January 2013 Sales Up 22 Percent Over Last January
The Sarasota real estate market saw sales leap by 22
percent in January 2013, compared to January 2012 â€“ a great start for the new
year, and evidence that the 2012 real estate market boom is continuing unabated.
Members of the Sarasota Association of RealtorsÂ® sold 626 properties in
January â€“ 466 single family homes and 160 condominiums. That compared to 365
single family homes and 148 condos sold in January 2012. The January sales
represented a drop off from the December 2012 total of 828 sales. A similar
decrease was seen last year from December to January. In 2012, sales increased
markedly in February, March and April, climbing to 886 closed transactions in
April before dropping off slightly in the summer months.
which predict future closings, were at 1,047 in January â€“ the highest level in
nine months, and well above the pending sales reported in January 2012 (963).
This statistic, which represents properties that went under contract during the
month, indicates the February sales could also be at a healthy level.
The available inventory remained near the lowest level in a decade, but
rose somewhat in January 2013 to 3,846 from the December 2012 total of 3,657.
The figure was still 1,000 fewer properties than in January 2012.
are seeing some sellers returning to the market to take advantage of the spring
buying season, so our inventory level has increased slightly,â€ said SAR
President Roger Piro. â€œThe biggest current trend remains the high level of
market activity â€“ foot traffic at open houses, competitive bidding for available
homes, and tremendous volume of sales.â€
The median sale prices for
single family homes dropped slightly in January to $183,800 from the December
2012 figure of $189,500. But the figure was 14 percent higher than last
Januaryâ€™s median of $162,000. Condo median sale prices dropped markedly in
January 2013 to $130,000 from the December 2012 figure of $182,500, and were
also much lower than last January ($180,000). A closer examination of the condo
category showed many sales in the sub-$100,000 price range, which pulled down
the overall statistic. In 2012, the full year median prices were 13 percent
higher than in 2011.
The January 2013 months of inventory were 5.4
months for single family and 8.4 months of inventory for condos, somewhat higher
than the December 2012 figures of 3.9 months and 5.4 months, respectively. The
increase can be attributed to two factors â€“ a large increase in new listings on
the market (988 compared to only 596 in December); and the decrease in sales,
both of which resulted in a larger inventory and smaller percentage of closed
Months of inventory represents the time it would take to deplete
the current inventory at the current sales rate. Last January, there were 8.3
months of inventory for single family homes and 11.3 months of inventory for
condos. At the worst point of our market in November 2008, there were 24 months
of inventory for single family homes and 41.7 months for condos.
Currently, only 470 properties listed for sale in the MLS are short
sales or foreclosures, almost identical to last monthâ€™s figure. This represents
about 12.2 percent of available properties, down from last monthâ€™s figure of
12.9 percent and a big drop from January 2012 when the figure represented 17
percent of the market.
Sales of distressed properties, however,
represented 35.4 percent of the overall market in January 2013, up slightly from
the December 2012 figure of 32 percent, but still significantly below the 51
percent figure experienced in the fourth quarter of 2010.
January 2013 statistics reflected a strong Sarasota real estate sales market,
and pending sales numbers that seem to indicate a positive spring season to