Sarasota/Manatee Housing Market Still Tipped Toward Sellers

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1 FOR IMMEDIATE RELEASE Realtor Association of Sarasota and Manatee Contact: Kathy Roberts (941) Sarasota/Manatee Housing Market Still Tipped Toward Sellers SARASOTA, Fla. (May 24, 217) According to the recent numbers compiled by Florida REALTORS from My Florida Regional MLS, April 217 reflects an increase in single family closed sales, median sales prices and inventory in Sarasota and Manatee County as compared to April of 216. Closed sales in Sarasota County increased by 8.3 percent for single family homes, while Manatee County experienced a 1.5 percent increase. Condos, however, decreased in sales in the month of April. Sarasota condo sales decreased by.3 percent this month and Manatee decreased by 22 percent. Median prices of Sarasota County single family homes increased by 9 percent to $272,5, while condos decreased by 1.4 percent to $215,. Single family homes in Manatee County increased in median price by 5.4 percent to $295,, while condos in Manatee increased by 2.1 percent to $17,5. The number of properties that were put on the market during April decreased in both counties from last month, a good indication of the end of the season. This year s season started slow in January, but picked up steam in February and March, levelling out again in April, said Xena Vallone, 217 RASM President. When looking at the total inventory in the two-county area, there is a 9.3 percent increase of active listings from this time in 216, but inventory continues to be very tight, especially in lower price ranges. In Sarasota County, the inventory of single family homes increased 12.3 percent and condos by 12 percent. Single family homes in Manatee County increased by 3.6 percent, while condos increased by 9.7 percent. In April 217, we saw an increase in time to contract over last year in both counties. Sarasota single family homes increased to 45 days on market, up from 35 last year, and the time for condos increased to 46 days, also up from 35 days a year ago. In Manatee County, time on market for single family homes increased to 46 days from 38 last year, while condos rose from 33 days last year to 5 days on market this year. Higher inventory levels typically increase the time it takes to sell a property, said Vallone. However, that is not the case for more affordable price points. Single family homes priced under $3, are going

2 to contract more quickly than those priced higher, but we aren t seeing the same thing in the condo market. The month s supply of inventory in the two-county area is in the range of 4.4 to 5.5 months inventory, continuing to improve year-over-year. This statistic reflects the time it would take to sell all the active listings on the market at the current rate of sales. The current supply favors the seller over the buyer overall, but not in all price ranges, as indicated above. According to the National Association of REALTOR s Midyear Forecast, supply, affordability and modest economic growth are holding back sales and threatening the nation s low homeownership. However, chief economist Lawrence Yun believes existing-home sales are poised to climb 3.5 percent in 217. The housing market has exceeded expectations ever since the election, despite depressed inventory and higher mortgage rates, said Yun. The combination of the stock market being at record highs, 16 million new jobs created since 21, pent-up household formation and rising consumer confidence are giving more households the assurance and ability to purchase a home. 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 - April 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) % % $272,5 $25, 9.% $382,73 $333, % $33. Million $243.9 Million 24.2% 95.2% 95.1%.1% 45 Days 35 Days 28.6% 94 Days 1,244 1, % 3,7 2, Days 8.% % % 12.3% Months Supply of Inventory % 1, $3K $25K $2K 3,5 3, 2,5 2, 1,5 1, 5

4 Inventory Monthly Market Summary - April 217 Single Family Homes Manatee County $35K $3K $25K $2K 2,5 2, 1,5 1, 5 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) % % $295, $28, 5.4% $362,553 $355,422 2.% $195.4 Million $188.7 Million 3.5% 95.4% 95.5% -.1% 46 Days 38 Days 21.1% 93 Days 958 1,25-6.5% 2,243 2, Days 5.7% % % 3.6% Months Supply of Inventory %

5 Inventory Monthly Market Summary - April 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) % % $215, $218, -1.4% $312,361 $376, % $119. Million $143.6 Million -17.2% 94.2% 95.2% -1.1% 46 Days 35 Days 31.4% 87 Days % 1,73 1,52 84 Days 3.6% % % 12.% Months Supply of Inventory % $3K $25K $2K 2, 1,8 1,6 1,4 1,2 1,

6 Inventory Monthly Market Summary - April 217 Townhouses and Condos Manatee County $2K 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) % % $17,5 $167, 2.1% $213,22 $312, % $5.7 Million $95.2 Million -46.7% 93.8% 96.% -2.3% 5 Days 33 Days 51.5% 92 Days % 1, Days 19.5% % % 9.7% Months Supply of Inventory % 1,2 1,

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

8 Monthly Distressed Market - April 217 Single Family Homes Sarasota County Traditional % $278,45 $255,25 9.1% Foreclosure/REO % $179,9 $156,9 14.7% Short Sale % $34, $174, 74.7% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $45K Traditional Foreclosure/REO Short Sale $4K $35K $3K $25K $2K

9 Monthly Distressed Market - April 217 Single Family Homes Manatee County Traditional % $299,95 $29, 3.4% Foreclosure/REO % $117,5 $143, -17.8% Short Sale % $13, $194, -46.9% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $35K Traditional Foreclosure/REO Short Sale $3K $25K $2K

10 Monthly Distressed Market - April 217 Townhouses and Condos Sarasota County Traditional % $215, $22, -2.3% Foreclosure/REO % $124, $15, -17.3% Short Sale % $295, $2, 47.5% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $45K Traditional Foreclosure/REO Short Sale $4K $35K $3K $25K $2K

11 Monthly Distressed Market - April 217 Townhouses and Condos Manatee County Traditional % $171, $167, % Foreclosure/REO % $95, $16, % Short Sale 1 N/A $181,5 (No Sales) N/A 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $35K Traditional Foreclosure/REO Short Sale $3K $25K $2K