Manatee and Sarasota County Real Estate Market Recap
Inventory of both condominiums and single family homes ended the quarter down compared to the same period in 2010 in Manatee County and Sarasota County as well as all areas followed.
Sales were a bit choppier, however, at least compared to the same quarter last year. Several areas experienced such large reductions in inventory that sales declines were inevitable. With less inventory available, buyers are less likely to find what they like for the price they want.
Manatee and Sarasota County Single Family Market
Inventory in Sarasota and Manatee County ended the first quarter with 12% and 13% less, respectively, than the previous year. Lakewood Ranch (Manatee County) showed the best inventory improvement, finishing the quarter with 21% less than the previous year.
Unit sales of single family homes in Sarasota County totaled 1,493 homes, virtually flat with the same quarter last year. However, after the 12% reduction in inventory, the Months of Supply statistic dropped to 7.2 months from the 8.3 months the previous year.
In Manatee County, single family home sales surged in the first quarter posting a gain of 11% over the previous year. This increase in sales along with a 13% reduction in inventory crushed the months of supply statistic from 10.1 in 2010 down to just 7.9 this year.
Manatee and Sarasota County Condo Market Recap
Condo inventory was down across the board at the end of March 2011 compared to the previous year. Sarasota County saw a 13% reduction while Manatee County reported a 16% reduction. Again, Lakewood Ranch lead the improvement bandwagon with a huge 33% reduction in inventory.
Condo sales were also generally strong. In Sarasota County, condo sales increased 7% over the first quarter last year. In Manatee county sales increased a huge 20% over the first quarter last year. The biggest increases were on the barrier islands with Anna Maria showing an 84% increase in sales over last year and Longboat Key a 37% increase.
Manatee and Sarasota County Distressed Property – Banked –Owned and Short Sale inventory
Inventory in this category is dropping across the board. Sales are generally increasing although in some areas the drop in inventory was so large (and the resulting inventory so miniscule) that sales had to fall off. The resulting months of supply for this category is now low single digits across both counties and in most areas followed. Only Anna Maria Island is on the high side with 9.8 months of supply. However, this is a case where the absolute numbers of sales and inventory are so low that the months of supply statistic meaningless.
