2012 Siesta Key Mid-Year
LUXURY REAL ESTATE
MARKET REPORT
Judie Berger
Expert
YOUR SIESTA key
ISLAND MID-YEAR SUMMARY REPORT I am pleased to present my 2012 Mid-Year Market Report for Siesta Key. Based on our statistical research, the forecasts I made for 2012 in my previous report have proven to be uncannily accurate. The main focus of this report is on Siesta Key. Although the trends of the overall local real estate market are important, as a 16 year Siesta Key resident, I understand the significance of having accurate, detailed information on what is happening in the real estate market, here on our island. Below you’ll also find a mid-year summary review of the nearby barrier islands, both north and south, and how they compare to Siesta Key. Please feel free to contact me if you are considering a move, or would like a professional opinion of your home’s value and marketability in today’s market. I look forward to hearing from you!
Judie Berger, PA, ABR, GRI Judie.Berger@sothebysrealty.com ~ 941.928.3424
Anna Maria Island
A dramatic increase in sales caused overall inventory levels to return to near normal. However, home values over $1 million may see price declines in 2012, due to stubbornly high inventory levels.
Bird Key
Longboat Key
Despite a drop in the number of overall sales year-over-year, there was a significant increase in the number of sales over $1 million. Despite high inventory levels, this trend led to an increase in the average price per square foot, which is likely to rise as inventory levels drop.
The real estate market on Bird Key has returned to normal. Sales continue to remain strong, inventory levels are low, and prices are increasing.
St. Armands/Lido Key
This island is not following typical recovery patterns. Prices increased, despite a drop in sales and inventory levels. Additional price appreciation may not occur until excessive inventory is absorbed.
Siesta Key
A 23% year-over-year increase in the average sales price has led to market stabilization and price appreciation. Overall, the single family home market on Siesta Key is likely to experience steady price appreciation as this market continues to recover.
Casey Key
Sales doubled year-over-year causing inventory to drop to near normal levels. Not surprisingly, there was a significant increase in prices. Expect prices to continue to increase as inventory decreases.
Venice Island
With inventory levels once again normal, prices should continue to rise in 2012.
Manasota Key
Average sales prices were up dramatically, despite a huge overhang of inventory. Further increases may not occur until inventory levels begin to drop.
January-June 2012 Island Comparison to January-June 2011 % Change
in Sales
Months Supply 2012 Average % Change in # Listings Homes for Sale # Pending Sold Price Average Price
Siesta Key (+) 23% 122 8 34 $1,090,257 (+) 14% ............................................................................................................................................................................................................................................. Bird Key (+) 9% 21 5 7 $1,401,487 (+) 5% ............................................................................................................................................................................................................................................. St. Armands/Lido Key (-) 24% 36 17 5 $1,787,615 (+) 47% ............................................................................................................................................................................................................................................. Longboat Key (-) 19% 105 13 5 $1,168,926 (+) 5% ............................................................................................................................................................................................................................................. Casey Key (+) 100% 22 9 3 $2,343,500 (+) 51% ............................................................................................................................................................................................................................................. Anna Maria Island/Bradenton Beach (+) 53% 142 7 33 $561,093 (-) 2% ............................................................................................................................................................................................................................................. Manasota Key (+) 33% 76 38 10 $843,000 (+) 43% ............................................................................................................................................................................................................................................. Venice Island (+) 15% 59 5 15 $383,585 (+) 17%
SIESTA KEY MID-YEAR REAL ESTATE REPORT
All Siesta Key Single Family Homes Current Average
# Sold
Active Listings
Month’s Supply # Pending
Average Sales Price
Sales Price Per Sq. Ft.
Under $500,000
2012 28 6 2 months 13 $362,404 $213.73 .................................................................................................................................................................................................... 2011 32 - - $334,225 $196.79 .................................................................................................................................................................................................... Change -12.5% - - +8% +9% With little inventory left, prices have increased 8% over this period last year and are likely to continue to increase due to lack of supply.
$500,001 $1,000,000
2012 37 51 8 months 16 $725,467 $299.86 .................................................................................................................................................................................................... 2011 29 - - $758,551 $296.78 .................................................................................................................................................................................................... Change +28% - - -4% +1% An increase in sales is stabilizing this sector of the market. Although prices are flat, they will likely begin to rise as inventory decreases.
$1,000,001 $2,000,000
2012 11 29 16 months 4 $1,450,000 $409.10 .................................................................................................................................................................................................... 2011 3 - - $1,550,000 $354.29 .................................................................................................................................................................................................... Change +267% - - -6% +15% A decrease in pricing was the likely cause of a dramatic increase in sales, which led to inventory levels decreasing from a 34 month supply at the end of 2011, to the current 16 month supply. Prices are likely to remain flat until the inventory drops even further.
$2,000,001 $4,000,000
2012 14 19 8 months 1 $2,772,429 $630.53 .................................................................................................................................................................................................... 2011 8 - - $2,391,250 $550.42 .................................................................................................................................................................................................... Change +75% - - +16% +15% A dramatic increase in sales and normal inventory levels led to an increase in prices in the first 6 months of this year. This sector has experienced significant recovery.
Over $4,000,000
2012 2 18 54 months 0 $4,275,000 $828.13 .................................................................................................................................................................................................... 2011 3 - - $5,083,333 $715.85 .................................................................................................................................................................................................... Change -33% - - -16% +16% Inventory levels remain high. Expect further price declines until inventory levels stabilize.
TOTAL
2012 92 122 8 months 34 $1,090,257 $348.51 .................................................................................................................................................................................................... 2011 75 - - $956,310 $299.74 .................................................................................................................................................................................................... Change +23% - - +14% +16% *See map for overview
©MMXII Premier Sotheby’s International Realty, licensed real estate broker. Each office is independently owned and operated. Premier Sotheby’s International Realty is a holding of The Lutgert Companies. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. Equal Housing Opportunity. Information derived from My Florida MLS. Neither My Florida 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.
PRESORTED STANDARD U.S. POSTAGE PAID PERMIT #1 MANASOTA FL
Judie Berger, PA, ABR, GRI Judie.Berger@sothebysrealty.com 941.928.3424 The Plaza At Five Points 50 Central Avenue, Suite 110 Sarasota, FL 34236
Judie Berger Expert YOUR SIESTA key
TOP PRODUCER PREMIER SOTHEBY’S INTERNATIONAL REALTY A LEADER IN SIESTA KEY HOME SALES SPECIALIZING IN LUXURY MARKETING AND NEGOTIATION VOTED SARASOTA MAGAZINE’S “FIVE STAR BEST IN CLIENT SATISFACTION” SEVEN YEARS IN A ROW
Judie Berger
~ TRUST THE REALTOR WITH PROVEN RESULTS ~ Successfully marketing & selling exceptional properties requires exceptional skills & strategies. As a consistent top agent at Premier Sotheby’s International Realty, Judie is proud to have earned the highest average sales price combined with the shortest days on the market. If you are considering buying or selling, learn how the unique differences in using the partnership of Judie Berger and Premier Sotheby’s International Realty will benefit you. We invite you to call for a complimentary, discreet market evaluation.
Successfully
SOLD
1229 Point Crisp Road $2,850,000
701 Treasure Boat Way $1,390,000
1245 Sea Plume Way $1,150,000
524 N Spoonbill Drive $1,150,000
240 Northport Drive $935,000
1919 Grove Street $745,000
550 Commonwealth Place $670,000
5300 Ocean Boulevard #903 $650,000