The local market for condos and townhomes is continuing its shift in the Pandemic. When compared to last year at this time, the market favors buyers across all price points in Sarasota County. While Manatee County has the same story as Sarasota County across most price points, the $600,000 to $999,999 price range has improved materially for sellers when compared to last year at this time. If you did not read my update on single family homes, I will say that the condo and townhome market is moving in a different direction than the market for single family homes.
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 14 months of available inventory (a 33% increase versus last year). Manatee County is now at around 63 months of available inventory, which is a 314% increase versus last year. In fairness to Manatee, the $1 million plus condo/townhome market is small so it is subject to wild inventory swings.
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.