Sarasota Inventory Levels for December 1st
Here are the most recent inventory numbers from the Sarasota MLS for Sarasota, Lakewood Ranch, Osprey, Nokomis, Lido Key, Longboat Key, Bird Key, Casey Key and Siesta Key. The inventory of homes rose about 8% while the number of condos went up about 10%. A rise in the number of properties for sale is typical this time of year because of seasonal reasons. Many sellers want to have their property on the market during the busier and more active winter.
December 1st
4,781 single family homes for sale
3,455 condominiums for sale
October 11th
4,445 single family homes for sale
3,147 condominiums for sale
September 24th
4,458 single family homes for sale
3,078 condominiums for sale
September 9th
4,433 single family homes for sale
3,002 condominiums for sale
August 17th
4,450 single family homes for sale
3,051 condominiums for sale
July 22nd
4,486 single family homes for sale
3,062 condominiums for sale
MLS data is believed to be accurate but not guaranteed.
December 1st
4,781 single family homes for sale
3,455 condominiums for sale
October 11th
4,445 single family homes for sale
3,147 condominiums for sale
September 24th
4,458 single family homes for sale
3,078 condominiums for sale
September 9th
4,433 single family homes for sale
3,002 condominiums for sale
August 17th
4,450 single family homes for sale
3,051 condominiums for sale
July 22nd
4,486 single family homes for sale
3,062 condominiums for sale
MLS data is believed to be accurate but not guaranteed.
Labels: Inventory of Sarasota Property
posted by Marc Rasmussen at
8:28 PM
2 Comments:
IMO, the number of homes on the market for sale will not decrease with any significance anytime soon. There are still significant issues with high real estate taxes, high insurance costs, a glut of homes for sale, etc.
In a broad, general sense, housing prices will continue to drop further in Sarasota before the bottom is hit. We can use the median price of homes in Sarasota County as a measure, even though that number is a bit misleading because there are so many high priced homes that come through this market.
The Federal Reserve cannot raise interest rates for fear of killing the economy. If the Fed leaves the rates alone the economy will stagnate; not a much better option. If the Fed lowers rates the dollar will decline further and cause higher inflation - weakening of consumer buying power.
Marc, according to your personal info on this website you have a high honors degree in finance. Do you agree with my assessment or do you think the bottom of the RE market for Sarasota has occurred as of December 6, 2006?
I don't think the bottom has hit quite yet. There are some properties out there that have adjusted their asking prices to resemble the price levels of late 2004 and early 2005. In fact, I have a listing closing today for $275k. At the high of the market he could have sold in the $330k-$340k range. If you go back to late 2004 and early 2005 to see sold units his identical floorplan was selling anywhere from $265k to $280k. Sellers that adjust their prices to this level will get more activity.
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