Manatee and Sarasota County Condominium Market Update - August 2011
Sources of all data are MFRMLS and Trendgraphix for products and time periods indicated
Condo sales across both counties are on a tear. If you’ve been waiting on sales to “pick up” before doing something (buy something, sell something, brush your teeth, whatever), then the time is now. Condo sales for the past 12 months in Manatee County are 5% ahead of the previous 12 month period, 4% ahead of 2010, 35% ahead of 2009, and just a few short of doubling 2008. In fact in the past 7 years, only the peak year of 2005 were more condos sold than the past 12 months and then only 18% more. The condo buyers are here.
Note:Last 12 months equals the 12 months ended 8/31/2011. Previous 12 months equals the 12 months ended 8/31/10.
Sarasota County condo sales are not much different. Sales in the past 12 months are 6% ahead of the previous 12 months and ahead of every calendar year in the past 7 years except the peaks in 2004 and 2005. And sales are only 14% behind those years.
Note:Last 12 months equals the 12 months ended 8/31/2011. Previous 12 months equals the 12 months ended 8/31/10.
While the rate of reduction in unsold inventory has slowed in the past few months, unsold condo levels are back to those of September 2005 for both counties. It would take a total pessimist to find any bad news in the sales and inventory trends.
