2016 Housing Market Strong

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1 FOR IMMEDIATE RELEASE Realtor Association of Sarasota and Manatee Contact: Kathy Roberts (941) Housing Market Strong SARASOTA, Fla. (February 9, 217) According to recent data from Florida Realtors Industry Data and Analysis department, Sarasota and Manatee County wrapped up 216 with fewer distressed sales, an increase in traditional closed sales, an expanding inventory and higher median prices as compared to the year before. The combined 216 closed sales of single-family homes and condos in Sarasota and Manatee County totaled 2,91, a 2.6 percent decrease from 215, which was a record year. However, total sales in 216 exceed each of the four years prior to 215. Condo sales in Manatee County bucked the trend, with 2,66 closed sales in 216, a 7.7 percent increase over the previous year. Condo sales in Sarasota County decreased 4 percent, with total sales of 3,63. Single family sales in Manatee County decreased nearly 1 percent, for a total of 6,57, while Sarasota County showed 7,825 sales, a decrease of 6.3 percent. While record sales were not achieved, the health of the market is shown by the fact that traditional sales increased while sales of foreclosures and short sales declined in the two-county area. Distressed sales totaled only 1,29 in 216 compared to 3,4 in 215, a decrease of 57.1 percent. As a share of total sales, distressed sales represented only 6.4 percent of total sales in 216, approaching the more normal level of about 2.5 percent for distressed sales. With a steep decline in distressed sales and indications of a balancing market, 216 closed out as a healthy and sustainable year for our market, says Xena Vallone, 217 President of the Realtor Association of Sarasota and Manatee. Both Manatee and Sarasota County experienced an increase in median sales prices. In Sarasota County, the median sales price was $25,5, up 11.4 percent from the previous year. The median sales price of single family homes in Manatee County was $275,146, up 5.8 percent. The median price for condos in Sarasota in 216 was $21,, up 7.7 percent over the previous year. As for Manatee, the median price in 216 was $17,, up 6.3 percent. The median price is the mid-point of all sales reported for the year, with half the sales above the median, and half below. Tight inventories continued to put upward pressure on median prices, as demand exceeds supply, adds Vallone. Median price increases are not solely caused by changes in the value of real estate, they also

2 reflect the mix of the homes that sold in that year. In our case, the decreased inventory of homes for sale in lower price ranges because of fewer distressed sales, is having an impact, too. Inventory experienced a 24.9 percent increase from last year in single family homes and condos in the two-county area. Manatee single family homes increased by 12.5 percent and Sarasota increased by 22.3 percent. Manatee condos increased by 17.2 percent and Sarasota condos increased by 38.5 percent. Month s supply of inventory also increased across both counties. Sarasota condos now sit at a 5.5 month s supply (an indication of a balanced market) as compared to a 3.8 month s supply in 215. Manatee condos are at a 4.4 month s supply, an increase of 1 percent from last year. Single family homes in Sarasota county increased by 28.6 percent to a 4.5 month s supply while Manatee increased by 13.9 percent to a 4.1 month s supply. At the recent Florida Realtors Mid-Winter Meetings, nationally acclaimed economist Elliot Eisenberg shared three factors that may be attributing to tight inventory. He explained that investors are holding on to properties acquired during the recession for cash flow from rentals, builders are not building at a pace to keep up with the needs of a growing population, and that owners who bought or refinanced a home during the period of low interest are choosing to stay where they are. ### 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 Yearly Market Summary 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) 95 Days 2,82 1,851 6,57 6,19 -.9% 1,843 2, % $275,146 $26, 5.8% $341,281 $321,914 6.% $2.1 Billion $2. Billion 5.1% 95.9% 95.5%.4% 42 Days 47 Days -1.6% 94 Days 1.1% 6,465 6, % 7,697 7, % % 12.5% Months Supply of Inventory % 7, 6, 5, 4, 3, 2, 1, $3K $25K $2K $15K $1K $5K 3, 2,5 2, 1,5 1, 5

4 Inventory Yearly Market Summary 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) 89 Days 2,941 2,44 7,825 8, % 3,135 3, % $25,5 $224, % $346,366 $322, % $2.7 Billion $2.7 Billion.6% 95.5% 95.4%.1% 39 Days 38 Days 2.6% 85 Days 4.7% 8,253 9, % 1,21 9,92 3.% % 22.3% Months Supply of Inventory % 1, 8, 6, 4, 2, $3K $25K $2K $15K $1K $5K 4, 3,5 3, 2,5 2, 1,5 1, 5

5 Inventory Yearly Market Summary 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) 9 Days ,66 2, % 1,564 1,548 1.% $17, $16, 6.3% $222,3 $26, % $578.5 Million $498.7 Million 16.% 95.% 94.7%.3% 44 Days 45 Days -2.2% 86 Days 4.7% 2,743 2,718.9% 3,325 3,43 9.3% % 17.2% Months Supply of Inventory % 3, 2,5 2, 1,5 1, 5 $18K $16K $14K $12K $1K $8K $6K $4K $2K 1,6 1,4 1,2 1,

6 Inventory Yearly Market Summary 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) 91 Days 1,654 1,194 3,63 3,752-4.% 2,319 2, % $21, $195, 7.7% $328,965 $285, % $1.2 Billion $1.1 Billion 1.5% 95.% 94.9%.1% 44 Days 41 Days 7.3% 85 Days 7.1% 3,87 4,91-6.9% 4,995 4, % % 38.5% Months Supply of Inventory % 4, 3, 2, 1, $25K $2K $15K $1K $5K 2,5 2, 1,5 1, 5

7 Expanded Statistical Report Sarasota and Manatee Counties Yearly 216 For more detailed reports, visit Sarasota/Manatee Realtor Magazine

8 Yearly Distressed Market Single Family Homes Manatee County Traditional 5,62 5, % $284,595 $277,38 2.6% Foreclosure/REO % $172,7 $146, 18.3% Short Sale % $196, $187, 4.8% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3K Traditional Foreclosure/REO Short Sale $25K $2K $15K $1K $5K

9 Yearly Distressed Market Single Family Homes Sarasota County Traditional 7,23 6,87 5.2% $258,9 $247, 4.8% Foreclosure/REO 479 1, % $159,9 $131,5 21.6% Short Sale % $172,5 $148,5 16.2% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3K Traditional Foreclosure/REO Short Sale $25K $2K $15K $1K $5K

10 Yearly Distressed Market Townhouses and Condos Manatee County Traditional 2,485 2, % $174,5 $165, 5.8% Foreclosure/REO % $92, $9, 2.2% Short Sale % $165, $124, 33.1% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $2K $18K $16K $14K $12K $1K $8K $6K $4K $2K Traditional Foreclosure/REO Short Sale

11 Yearly Distressed Market Townhouses and Condos Sarasota County Traditional 3,484 3, % $213, $26,99 2.9% Foreclosure/REO % $119, $117,5 1.3% Short Sale % $161,9 $119, 36.1% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25K Traditional Foreclosure/REO Short Sale $2K $15K $1K $5K