Market remains stable in August 2011; inventory drops to new decade low A steady drop in property inventory for sale, combined with a stable, sales demand in the Sarasota real estate market, is pointing toward normal, healthy property appreciation in the coming months. An analysis of sales, prices and inventory figures reflects a market in recovery, led by a declining pool of available properties on the market. The inventory of available properties for sale has been dropping for the past nine months, and hit another decade-low figure of 4,408 in August 2011. Sales during the past 10 months have exceeded 500 every month, and exceeded 700 four times. As a likely result of consumer demand and dropping inventory, the median sale price for single family homes and condos has recovered from the lows reached in February 2011, when both categories showed a median price of $137,500. The latest monthly figures in August showed a median price of $165,000 for both single family homes and condos – a 23 percent improvement from the lows of only seven months ago. “We’re starting to see a definite trend line developing, and it’s very positive,” said SAR President Michael Bruno. “No one has a crystal ball, and it wouldn’t be wise for anyone to make a solid prediction on the future of our market. But we can clearly see the normal market forces of supply and demand as Sarasota is becoming a seller’s market, in which price appreciation would be expected.” The local market is mirroring the national picture to some extent. NAR Chief Economist Lawrence Yun recently noted, “The (national) housing market is still not yet back to normal, but the inventory component is moving in the right direction. There were 3.6 million existing homes on the market for sale, down measurably from the peak inventory of 4.6 million in the summer months of 2008.” Members of the Sarasota Association of Realtors® reported 601 property sales in August 2011, which was almost 6 percent higher than the August 2010 total of 567 sales. The breakdown was 445 single family home closings (the same as in July 2011) and 156 condo closings (two more than in July). The median sales prices (noted above) were about 6.5 percent higher than last year at this time. In August, the total inventory of available properties dropped again to the lowest level in more than a decade. There were 2,817 single family homes and 1,591 condos on the market. The current figure represents an astonishing drop from the high of 17,102 properties on the market in March 2007. With only a quarter of the properties on the market compared to four years ago, competition for properties has been dramatically increased, and agents are now fielding multiple bids on many properties. The months of inventory dropped slightly to 6.3 months for single family homes, from last month’s figure of 6.4 months. For condos, the months of inventory also dropped to 10.2 months from July’s figure of 10.7 mon

