The Sarasota real estate market saw a decline in property sales and prices in July 2010 compared to June 2010, returning to pre-homebuyer tax credit levels. Sales dropped 47.8% to 525 total sales, with 374 single family homes and 151 condos sold. Median prices also declined from the previous month. Pending sales slowed significantly compared to the rush in March and April to take advantage of the expired federal tax credit. The level of distressed property sales as a percentage of the overall market rose slightly in July.

1. For Immediate Release
Sarasota Association of Realtors®
Aug. 11, 2010
For more information contact Kathy Roberts, 941-328-1170
Sarasota real estate market returns to pre-tax credit numbers
As expected, property sales in the Sarasota real estate market in July 2010 slowed to pre-tax
credit numbers following the expiration of the federal $8,000 homebuyer incentive.
Property sales in July 2010 stood at 525 total sales, declining 47.8 percent from the June 2010
figure of 776 sales. The sales figure was much closer to the 506 sales in January 2010 and the
528 sales in February 2010, when the homebuyer credit wasn’t a factor in the market.
In July, 374 single family homes were sold, compared to 576 single family homes sold in June
2010. The median price also trended lower at $155,000, compared to June’s figure of $175,000.
The figure was more in line with the 12-month rolling median sale price of $162,000.
Condo sales in July stood at 151, a drop from last month’s figure of 200. The median price of
condos also fell in July to $127,000, which again primarily reflected distressed property sales.
Non-distressed condo sales saw a median price of $227,500, while for distressed properties, the
median sale price was $73,000 for bank-owned condos and $121,700 for condos involved in
short sales.
For the last 12 months combined, the median sale price for single family homes was $162,000.
For condos, the median price over the last 12 months was $175,000.
Pending sales also dropped to 653 - slower than the period during which homebuyers were
eligible for tax credits. The March and April pending sales figures both topped 1,000 and
reflected a last minute rush to beat the federal homebuyer tax credit deadline.
“We are seeing what was predicted – a slower period following the expiration of the tax credits
and the rush of buyers to the closing table,” said 2010 SAR President Erick Shumway. “There
logically had to come a time when sales would taper off from the highs we hadn’t experienced in
almost five years. We are not immune to the economic forces which continue to limit our
nation’s recovery – high unemployment, lower consumer demand, and other factors. But we
remain confident that better days are ahead.”

2. The level of sales of distressed properties (foreclosures and short sales) rose in July 2010 to 48.7
percent of the overall market, from 44.6 percent in June 2010. The distressed market also topped
48 percent in late 2009.
The property inventory level remained fairly consistent, rising slightly above the 6,000 level in
July 2010 at 6,045, still one of the lowest monthly levels since late summer of 2005.
The months of inventory for single family homes in July 2010 rose to 10.4 months from 6.6
months in June. This figure represents the number of months it would take to sell all available
homes at the current pace. For condos, the figure rose to 14.4 months from 10.6 months, still
lower than last July’s figure of 16.9 months. Once the market reaches the 6 month level it is
considered to be in equilibrium between a buyers and sellers market.
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3. Sarasota MLSSM Statistics July 2010
Single Family
Unit Sales Condo
700
600
500
400
300
200
100
0
Jul‐09 Aug‐09 Sep‐09 Oct‐09 Nov‐09 Dec‐09 Jan‐10 Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10 Jul‐10
Single Family
Median Sale Price Condo
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
Jul‐09 Aug‐09 Sep‐09 Oct.09 Nov. 09 Dec‐09 Jan‐10 Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10 Jul‐10
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
3,877 374 9.7 176 $155,000 $162,000 10.4 487 12.5 730 223
This
Month 4,067 450 11.1 208 $185,000 $172,000 9.04 617 15.2 505 164
Last Year
Last
Month
3,819 576 15.9 173 $175,000 $165,000 6.6 575 15.9 790 264
YTD ‐ 3,544 ‐ 176 $162,500 ‐ ‐ 4,547 ‐ 6,082 ‐
Single Family – Sale Price Vs. List Price % Rates
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2009 93.0 93.1 92.5 92.4 93.2 93.8 93.2 93.6 94.2 94.4 94.1 94.2
2010 94.4 92.8 95.2 94.8 95.2 95.3 94.7 ‐ ‐ ‐ ‐ ‐
Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of Aug. 10th, 2010,
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®

4. Sarasota MLSSM Statistics July 2010
Single Family
Inventory Condo
5,000
4,000
3,000
2,000
1,000
0
Jul‐09 Aug‐09 Sep‐09 Oct‐09 Nov‐09 Dec‐09 Jan‐10 Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10 Jul‐10
Single Family
Pending Sales Condo
900
800
700
600
500
400
300
200
100
0
Jul‐09 Aug‐09 Sep‐09 Oct‐09 Nov‐09 Dec‐09 Jan‐10 Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10 Jul‐10
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
2,177 151 6.9 203 $127,000 $175,000 14.4 166 7.6 261 189
This
Month 2,447 145 5.9 225 $212,000 $212,010 16.9 185 7.6 245 233
Last Year
Last
Month
2,174 200 9.2 203 $145,000 $185,000 10.9 192 8.9 260 219
YTD ‐ 1,185 ‐ 204 $185,000 ‐ ‐ 1,763 ‐ 2,262 ‐
Condo – Sale Price Vs. List Price % Rates
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2009 91.0 90.2 90.4 92.2 90.1 91.4 92.1 92.4 91.5 92.4 92.3 93.1
2010 92.5 92.4 92.5 93.2 94.2 93.7 94.2 ‐ ‐ ‐ ‐ ‐
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