Distressed Property Update September 2011
Total distressed properties (single family homes and condominiums) for all Sarasota County listed in the MFRMLS as of 9/30/11 declined to just 854, the lowest level since peaking at 1993 properties in January 2009. New listings in this same category have edged up slightly in the past 2 months are still represent levels lower than the first quarter of this year. Demand for distressed properties is still high relative to inventory. At the current rate of sales, there is only about a 2 month supply, roughly one third the supply level of non-distressed properties.
Sarasota County Distressed Property
Total Condominiums and Single Family Homes
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The situation in Manatee County is slightly different. Inventory levels of distressed properties peaked in March 2009 at 1,499 properties. As of the end of September, there were just 755 such properties listed. While still a sizable decrease, levels have once again been increasing in Manatee County. In fact, levels have increased every month since June.
The demand relative to inventory is not as great in Manatee County either. At the current rate of sales, there is a 3 month supply of inventory - roughly twice as much inventory relative to sales as in Sarasota.
Manatee County Distressed Property
Total Condominiums and Single Family Homes
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