The Islands of Sarasota 2011 Year End Market Report
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Transcript of The Islands of Sarasota 2011 Year End Market Report
MARKET REPORT2011 Sarasota’s Islands Year End LUXURY REAL ESTATE
The Islands of Sarasota 2011 Year End Market Report
I am pleased to present my annual review of the key market indicators that have impacted real estate values on Sarasota’s Islands. The information has been categorized by price point with market specific data compiled from information provided by the Sarasota Board of Realtors Multiple Listing Service. The report analyzes data from January 1, 2010 through December 31, 2011, tracking significant trends that occurred during this period. I am providing this information in order to forecast market trends that are likely to occur during the coming year; I believe the only way buyers, sellers and homeowners in general, can make informed decisions about real estate is to have the most current and comprehensive information available.
Historically, both the housing market and our economy have been cyclical. Thankfully, after years of declining real estate values in the Sarasota area as a whole, a turn-around in the real estate market may be at hand, at least on Sarasota’s Islands. An analysis of key market indicators reflect mixed results for 2011 when compared to a year earlier. Sales activity on most of the islands increased, and inventory levels remained stable or decreased. Average sales prices varied by island. Siesta Key, Bird Key, Anna Maria Island and Manasota Key showed an increase in average sales prices. Lido/St. Armands, Longboat Key, Casey Key and Venice Island didn’t fare as well, and experienced a drop in average sales prices during 2011. Overall data does suggest that a significant recovery may be underway in real estate values on Sarasota’s Islands.
The recovery is a result of a myriad of different factors. Sellers have become more realistic and prices have begun to stabilize. Buyers that have remained on the sidelines for the past five years now appear to have the confidence to move forward with future plans. Due to prices that reflect as far back as 2000-2001 values, coupled with some of the lowest financing rates in over 30 years, housing affordability is at its highest point since the early 1970’s. As more buyers return to the market to take advantage of buying opportunities, their presence will most likely stimulate other buyers to do the same in 2012.
Should you have questions about information contained in this report, or if you would like to receive our quarterly update, please contact me. If you would like information on the condominium market or a specific community or area, I would be pleased to provide custom reports to you.
If you are considering a move or would like a professional opinion of your home’s value and marketability in today’s market, please call or email to learn how the unique differences in using Judie Berger and Premier Sotheby’s can benefit you.
Looking forward to a successful 2012!
Warmly,
Judie Berger, PA, ABR, GRIc 941.928.3424 [email protected]
Heritage. Tradition. Expertise.
Information derived from Sarasota Multiple Listing Service. Neither Sarasota MLS nor its members guarantee or are in any way responsible for its accuracy. Data maintained by MLS may not reflect all real estate activity in this area. ©MMXI Premier Sotheby’s International Realty, licensed real estate broker. Each office is independently owned and operated. Sotheby’s International Realty is a licensed trademark to Sotheby’s International Realty Affiliates LLC. Equal housing opportunity.
Sarasota Islands 2011 Comparison to 2010 Months Supply % Change in % change in sales # Listings Homes for Sale Average Price
Siesta Key (+) 12% 161 12.9 (+) 8%.............................................................................................................................................................................................................. Bird Key (+) 24% 28 9.3 (+) 30%.............................................................................................................................................................................................................. St. Armands/Lido Key (-) 18% 37 16.4 (-) 12%.............................................................................................................................................................................................................. Longboat Key (+) 27% 153 19.5 (-) 6% .............................................................................................................................................................................................................. Casey Key (+) 20% 36 24 (-) 11% .............................................................................................................................................................................................................. Anna Maria Island (+) 21% 53 12 (+) 8% .............................................................................................................................................................................................................. Manasota Key 0% 74 41.2 (+) 28% .............................................................................................................................................................................................................. Venice Island (+) 32% 87 10 (-) 10%
SIESTA KEY
All Siesta Key Single Family Homes
Current Month’s Average # Sold Listings Supply Sales Price ______________________________________________________
2011 61 15 3 months $339,068............................................................................................................................................ 2010 56 - - $357,470............................................................................................................................................Change +9% - - -5%
2011 58 65 13.4 months $726,896............................................................................................................................................ 2010 46 - - $678,400............................................................................................................................................Change +26% - - +7%
2011 14 40 34.3 months $1,593,016............................................................................................................................................ 2010 23 - - $1,410,707............................................................................................................................................Change -39% - - +13%
2011 14 24 20.6 months $2,412,857............................................................................................................................................ 2010 8 - - $2,609,375............................................................................................................................................Change +75% - - -5%
2011 3 17 68 months $5,083,333............................................................................................................................................ 2010 1 - - $6,425,000............................................................................................................................................ Change +200% - - -21%
2011 150 161 12.9 months $894,502...........................................................................................................................................2010 134 - - $828,142...........................................................................................................................................Change +12% - - +8%
Under$500,000
$500,001 - $1,000,000
$1,000,001 - $2,000,000
$2,000,001 - $4,000,000
Over$4,000,000
TOTAL
LONGBOAT KEY
All Longboat Key Single Family Homes
