Manatee and Sarasota County Real Estate Market Snapshot
Posted from Starbucks at 100 Central....
Across both Manatee and Sarasota Counties, inventory levels of all unsold residential real estate seem to have bottomed. They have been at the same effective level since the middle of 2009.
More importantly the relationship between sales and inventory (measured by months of supply) is improving across both counties as well as in the more popular areas. The only areas seeing no improvement from last year are Longboat Key and the condo market on Anna Maria Island.
Lakewood Ranch Single Family market is very near the 6 months of supply that defines a balanced market. The condo market there has actually moved towards a sellers market. Condo inventory in Lakewood Ranch is now about 10% of the peak level.
While condo inventory has decreased across the entire county, the Lakewood Ranch reduction is by far the most significant. The current level of unsold condos in Manatee County is about 45% of the peak.
The current Downtown Sarasota condo inventory level is about 60% of the peak.
The current inventory level for all of Sarasota County condos is also about 60% of the peak.
Charts for the single family market would look the same. The reduction of inventory levels is the key to steadying prices. The demand is as good as its going to get. Unit sales of homes and condos for 2010 broke multi-year records. The buyers still just have too many choice (too much inventory) at this point though, for sellers to have much say about price. But things are improving.
Anecdotally, I am seeing more sellers drawing lines in the sand on price and getting their price. And with annoying frequency now, many properties that my customers are "thinking over" go to contract with someone else.