1. Market remains stable in August 2011;
m
inventory drops to new decade low
A steady drop in property inventory for sale, combined with been dramatically increased, and agents are now fielding
a stable, sales demand in the Sarasota real estate market, is multiple bids on many properties.
pointing toward normal, healthy property appreciation in the The months of inventory dropped slightly to 6.3 months for
coming months. single family homes, from last month’s figure of 6.4 months.
An analysis of sales, prices and inventory figures reflects For condos, the months of inventory also dropped to 10.2
a market in recovery, led by a declining pool of available months from July’s figure of 10.7 months. In August 2010, the
properties on the market. The inventory of available properties figures were 9.3 months and 13.5 months, respectively. Both
for sale has been dropping for the past nine months, and hit figures again remained far below the highs of 25.3 months for
another decade-low figure of 4,408 in August 2011. Sales single family (in early 2009) and 41.7 months for condos (in
during the past 10 months have exceeded 500 every month, late 2008). This statistic represents the time it would take to
and exceeded 700 four times. As a likely result of consumer sell the existing inventory at the current month’s rate of sales.
demand and dropping inventory, the median sale price The 6 month level is traditionally a point which represents
for single family homes and equilibrium in the market
condos has recovered from the “But we can clearly see the normal market between buyers and sellers.
lows reached in February 2011, In some price ranges,
when both categories showed forces of supply and demand as Sarasota is
the available inventory is
a median price of $137,500. becoming a seller’s market, in which price even tighter. For example,
The latest monthly figures in appreciation would be expected.” combining single family
August showed a median price homes and condos priced
of $165,000 for both single - SAR President Michael Bruno
under $200,000, there were
family homes and condos – a 350 sales last month, and
23 percent improvement from there are 1,653 properties
the lows of only seven months ago. available under that price, or 4.7 months of inventory. This
“We’re starting to see a definite trend line developing, and number represents a clear seller’s market, in which bidding
it’s very positive,” said SAR President Michael Bruno. “No competition and price appreciation would be expected.
one has a crystal ball, and it wouldn’t be wise for anyone to For properties priced under $350,000, most price ranges
make a solid prediction on the future of our market. But are indicating a seller’s market has returned. This is in marked
we can clearly see the normal market forces of supply and contrast to three years ago, when a buyer’s market was in full
demand as Sarasota is becoming a seller’s market, in which force.
price appreciation would be expected.”
In August 2011, pending sales were roughly the same as in
The local market is mirroring the national picture to some July 2011 – 618 for single family homes, and 195 for condos,
extent. NAR Chief Economist Lawrence Yun recently noted, for a total of 813. This was also almost identical to last August
“The (national) housing market is still not yet back to normal, when 816 pending sales were reported.
but the inventory component is moving in the right direction.
There were 3.6 million existing homes on the market for sale, “We are coming out of the usually slower summer sales
down measurably from the peak inventory of 4.6 million in months with a much improved, healthier real estate market,”
the summer months of 2008.” said Bruno. “The fall should prove to be steady and strong.
The only thing continuing to hold back our market from even
Members of the Sarasota Association of Realtors® reported bigger numbers is the percentage of distressed sales, which is
601 property sales in August 2011, which was almost 6 still higher than we’d like to see.”
percent higher than the August 2010 total of 567 sales. The
breakdown was 445 single family home closings (the same as The overall percentage of distressed sales (foreclosures and
in July 2011) and 156 condo closings (two more than in July). short sales) rose slightly in August 2011 to 41.2 percent from
The median sales prices (noted above) were about 6.5 percent the 38 percent figure in July 2011. That compares to 47
higher than last year at this time. percent as recently as February 2011 and a high of 51 percent
in November 2010.
In August, the total inventory of available properties
dropped again to the lowest level in more than a decade. “The non-distressed properties are still selling for two
There were 2,817 single family homes and 1,591 condos on or three times more than the short sales and foreclosures,”
the market. The current figure represents an astonishing drop explained Bruno. “This is a huge difference, and naturally
from the high of 17,102 properties on the market in March pulls down the overall median sale price. But everyone remains
2007. With only a quarter of the properties on the market hopeful that the distressed inventory, which now represents
compared to four years ago, competition for properties has less than 20 percent of the total available properties, will start
to drop rapidly in the coming months.”
www.sarasotarealtors.com Sarasota Realtor® Magazine OCTOBER 2011 15

2. Sarasota MLSSM Statistics - August 2011
Single Family
Unit Sales Condo
700
600
500
400
300
200
100
0
Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11
Single Family
Median Sale Price
Condo
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11
Single Family
Average Median Median Last Months Pending # New # Off
#Active #Sold %Sold %Pending
DOM Sale Prices 12 Months Inventory Reported Listings Market
This
Month
2,817 445 15.8 180 $165,500 $157,000 6.3 618 21.9 311 186
This
Month 3,887 408 10.5 178 $154,500 $161,000 9.5 599 15.4 806 215
Last Year
Last
Month
2,829 445 15.7 174 $169,900 $156,000 6.4 609 21.5 311 212
YTD ‐ 4,089 ‐ 181 $155,000 ‐ ‐ 5,482 ‐ 3,474 ‐
Single Family – Sale Price Vs. List Price % Rates
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2010 94.4 92.8 95.2 94.8 95.2 95.3 94.7 95.2 94.6 95.2 94.8 94.1
2011 94.5 94.1 94.7 94.1 94.2 94.3 94.1 94.5 ‐ ‐ ‐ ‐
Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of Sept. 12th, 2011,
including some listings in Manatee, Englewood, Venice, and other areas. Single-family statistics are tabulated using property styles of
single-family and villa. Condo statistics include condo, co-op, and townhouse.
Source: Sarasota Association of Realtors®
16 OCTOBER 2011 Sarasota Realtor® Magazine www.sarasotarealtors.com

