Manatee and Sarasota Real Estate Update for October 2011
Manatee and Sarasota Condominiums
Unless othewise stated, all data in this article comes from Trendgraphix and the My Florida Regional MLS for the product categories and time periods described.
The general trend Manatee Condo and Sarasota Condo sales remain positive. From the floor in late 2008 the summer selling seasons (typically the lower volume months) have mostly been higher and peak season (winter and early spring months) have all been higher. During last winter season, sales came within just a few sales of reaching boom-time peaks.
October was mixed with condo sales in Manatee County declining 8% from October 2010 levels while Sarasota County condo sales increased 25% over the previous October.
If anything slows down the condo sales train in Sarasota and Manatee, it wills the lack of condos available for sale. Both counties have around 40% of the inventory on the market than was available for sale when inventory peaked. In fact, the next sales peak we have to climb in Sarasota is back in December 2005, when 260 condos “sold”. I place sold in quotes because many of the sales were from the closing of new buildings that were completed in late 2005 and all sales closed in December. December is historically a weak month for real estate sales. But even so, there are 40% Sarasota condominium residences on the market now than in December 2005.
Manatee and Sarasota Single Family Home Market
Sales of Single family homes in both counties is the same story but to a lesser and more varying degree. In Sarasota, the recovery seems much stronger overall with the slope of the sales line being much steeper since the floor. However, sales in the past 12 months in Manatee County are up 7% compared with just 1% for Sarasota County during the same period. October was a strong month for both counties with Manatee County increasing 10% over October 2010 and Sarasota County up 13%.
As with condos, the lack of homes available for sale could stall single family home sales. The recovery has been predicated on buyers getting the great values on great homes in great locations. As inventory falls, the likelihood of finding that perfect home falls. In a more typical market, this might push prices higher. However, ours is a market of second home buyers (especially condominiums) and second home purchases are 100% discretionary. If the perfect home isn't available at a great price, there may be no urgency to buy.
