Download - Quarterly Market Update Sarasota Stats 2010

Re/Max Platinum RealtySarasota and Manatee County

Mid-Year Market Report2010

Begin Your Journey With Us…

© 2010 Bryan Guentner and Re/Max Platinum Realty, All Rights Reserved, No duplication Allowed(941)-929-9090 www.PlatinumRealtyFlorida.com, www.WaterfrontLifestyle.com

Our Goal is to Help You Obtain Your Goal!

• The purpose of this presentation is to help you make an educated decision. Understanding our market conditions will help you achieve your goal of selling your home.

• This information will help you move through the selling process at a much quicker and efficient means while assisting you in in negotiating the best possible price and terms on all offers.


Table of Contents

• 2005-2010 Sales Price Comparison• Short Sale vs. Foreclosure vs. Resale• Average Closed price/Listing Per City• DOM Facts• “Chasing the Market” Example• Marketing and Sales Strategy• Marketing Plan and Quick Facts


Spring 2005-Spring 2010 Closed Sales Price Comparison for Sarasota

Source: My Florida Regional MLS

Area Spring 2005 Spring 2010 Percent Difference

Bird Key $1,401,500 $760,500 -46%

Casey Key (Mar Data) $4,333,000 $2,550,000 -41%

Lakewood Ranch $537,753 $351,226 -35%

Lido/St. Armands $1,482,568 $815,590 -45%

Longboat Key $1,017,379 $733,108 -24%

Nokomis $379,220 $201,386 -47%

North Port $210,467 $101,859 -52%

Osprey $691,148 $264,842 -62%

Sarasota $442,139 $313,344 -29%

Siesta Key $944,142 $613,947 -35%

Venice $289,484 $187,762 -35%


March 2005-March 2010 Closed Sales Price Comparison for ManateeSource: My Florida Regional MLS

Area March 2005 March 2010 Percent Difference

Anna Maria $636,562 $555,300 -13%

Bradenton $299,333 $150,427 -50%

Bradenton Beach $448,666 $480,222 +7%

Ellenton $244,306 $157,473 -36%

Holmes Beach $689,316 $528,121 -23%

Lakewood Ranch $489,653 $372,089 -24%

Longboat Key $1,017,379 $773,108 -24%

Palmetto $275,943 $155,265 -44%

Parrish $384,570 $217,462 -43%


April 2005-April 2010 Closed Sales Price Comparison for ManateeSource: My Florida Regional MLS

Area April 2005 April 2010 Percent Difference

Anna Maria $798,488 $532,875 -66%

Bradenton $276,969 $157,371 -43%

Bradenton Beach $495,666 $226,999 -54%

Ellenton $167,043 $124,361 -25%

Holmes Beach $790,495 $492,500 -38%

Lakewood Ranch $537,753 $351,226 -35%

Longboat Key $833,571 $801,363 -4%

Palmetto $249,940 $163,900 -34%

Parrish $369,765 $216,038 -42%


Spring 2005-Spring 2010 Closed Sales Price Comparison for ManateeSource: My Florida Regional MLS

Area Spring 2005 Spring 2010 Percent Difference

Anna Maria $798,488 $532,875 -66%

Bradenton $299,333 $150,427 -50%

Bradenton Beach $495,666 $226,999 -54%

Ellenton $244,306 $157,473 -36%

Holmes Beach $790,495 $492,500 -38%

Lakewood Ranch $537,753 $351,226 -35%

Longboat Key $1,017,379 $773,108 -24%

Palmetto $249,940 $163,900 -34%

Parrish $384,570 $217,462 -43%


2005 – 2010 Closed Sales Price Comparison

• The media has been telling consumers they can get up to 50% off the price of homes. We are already close to this number in many areas of our County.

• Our first chart takes us through the price changes from Spring 2005 through Spring 2010.

• As you can see, in some areas, our prices have dropped in excess of 50% from our all time highs.