3. Sarasota MLSSM Statistics - August 2011
Single Family
Inventory Condo
5,000
4,000
3,000
2,000
1,000
0
Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11
Single Family
Pending Sales Condo
1000
900
800
700
600
500
400
300
200
100
0
Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11
Condo
Average Median Sale Median Last Months of Pending # New # Off
#Active #Sold %Sold %Pending
DOM Prices 12 Months Inventory Reported Listings Market
This
Month
1,591 156 9.8 210 $165,000 $163,950 10.2 195 12.2 221 215
This
Month 2,152 159 7.4 193 $155,000 $169,900 13.5 217 10.1 254 169
Last Year
Last
Month
1,656 154 9.3 200 $145,000 $162,250 10.7 190 11.5 199 225
YTD ‐ 1,620 ‐ 215 $167,300 ‐ ‐ 1,828 ‐ 1,971 ‐
Condo – Sale Price Vs. List Price % Rates
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2010 92.5 92.4 92.5 93.2 94.2 93.7 94.2 93.5 93.2 94.3 94.5 92.9
2011 93.4 91.2 92.2 93.4 94.5 94.2 92.5 93.1 ‐ ‐ ‐ ‐
Median sales price is the middle value, where half of the homes sold for more, and half sold for less. Listings sold were closed transac-
tions during the month. Pending sales are sales where an offer has been accepted during the month, but the sale has not yet closed. Even
though some pending sales never close, pending sales are an indicator of current buyer activity. DOM indicates the average number of
days that sold properties were on the market before a contract was executed.
Sarasota Association of Realtors® MLS
www.sarasotarealtors.com Sarasota Realtor® Magazine OCTOBER 2011 17

4. Single Family
Months of Inventory
The Xtra Pages - Digital Version Only
Condo
18
16
14
12
10
8
6
4
2
0
Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11
Single Family
Days on Market
Condo
250
200
150
100
50
0
Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11
Single Family
New Listings Condo
900
800
700
600
500
400
300
200
100
0
Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11
Single Family
Sales Volume Condo
$180,000,000
$160,000,000
$140,000,000
$120,000,000
$100,000,000
$80,000,000
Sarasota Association of Realtors® MLS
$60,000,000
$40,000,000
$20,000,000
$0
Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11

5. Second Quarter 2011 Report
Single Family Sales ‐ By Quarter REO Short Arm's Length
1200
1000
800
600
400
200
0
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
* Homebuyer Tax
Credit In Effect
Condo Sales ‐ By Quarter REO Short Arm's Length
600
500
400
300
200
100
0
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
* Homebuyer Tax
Credit In Effect
Single Family Median Sale Price REO Short Arm's Length
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
Condo Median Sale Price REO Short Arm's Length
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000 Source: Sarasota Association of Realtors®
$50,000
$0
2008‐4thQ 2009‐1stQ 2009‐2ndQ 2009‐3rdQ 2009‐4thQ 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2

6. Single Family
REO Sales ‐ By Quarter Condo
600
500
400
300
200
100
0
2008‐Q2 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
* Homebuyer Tax
Credit In Effect
Single Family
Short Sales ‐ By Quarter Condo
400
350
300
250
200
150
100
50
0
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
* Homebuyer Tax
Credit In Effect
Single Family
Arm's Length Sales ‐ By Quarter Condo
1200
1000
800
600
400
200
0
2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2
* Homebuyer Tax
Credit In Effect
Source: Sarasota Association of Realtors®

7. Annual Sales ‐ 2000 to 2010
Single Family
Single Family Condo Total
11267
10562
9697
8167
7,596 7603
7036 6,841
6533 6739
6,504
6 504 6358
6042 5820
5,603 5,466
5,183
4,940
4,626
4,349 4,353
3,721
3 721 3,922
,
3,671
3 671
3,193
2,564
2,184 2,096 2,005 2,120 2,137
1,556
1,194
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Annual Median Sale Price ‐ 2000 to 2010
Condo Single Family $351,000
$342,000 $336,250
$320,000
$272,500
$301,225
$305,000
$226,000
$225,000 $303,000
$191,000 $210,000
$172,500
$191,000 $230,000 $163,000
$142,000
$173,000
$145,000 $160,000 $163,000
$132,300
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010