The Sarasota and Manatee county markets for condos & townhomes are currently moving in lockstep. Both markets are Seller’s markets for condos & townhomes priced below $400,000, Balanced markets for condos & townhomes priced between $400,000 and $600,000, and Buyer’s markets above $600,000.
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. The table below shows a snapshot for market conditions in both counties.
When I look at the top end of the market, or condos & townhomes above $1M, both counties are finally slowing down. For most of the year, Sarasota County was balanced for condos above $1M, and Manatee County reached that level just last month. However, both are now well into Buyer’s market territory with between 8 and 9 months of inventory.
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.