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.
The luxury single family home market ($1M+ homes) is more of a buyer’s market in both Sarasota County and Manatee County this year than last. 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.
The latest mortgage statistics show an improving market in Sarasota and Manatee counties as the numbers continue to improve. Both short-term delinquency rates (30 days late) and foreclosures are down when compared to the same period last year. However, serious delinquencies (90 days + late) have flattened out.
While I focus most of my time on what’s happening in Manatee and Sarasota counties, it’s also important to follow the broader real estate trends. Overall, the real estate market in the United States has been seeing significant price increases. Over the past 12 months, average sale prices for homes have risen by 5.6%.
The Sarasota and Manatee county markets for condos & townhomes are currently moving in lockstep for homes below $600,000. However, the Manatee market has really slowed down when compared to Sarasota for condos above $600,000.