Manatee and Sarasota County Condominium Update for November 2011
Manatee And Sarasota Condomium Market
Unless otherwise 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 for trend Manatee and Sarasota condo sales remains positive. From the floor in late 2008, the summer selling seasons (typically the lower volume months) have mostly been higher than previous years as have the peak seasons (winter and early spring months). During last winter season, sales came within just a few sales of reaching boom-time peaks.
While November sales in both counties were 4-5 residences less than the previous November, the past 12 months of sales for both counties is up nicely over the previous 12 month period. Specifically, Manatee County condo sales are up 4% in the past 12 months while Sarasota condo sales are up a healthy 10%.
If anything slows down the condo sales train in Sarasota and Manatee, it will be 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.
That being said, both counties experienced an increase in condos available for sale over the prior month. Unsold Manatee condo inventory closed November with 963 residences, up from 946 listed for sale at the end of October. Similarly, Sarasota County saw unsold condo inventory increase to 1554 residences at the end of November compared to 1507 listed for sale at the end of October. This is largely a seasonal phenomenon as sellers start to place their homes on the market in advance of our annual influx of winter visitors. The same increase happened in November 2010. Even with this increase, Sarasota County inventory levels now are still 15% less than we ended season with last year (9% less in Manatee County).