Current Month’s Average # Sold Listings Supply Sales Price ______________________________________________________
2011 27 17 7.6 months $380,131............................................................................................................................................ 2010 17 - - $350,324............................................................................................................................................Change +59% - - +9%
2011 42 51 14.6 months $726,405............................................................................................................................................ 2010 33 - - $729,364............................................................................................................................................Change +27% - - -.4%
2011 18 41 27.3 months $1,381,978............................................................................................................................................ 2010 15 - - $1,382,967............................................................................................................................................Change +20% - - -.07%
2011 5 30 71.9 months $2,749,400............................................................................................................................................ 2010 7 - - $2,803,571............................................................................................................................................Change -29% - - -2%
2011 2 14 83.8 months $8,650,000............................................................................................................................................ 2010 2 - - $5,425,000............................................................................................................................................ Change 0% - - +59%
2011 94 153 19.5 months $1,028,672...........................................................................................................................................2010 74 - - $1,097,892...........................................................................................................................................Change +27% - - -6%
Under$500,000
$500,001 - $1,000,000
$1,000,001 - $2,000,000
$2,000,001 - $4,000,000
Over$4,000,000
TOTAL
BIRD KEY
All Bird Key Single Family Homes
LIDO KEY - ST ARMANDS
Current Month’s Average # Sold Listings Supply Sales Price ______________________________________________________
2011 4 0 - $454,463............................................................................................................................................ 2010 4 - - $468,750............................................................................................................................................Change 0% - - -3%
2011 11 10 10.9 months $780,727............................................................................................................................................ 2010 13 - - $743,962............................................................................................................................................Change -15% - - +5%
2011 15 7 5.6 months $1,470,500............................................................................................................................................ 2010 9 - - $1,500,111............................................................................................................................................Change +67% - - -2%
2011 3 6 24 months $2,608,333............................................................................................................................................ 2010 2 - - $2,400,000............................................................................................................................................Change +50% - - +9%
2011 3 5 20 months $4,900,000............................................................................................................................................ 2010 1 - - $4,200,000............................................................................................................................................ Change +200% - - +17%
2011 36 28 9.3 months $1,527,454...........................................................................................................................................2010 29 - - $1,174,052...........................................................................................................................................Change +24% - - +30%
Under$500,000
$500,001 - $1,000,000
$1,000,001 - $2,000,000
$2,000,001 - $4,000,000
Over$4,000,000
TOTAL
1229 point crisp road • $3,200,000Brand new Siesta Key bayfront home on magical 1 acre lot with dock, lift and infinity pool
701 treasure boat way • $1,500,000Amazing Siesta Key 2-story Mediterranean canal front pool home built in 2004 boasts over 3300 sf
3432 Founders cLub driVe • $799,000Gated country club pool home, fabulously upgraded, built in 2007 with 4 beds/3.5 baths
145 beach road • $1,900,000146 aVenida Veneccia • $1,000,000Unique investment opportunity - call for details
5415 azure way • $1,500,000Siesta pool home 2 blocks from beach on Grand Canal, beautifully rebuilt in 2006
7220 proctor road • $1,299,0002.5 acre estate with 5300 sq. ft. built in 2007, 15 minutes from Siesta Key
4568 woodside road • $1,150,000140’ Siesta waterfront, 4 minutes to open bay, 4 bedrooms/4 baths, high ceilings, 3 car garage
1240 northport driVe • $950,000Siesta Key, deep water, 650’ to the bay, no bridges. Updated 3 bed/3.5 bath pool home, vaulted ceilings
5153 sandy coVe aVenue • $749,000Rare Siesta mid-century modern, boating water, walls of glass, 4 bed/3 bath, pool, boat dock & lift
FEATURED LISTINGS
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941.928.3424Judie Berger, PA, ABR, [email protected]
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BIRD KEYLIDO KEY - ST ARMANDS
All Lido Key - St Armands Single Family Homes
Current Month’s Average # Sold Listings Supply Sales Price ______________________________________________________
2011 7 3 5.1 months $424,571............................................................................................................................................ 2010 9 - - $394,850............................................................................................................................................Change -22% - - +8%
2011 7 9 15.4 months $673,014............................................................................................................................................ 2010 11 - - $668,636............................................................................................................................................Change +36% - - +.7%
2011 7 10 17.2 months $1,425,000............................................................................................................................................ 2010 7 - - $1,572,571............................................................................................................................................Change 0% - - -9%
2011 6 9 18 months $2,650,000............................................................................................................................................ 2010 4 - - $2,800,000............................................................................................................................................Change +50% - - -5%
2011 0 6 - -............................................................................................................................................ 2010 2 - - $6,675,000............................................................................................................................................ Change -200% - - - %
