that a rise in median prices does not equate to an increase in the value of individual properties, said Vallone. It is the mid-point of all the homes that sold that month. With foreclosures and short sales down 43.5 percent in the two-county area, there are fewer properties being listed below $2,, so the mid-point is naturally increasing.

2 Combined sales in February are up in the two-county area by 2.5 percent from last year. Sales in Sarasota County experienced a 2.4 percent increase in single family homes and a small uptick of only.4 percent in condo sales. In Manatee County, single family home sales increased by 6.6 percent, offset by a 2 percent decrease in condo sales. Unlike January s rise in pending sales, the number of listed properties that went under contract during February in the two-county area is down by 2.2 percent. Because pending sales are a good indicator of closed sales in the next thirty to ninety days, it would not be surprising to see closed sales down in that period. Some of the decline can be attributed to the strength of the dollar as compared to the foreign currencies of international buyers and the disappearance of the bargains they found during the last several years. Editor s Note: For comprehensive statistics dating back to 25, visit ### About Realtor Association of Sarasota and Manatee The Realtor Association of Sarasota and Manatee (RASM) was formed on January 1, 215 with the merger of the Sarasota Association of Realtors and the Manatee Association of Realtors, two long-standing real estate trade associations with a century of histories in the region. The organization exists to serve its members, business partners and advocates for real estate efforts in the community. Realtors subscribe to a strict code of ethics and have access to numerous services and programs to enhance their professionalism. Educational programs and seminars help members gain new skills and professional designations as well as providing opportunities for networking and making a difference in the world of real estate.

3 Inventory Monthly Market Summary - February 217 Single Family Homes Sarasota County Paid in Cash Average Sale Price Dollar Volume Med. Pct. of Orig. List Price Received Median Time to Contract Median Time to Sale New Pending Sales New Listings Pending Inventory Inventory (Active Listings) 94 Days 3,318 2, % % $257,5 $252,25 2.1% $389,11 $376, % $21.5 Million $19.4 Million 5.8% 95.% 95.4% -.4% 49 Days 4 Days 22.5% 92 Days 2.2% % 95 1,5-9.5% 1,218 1,29.7% 15.1% Months Supply of Inventory % 1, $3K $25K $2K $15K $1K $5K $K 3,5 3, 2,5 2, 1,5 1, 5 Data released on Wednesday, March 22, 217. Historical data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.

4 Inventory Monthly Market Summary - February 217 Single Family Homes Manatee County Paid in Cash Average Sale Price Dollar Volume Med. Pct. of Orig. List Price Received Median Time to Contract Median Time to Sale New Pending Sales New Listings Pending Inventory Inventory (Active Listings) 112 Days 2,311 2, % % $289,752 $255, 13.6% $353,244 $327, % $143.4 Million $124.7 Million 15.% 95.6% 95.7% -.1% 61 Days 47 Days 29.8% 97 Days 15.5% % % % 6.5% Months Supply of Inventory % $35K $3K $25K $2K $15K $1K $5K $K 2,5 2, 1,5 1, 5 Data released on Wednesday, March 22, 217. Historical data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.

5 Inventory Monthly Market Summary - February 217 Townhouses and Condos Sarasota County Paid in Cash Average Sale Price Dollar Volume Med. Pct. of Orig. List Price Received Median Time to Contract Median Time to Sale New Pending Sales New Listings Pending Inventory Inventory (Active Listings) 99 Days 1,866 1, % % $219,245 $19, 15.4% $296,29 $31, % $81.7 Million $85.3 Million -4.2% 94.6% 95.3% -.7% 64 Days 34 Days 88.2% 82 Days 2.7% % % % 24.3% Months Supply of Inventory % $3K $25K $2K $15K $1K $5K $K 2, 1,8 1,6 1,4 1,2 1, Data released on Wednesday, March 22, 217. Historical data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.

6 Inventory Monthly Market Summary - February 217 Townhouses and Condos Manatee County Paid in Cash Average Sale Price Dollar Volume Med. Pct. of Orig. List Price Received Median Time to Contract Median Time to Sale New Pending Sales New Listings Pending Inventory Inventory (Active Listings) 79 Days 1,62 1, % % $174,5 $165, 5.8% $22,81 $196,99 3.4% $38.9 Million $38.4 Million 1.3% 95.2% 95.4% -.2% 38 Days 36 Days 5.6% 88 Days -1.2% % % % 1.6% Months Supply of Inventory % $2K $15K $1K $5K $K 1,2 1, Data released on Wednesday, March 22, 217. Historical data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.

7 Expanded Statistical Report Sarasota and Manatee Counties February 217 For more detailed reports, visit Sarasota/Manatee Realtor Magazine

8 Monthly Distressed Market - February 217 Single Family Homes Sarasota County Traditional % $262, $265, -1.1% Foreclosure/REO % $155,1 $154,.7% Short Sale % $265, $215, 23.3% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $45K Traditional Foreclosure/REO Short Sale $4K $35K $3K $25K $2K $15K $1K $5K $K Data released on Wednesday, March 22, 217. Historical data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.

9 Monthly Distressed Market - February 217 Single Family Homes Manatee County Traditional % $294,75 $261, % Foreclosure/REO % $228,5 $167, 36.8% Short Sale % $186, $192, -3.1% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $35K Traditional Foreclosure/REO Short Sale $3K $25K $2K $15K $1K $5K $K Data released on Wednesday, March 22, 217. Historical data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.

10 Monthly Distressed Market - February 217 Townhouses and Condos Sarasota County Traditional % $222, $194,5 14.1% Foreclosure/REO % $11, $135, -18.5% Short Sale % $143,25 $3, -52.3% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $45K Traditional Foreclosure/REO Short Sale $4K $35K $3K $25K $2K $15K $1K $5K $K Data released on Wednesday, March 22, 217. Historical data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.

11 Monthly Distressed Market - February 217 Townhouses and Condos Manatee County Traditional % $174,5 $169, 3.3% Foreclosure/REO % $245, $72, % Short Sale % $12, $166,75-28.% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $35K Traditional Foreclosure/REO Short Sale $3K $25K $2K $15K $1K $5K $K Data released on Wednesday, March 22, 217. Historical data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.