Sarasota County Listed Properties up to $750,000

79%

17%

5%

Market Inventory as of July 31, 2010

Resales

Short Sales

Foreclosures

56%21%

23%

Sales from July 1 - July 31, 2010

Resales

Short Sales

Foreclosures


Sarasota County Listed Properties up to $750,000

78%

18%

4%

Market Inventory as of August 31, 2010

Resales

Short Sales

Foreclosures

55%

22%

24%

Sales from August 1 - August 31, 2010

Resales

Short Sales

Foreclosures


Sarasota CountyListed Properties over $750,000

95%

5% 0%

Market Inventory As of July 31, 2010

Resales

Short Sales

Foreclosures

90%

3%

6%

Sales from July 1 - July 31, 2010

Resales

Short Sales

Foreclosures


Sarasota CountyListed Properties over $750,000

95%

4% 1%

Market Inventory As of August 31, 2010

Resales

Short Sales

Foreclosures

93%

7%

Sales from August 1 - August 31, 2010

Resales

Short Sales

Foreclosures


Short Sales vs. Foreclosures vs. Resale’s

• Short Sales and foreclosures account for 21% of our listings priced under $750,000 in Sarasota County.

• Resale’s account for 56% of home sales for listings priced under $750,000.

• Even though Short Sales and Foreclosures account for only 21% of our inventory, they account for 43% of our sales for listings priced under $750,000.

• As of May 1st, 2009, appraisers are now required to use Short Sales in their appraisals of residential property. How does this affect you? It can affect the appraised value of your home. The reasoning is that banks only accept appraised values for their Short Sales. These are unlike foreclosures that may be sold at a lower price than market value.


Average Closed Sales Price/Listing Per City May 1, 2010 – July, 31, 2010

Source: My Florida Regional MLS

City List Price Sold Price SP/LP Ratio D.O.M. **To Contract Accepted Date

Bird Key $1,247,250 $1,015,000 81.4% 196

Casey Key $3,697,500 $3,000,000 81.1% 421

Lakewood Ran. $383,396 $353,762 92.3% 126

Lido Key $1,058,880 $964,836 91.1% 226

Longboat Key $902,015 $781,325 86.6% 204

Nokomis $317,710 $275,143 86.6% 156

North Port $100,104 $96,867 96.8% 78

Osprey $396,436 $363,600 91.7% 169

Sarasota $307,005 $279,110 94% 124

Siesta Key $893,775 $690,050 77.2% 297

Venice $199,683 $183,480 91.9% 139


Average Closed Sales/Listings Per City

• One of the biggest problems we have seen, especially the past several months, are our customers losing out on great opportunities to sell homes. The following data is to help our customers make the right moves to sell their homes.

• By looking at this chart you can see that the most homes are selling within 125 days and about 200+ days for luxury homes. Those same homes are selling at over 94% of listing price and 85% for luxury homes. It’s all about starting out with the correct pricing.

• Short Sales and Foreclosures are pricing their homes aggressively which has decreased the days on the market and increased the sales/listing price ratios. However, this has hurt the sellers as you are competing daily with foreclosures and short sales.

• In other words, properties that are good deals are gone very quickly and are selling at very close to full price. Also, keep in mind that these are averages. Some homes are selling within a day or two, while others that are not priced properly will be on the market for a year or more.


Days on Market ComparisonJuly 2010

By Price (Source MFR)

Price Range

Total Sold

0-30 Days

% of Total

30-90 Days

% of Total

90-120 Days

% of Total

120+ Days

% of Total

Under $100K

112 42 38% 36 32% 10 9% 24 21%

$100K-$200K

136 44 32% 38 28% 11 8% 43 32%

$200K-$300K

72 19 27% 16 22% 6 8% 31 43%

$300K-400K

34 11 32% 7 21% 4 12% 12 35%

$400K-$750K

41 7 17% 11 27% 7 17% 16 39%

$750K-$2.5M

24 3 13% 4 16% 3 13% 14 58%

$2.5+ 2 0 0% 0 0% 0 0% 2 100%


Days on Market Facts

• The more realistic the price, the quicker the home will sell. As you can see, homes that are priced correctly have been on the market less than 90 days.

