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 and Buyer’s markets for condos & townhomes priced above $400,000.
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 below shows a “buyer’s market,” it means there is more than seven months of inventory in the market. If it shows “seller’s market,” it means there is less than five months of inventory. In that situation, sellers should have at least some level of negotiating power in condo and townhome sales. The table below shows a snapshot for market conditions by price point in both counties.
When I look at the top end of the market, or condos & townhomes above $1M, both counties are slowing down. In fact, Manatee County luxury condo sales have ground to a standstill, with only 1 sale per month over the last three months. For most of the year, Sarasota County was balanced for condos above $1M. However, it has now joined Manatee County by moving well into Buyer’s market territory with over 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.