The local market for condos and townhomes is continuing its shift, although not necessary how you would expect during the Pandemic. When compared to last year at this time, the market favors seller’s for price points below $400,000 in Sarasota County. Above $400,000, the market favors buyer’s in Sarasota County when compared to last year. We saw the entire market other than price points from $600,000 to $999,999 favor buyers more in Manatee County than they did last year.
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, both counties favor buyers more this year than last. The Sarasota County luxury condo market has moved up to around 10 months of available inventory (an 8% increase versus last year). Manatee County is now at around 23 months of available inventory, which is a 35% increase versus last year.
I should note that none of this should discourage you from listing your luxury condo in either county. You just have to ensure 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.