Manatee and Sarasota Single Family Home Market - August 2011
Source of all data is MFRMLS and Trendgraphix for products and time periods indicated.
Single family home sales across both counties have reached at least a temporary plateau. Sales in the past 12 months are generally flat with the previous 12 month period and flat with calendar year 2010. However, sales have increased every year since 2007 in Sarasota and 2008 in Manatee. The rate of single family home sales is now just below 2006 in Manatee County and 2005 in Sarasota County.
When throwing inventory levels into the mix, however, the fact that home sales have remained stable over the past year is amazingly good news. In Sarasota County, the inventory of unsold single family homes stood at just under 4000 homes on December 31, 2010. That figure lined up with the same inventory levels on hand in October 2005 – already a low number by recent historical standards. However, in the past 8 months, inventory has dropped another third down to 2770 homes. You might think that such a huge reduction would roll us back in time to 2004 level. However, we are now shedding inventory at the same rate we were building it in 2005 – and that rate is huge chunks in short periods of time. The one third reduction just rolls us back to the summer of 2005. The figures are different of course for Manatee County, but the idea and conclusions are the same.
In Manatee County, 4178 homes have sold in the past 12 months. That’s 8% more than the prior 12 month period, 5% more than 2010 and more than every other year back to and including 2008. That’s an improvement but still slowing none the less. Sales in Manatee started to increase a year later than in Sarasota (2009 in Manatee compared to 2008 in Sarasota) so it wouldn’t be surprising sales continued to look a year behind.
Note: Last 12 Months sales represents sales for the 12 month period ended August 31, 2011. Previous 12 month sales represents the 12 month period ended August 31, 2010.
In Sarasota County, 5988 homes have sold in the past 12 months. That is essentially the same as the prior 12 month period and the same as calendar year 2010. It is also more than every year back to and including 2007.
Note: Last 12 Months sales represents sales for the 12 month period ended August 31, 2011. Previous 12 month sales represents the 12 month period ended August 31, 2010.
