The Sarasota and Manatee county markets for condos & townhomes remain disconnected at the luxury end of the spectrum. While buyers have the leverage in condos & townhomes over $600k in Manatee, that isn’t the case in Sarasota. In fact, the more expensive the condo in Sarasota, the more likely the transaction will favor sellers.
The table above shows a snapshot for market conditions in both counties. Markets are generally considered in “balance” when there is about six months of inventory for sale at the current pace of sales. When the inventory gets greater than that, buyers tend to have more leverage than sellers in negotiations. When the table shows a “buyer’s market,” it means there is more than seven months of inventory in the market. In that situation, buyers should have at least some level of negotiating power in condo and townhome purchases.
I grouped data for condos and townhomes over $1M with the properties over $600k as there aren’t that many condos over $1M available, especially in Manatee. However, if I were to include a separate grouping for $1M+ condos in Sarasota, you would see that there is less than four months of inventory available at the current pace of sales. That is definitely a seller’s market. In order to successfully land the luxury condo you want in Sarasota, you are going to have to be ready to move quickly.
If you want more specific details for your condo or townhome, or if you are looking for information on potential places to move, just let me know.