Whether you are looking to buy, sell or invest in real estate, it is important to understand market conditions. Real estate is hyper-local, with market dynamics changing from subdivision to subdivision. However, county trends generally give you a good idea of what to expect.
Although Sarasota and Manatee County real estate tends to have a similar pattern, there is usually some variation on a month-to-month basis. Also, price points matter. The market for $300,000 homes can look vastly different than the market for home over $1M (however, that is not the case this month). Accordingly, I have put together this table for you to get a snapshot of the market for what is most important.
Regardless of where in the area you live, you can quickly see what the market looks like across various price segments. The data used to create the table is from the most recent three months of historical information. The way to read the table is as follows.
Markets are generally considered in “balance” when there is about six months of inventory for sale at the current pace of home sales. When the inventory gets greater than that, buyers tend to have more leverage than sellers in negotiations. When the table shows a “strong buyer’s market,” it means there is more than ten months of inventory in the market. In that situation, buyers should have significant negotiating power in home purchases.
While a lower number of listings was driving the market early in the Pandemic, we now have an added factor. Closed home sales have accelerated when compared to prior years. Putting those two factors together has shifted the entire market towards favoring sellers. If anything, the seller’s markets have accelerated even more over the last few months.
Manatee County
The video below shows more details of the market by price point for Manatee County. It adds the specific inventory levels by price point and shows the change over the last year.
Sarasota County
The video below shows more details of the market by price point for Sarasota County. It adds the specific inventory levels by price point and shows the change over the last year.
If you have any questions about your home or are interested in a more precise analysis, feel free to contact me at your convenience.