• The longer your home is on the market, the less chance we have of getting the best price. In this market it’s all about pricing your property at a price that homes are currently selling. The best priced homes in the best condition are the homes that are selling!


This is an example of “Chasing the Market”

Stat Date DOM Current Prior MLS#

Legend:N=New Listing$=Price ChangeX=ExpiredW=WithdrawnB=Back on Market

N 12/14/05 1 $685,000 A294634

$ 2/6/06 55 $679,000 $685,000 A294634

$ 3/1/06 78 $659,000 $679,000 A294634

$ 5/2/06 140 $599,000 $659,000 A294634

W 2/20/07 433 $599,000 A294634

B 2/20/07 433 $599,000 $599,000 A341856

X 5/25/07 527 $599,000 A341856

B 6/13/07 546 $499,850 $599,000 A354098

W 8/22/07 616 $499,850 A354098

B 9/13/07 638 $479,000 $499,850 A362515

$ 3/5/08 811 $459,000 $479,000 A362515

$ 9/2/08 982 $449,900 $459,000 A362515© 2010 Bryan Guentner and Re/Max Platinum Realty, All Rights Reserved, No duplication Allowed

(941)-929-9090 www.PlatinumRealtyFlorida.com, www.WaterfrontLifestyle.com

This is an example of “Chasing the Market”(Continued)



$ 9/26/08 1016 $399,000 $449,900 A362515

$ 1/2/09 1104 $379,000 $399,000 A362515

$ 3/3/09 1164 $375,000 $379,000 A362515

$ 3/20/09 1181 $349,000 $375,000 A362515

W 5/15/09 1237 $349,000 A362515

B 7/13/09 1296 $349,000 $349,000 A3910495

$ 6/11/10 1629 $329,000 $349,000 A3910495

W 7/6/10 1653 $329,000 A3910495


This is an example of “Chasing the Market”



N 3/18/04 0 $3,625,000 A254968

$ 5/4/04 47 $3,628,000 $3,625,000 A254968

$ 1/12/05 300 $3,750,000 $3,628,000 A254968

W 3/20/06 731 $3,750,000 A254968

B 6/13/06 816 $4,995,000 $3,750,000 A315624

$ 1/14/08 1379 $4,750,000 $4,995,000 A315624

$ 1/23/08 1393 $3,995,000 $4,750,000 A315624

$ 11/11/08 1685 $3,695,000 $3,995,000 A315624

$ 11/20/09 2059 $3,395,000 $3,695,000 A374139

$ 4/10/10 2204 $2,995,000 $3,395,000 A374139

Sold 6/30/10 2285 $2,550,000 A374139


Marketing and Sales Strategy

• In today’s market, price is a determining factor of the home sales in Sarasota County.

• The key to selling in this market is exposure and pricing.

• You are either “in” the market or “on” the market. Those who are in the market will sell their homes in a matter of a few months. Those who wish to stay on the market might never sell their homes.

• It’s important that we respond quickly to the market by having price reductions, if needed, built into our strategy. If we are not getting showings within a week or so, it’s imperative that we lower the price. The longer the home is on the market, the lower the offer you will receive.

• Since we know that 93% of all Buyers start their search on the Internet, we concentrate all of our marketing efforts towards online buyers.


Re/Max Platinum Realty Marketing Plan and Quick Facts

• Re/Max Platinum Realty has been recognized as a Top Brokerage in Sarasota County by US Commerce Association for 2009 and 2010.

• Currently Re/Max Platinum Realty websites receive approximately 39,000 Page Views each month and several new buyers each day.

• Our databases contain over 9,500 registered Buyers and approximately 947 buyers looking to buy within the next year.

• Each of our Listings receive an average of over 250 online views per month.

• Your property will be advertised in the real estate sections of Google, Yahoo, Zillow, Craigslist, Reamax.com, Realtor.com and more!

• We Email your listing to over 2000 Realtors in Sarasota County.

• Professional signs and brochures distributed to market your home.
