The local market for condos and townhomes has not changed materially from last month. However, when compared to last year at this time, the market favors sellers across all price points in both Sarasota and Manatee counties.
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 markets have shifted dramatically towards being seller’s markets. The Sarasota County luxury condo market has moved down to around 6.3 months of available inventory (a 57% decrease versus last year). Manatee County is now around 7.1 months of available inventory, which is a 59 decrease versus last year.
I should note that none of this should discourage you from buying or selling 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.