2011 27 37 16.4 months $1,242,893...........................................................................................................................................2010 33 - - $1,408,080...........................................................................................................................................Change -18% - - -12%
Under$500,000
$500,001 - $1,000,000
$1,000,001 - $2,000,000
$2,000,001 - $4,000,000
Over$4,000,000
TOTAL
CASEY KEY
All Casey Key Single Family Homes
Current Month’s Average # Sold Listings Supply Sales Price ______________________________________________________
2011 0 - - -............................................................................................................................................ 2010 0 - - -............................................................................................................................................Change 0% - - -
2011 7 3 5.1 months $809,286............................................................................................................................................ 2010 4 - - $765,000...........................................................................................................................................Change +75% - - +6%
2011 6 13 26 months $1,676,250............................................................................................................................................ 2010 5 - - $1,687,000............................................................................................................................................Change +20% - - -.6%
2011 4 11 33 months $3,112,500............................................................................................................................................ 2010 3 - - $2,658,333............................................................................................................................................Change +33% - - +17%
2011 1 9 108.4 months $7,575,000............................................................................................................................................ 2010 3 - - $4,634,000............................................................................................................................................ Change -67% - - +63%
2011 18 36 24 months $1,985,972...........................................................................................................................................2010 15 - - $2,224,800...........................................................................................................................................Change +20% - - -11%
Under$500,000
$500,001 - $1,000,000
$1,000,001 - $2,000,000
$2,000,001 - $4,000,000
Over$4,000,000
TOTAL
Sarasota Islands 2011 Comparison to 2010 Months Supply % Change in % change in sales # Listings Homes for Sale Average Price
Siesta Key (+) 12% 161 12.9 (+) 8%.............................................................................................................................................................................................................. Bird Key (+) 24% 28 9.3 (+) 30%.............................................................................................................................................................................................................. St. Armands/Lido Key (-) 18% 37 16.4 (-) 12%.............................................................................................................................................................................................................. Longboat Key (+) 27% 153 19.5 (-) 6% .............................................................................................................................................................................................................. Casey Key (+) 20% 36 24 (-) 11% .............................................................................................................................................................................................................. Anna Maria Island (+) 21% 53 12 (+) 8% .............................................................................................................................................................................................................. Manasota Key 0% 74 41.2 (+) 28% .............................................................................................................................................................................................................. Venice Island (+) 32% 87 10 (-) 10%
Anna Maria IslandIn 2011, inventory levels on Anna Maria have dropped below a 12 month supply and average prices have appeared to stabilize. This indicates that pries will remain stable, however, home values at over one million may see price declines in 2012 due to stubbornly high inventory levels
Bird KeyBird Key experienced a significant jump in sales activity
and prices last year compared to 2010. This can be attributed to lower inventory levels than in any other
island areas. As these trends continue, expect to see a full market recovery in 2012.
Manasota KeyInventory levels remained very high on Manasota Key in 2011. This situation will likely lead to continued price declines for prop-erties valued over one million, however, homes priced below one million could see an increase in prices as inventory levels drop.
Siesta KeySiesta Key still has a higher than average number of homes for sale (12.9 months supply vs a normal 6 months). However, sales activity and prices increased significantly last year as compared to 2010. Expect to see stronger sales activity followed by rising prices as inventory levels decline further in 2012.
Longboat KeyPrices in 2011 were flat despite a strong increase in sales activity. This is probably due to the fact that inventory levels remain high. Excessive inventory levels of properties priced over one million could lead to additional price decline in 2012
Casey KeyStrong sales activity in on Casey Key has led to stabilized prices for properties priced under 2 million. Expect price stabilization to continue and sales activity to remain strong in 2012
St. Armands/Lido KeyThe luxury markets in St. Armands & Lido Key are still struggling, but as we continue to see the surrounding areas improve, this luxury area will start to see a modest recovery as well.
SARASOTA ISLES REAL ESTATE REPORT
Venice IslandStrong sales activity in 2011 stabilized prices on Venice Island. Inventory levels have declined to a near-normal 6 months supply of homes for sale. Expect average sales prices of homes in the under $500,000 category to show an increase in 2012.
Judie BergerThe Plaza at Five Points
50 Central Avenue, Suite 110 Sarasota, FL 34236
Mobile: 941.928.3424Office: 941.308.6512
Email: [email protected]: www.HomesofSarasota.com
WHEN YOU ARE PLANNING A MOVE
Trust THE REALTOR WITH PROVEN RESULTS
As a designer of the world’s most prestigious horse racing apparel for over two decades, Judie shaped the images of winners. As one of Sarasota’s top Realtors she uses her marketing savvy and creative flair to serve buyers and sellers, responding to their unique needs with market knowledge and a committed, winning attitude. At Premier Sotheby’s, Judie has the highest average sales price, coupled with the shortest time between being listed and sold. Her clients have said, “Judie is without a doubt the best Realtor we have ever worked with. She absolutely shines as a negotiator, she’s tough when needed and sophisticated. She is a credit to her profession.”
WINNER SEVEN YEARS IN A ROWSARASOTA MAGAZINE’S
FIVE STAR “BEST IN CLIENT SATISFACTION” AWARD
20072006 2008 2009 2010 2011 2012
THE ESSENCE OF EXTRAORDINARYHeritage. Tradition. Expertise.
TOTAL SALES DOLLAR VOLUME FOR PROPERTIES OVER $1 MILLION.
Sarasota, Manatee, Charlotte, Collier and Lee counties from January 1 through December 15, 2011
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