Sarasota/Manatee Real Estate Market Update -May 2011 Part 2

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Manatee and Sarasota Condominium Market Update May 2011

 

Unsold inventory is down 17.9% from May 2011 in Sarasota County and 23.7% in Manatee County. Inventory was also down double digits in every area followed within the counties. The largest declines are in  Lakewood Ranch (-28%) and Anna Maria Island (-25%) .

Sales for the past 12 months have generally been strong across both counties. Sarasota sales are up 3.1% for the past 12 months compared to the previous 12 month period. In Manatee County, sales have increased 15.3%.  

Full price and more sales represent sales of all non-distressed property listings that sold at or above the latest asking price. I am using this as an indicator of a swing in pricing advantage between buyers and sellers. The higher this percentage, the more sellers are gaining an advantage. I exclude all distressed property sales because distressed listings regularly sell for at or more than the asking price (i.e.  they are priced at or below the market price).  To include distressed sales would overwhelm the statistic, making the statistic reflect simply the percentage of distressed sales during the period.

Full-price and more sales were 5.3% of total sales during the past 12 months in Sarasota County down from 5.5% in the previous 12 month period. In Manatee County, full price and more sales were 7.9% of the prior 12 month sales compared with 8.0% for the previous 12 month period. In both counties, the decrease was relatively minor. Looking at this statistic in more detail shows that 11.8% of all Anna Maria Island condo sales in the past 12 months sold at full price or more compared to only 4.2% in the previous 12 months.   Longboat Key and Downtown Sarasota (ZIP 34236) also showed sharp percentage increases in this statistic.

Historical Charts

 Source for both graphs is TrendGraphix and the My Florida Regional MLS for Condominium Property Types for all Sarasota County over the time periods indicated

 

 

 

 

 

 

 

 

Source for both graphs is TrendGraphix and the My Florida Regional MLS for Condominium Property Types for all Manatee County over the time periods indicated