The local market for condos and townhomes is continuing its shift. When compared to last year at this time, the market moved towards a buyer’s market across the lower price points in Manatee County and the higher price points in Sarasota County.
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 more 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, Sarasota County is slowing down significantly when compared to last year at this time while Manatee County is moving in the opposite direction. In fact, the Sarasota County luxury condo market has moved up to over 19 months of available inventory (an 12% increase over last year). While Manatee is at 14 months of available inventory, it is a 55% decrease versus last year.
I should note that none of this should discourage you from listing your luxury condo. You just have to make sure that you have the right realtor and the right marketing approach to get the best odds of success. 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.