The State of the North Port Market
Posted 01-15-2013 at 02:34 PM by StepHome941
The following is a statistical report and analysis on the single family home market in North Port. The data excludes condos and mobile homes.
December 2012 sales
150 single family homes sold in December, 2012, with a median price of $113,000. Of these sales 83 were traditional sales, with a median price at $117,000, while distressed sales (foreclosures and short sales) were 67 units, or 45% of total sales, with a median price of $102,000. Breaking down the distressed sales further, foreclosures were 28 units, with a median price of $112,000, not far off the median price of traditional sales. Short sales were 39 units, at a median price of $90,000.
November 2012 sales
131 single family homes sold in November, 2012, with a median price of $115,000. Of the 131 sales 74 were traditional sales, with a median price of $128,000, while distressed sales were 57 units, or 44% of sales, with a median price of $97,000. Of those distressed sales, there were 29 foreclosures with a median price of $100,150, and 28 short sales with a median of $85,000.
December 2011 sales
In December of 2011, 122 homes changed hands at a median price of $97,500. 50 of the 122 were traditional sales, with a median price of $117,000. Distressed properties represented 59% of sales, with 72 units and a median price of $85,000. There were 25 foreclosures and 47 short sales, with median prices at $81,000 and $87,500 respectively.
Comparing December 2011 to December 2012
The number of units sold increased 23%, from 122 to 150. The percentage of distressed properties sold decreased from 59% to 45%, an accelerating trend when compared to the overall 2011 vs. 2012 numbers. Median prices rose nearly 16%.
2011 vs. 2012 total sales
A total of 1550 homes were sold in 2012 compared to 1532 sold in 2011. The number of traditional sales increased from 38% of total sales (581 units) to 51% (797 units). Distressed properties as a share of the market decreased from 62% (951) to 49% (753). Short sale numbers held relatively steady with 411 in 2012 vs. 415 in 2011, however foreclosures dropped from 536 down to 342, a nearly 36% drop. Foreclosure median prices increased more than 20%, from $74,900 to $89,000, and overall prices increased nearly 15%, from $87,000 to $100,000 even.
Active listings (as of January 15, 2013)
There are currently 389 active listings. With a prior 12 month average of 129 sales per month, this represents 3.02 months of inventory available. Economists agree that 6 months of inventory is a healthy and balanced market. Lower than 6 months inventory indicates a sellers market, while inventory of more than 6 months indicates a buyers market. Of the 389 homes for sale, 77%, or 301 units are being offered as traditional sales, with only 23% of the inventory available as distressed sales (55 foreclosures and 33 short sales).
Outlook
Nobody has a crystal ball and as we have all seen, Real Estate trends can change quickly. However with a shrinking inventory, especially for distressed properties, we can expect to see a continuing rise in both asking prices and sold prices, and distressed sales continuing to decrease as a percentage of overall sales. Further analysis of the foreclosure vs. short sale component of distressed sales indicates that a buyers best opportunity for a discount to market value is in short sales, for those that have the patience to wait out the short sale process. However, there are only 33 short sales (8% of market) available at the present time. The conditions that led to "the boom" in North Port (and the tripling of population over the past decade from about 20,000 to 60,000 residents) are still in place. As the Sarasota market gets more expensive, families in particular are drawn to the possibility of getting a much newer and larger home in North Port, with a relatively short commute. This is further evidenced by the fact that of the 60,000 residents, about 10,000 are school children.
December 2012 sales
150 single family homes sold in December, 2012, with a median price of $113,000. Of these sales 83 were traditional sales, with a median price at $117,000, while distressed sales (foreclosures and short sales) were 67 units, or 45% of total sales, with a median price of $102,000. Breaking down the distressed sales further, foreclosures were 28 units, with a median price of $112,000, not far off the median price of traditional sales. Short sales were 39 units, at a median price of $90,000.
November 2012 sales
131 single family homes sold in November, 2012, with a median price of $115,000. Of the 131 sales 74 were traditional sales, with a median price of $128,000, while distressed sales were 57 units, or 44% of sales, with a median price of $97,000. Of those distressed sales, there were 29 foreclosures with a median price of $100,150, and 28 short sales with a median of $85,000.
December 2011 sales
In December of 2011, 122 homes changed hands at a median price of $97,500. 50 of the 122 were traditional sales, with a median price of $117,000. Distressed properties represented 59% of sales, with 72 units and a median price of $85,000. There were 25 foreclosures and 47 short sales, with median prices at $81,000 and $87,500 respectively.
Comparing December 2011 to December 2012
The number of units sold increased 23%, from 122 to 150. The percentage of distressed properties sold decreased from 59% to 45%, an accelerating trend when compared to the overall 2011 vs. 2012 numbers. Median prices rose nearly 16%.
2011 vs. 2012 total sales
A total of 1550 homes were sold in 2012 compared to 1532 sold in 2011. The number of traditional sales increased from 38% of total sales (581 units) to 51% (797 units). Distressed properties as a share of the market decreased from 62% (951) to 49% (753). Short sale numbers held relatively steady with 411 in 2012 vs. 415 in 2011, however foreclosures dropped from 536 down to 342, a nearly 36% drop. Foreclosure median prices increased more than 20%, from $74,900 to $89,000, and overall prices increased nearly 15%, from $87,000 to $100,000 even.
Active listings (as of January 15, 2013)
There are currently 389 active listings. With a prior 12 month average of 129 sales per month, this represents 3.02 months of inventory available. Economists agree that 6 months of inventory is a healthy and balanced market. Lower than 6 months inventory indicates a sellers market, while inventory of more than 6 months indicates a buyers market. Of the 389 homes for sale, 77%, or 301 units are being offered as traditional sales, with only 23% of the inventory available as distressed sales (55 foreclosures and 33 short sales).
Outlook
Nobody has a crystal ball and as we have all seen, Real Estate trends can change quickly. However with a shrinking inventory, especially for distressed properties, we can expect to see a continuing rise in both asking prices and sold prices, and distressed sales continuing to decrease as a percentage of overall sales. Further analysis of the foreclosure vs. short sale component of distressed sales indicates that a buyers best opportunity for a discount to market value is in short sales, for those that have the patience to wait out the short sale process. However, there are only 33 short sales (8% of market) available at the present time. The conditions that led to "the boom" in North Port (and the tripling of population over the past decade from about 20,000 to 60,000 residents) are still in place. As the Sarasota market gets more expensive, families in particular are drawn to the possibility of getting a much newer and larger home in North Port, with a relatively short commute. This is further evidenced by the fact that of the 60,000 residents, about 10,000 are school children.
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