Inventory of Sarasota Homes and Condos
I had a request from my blog reader Todd for the latest inventory levels. He requested inventories for October, November and December. Unfortunately, our MLS system does not allow us to go back in time like that so I can only give today's numbers.
If you look at the right side of this page you will see a log of Sarasota home and condo inventory levels. The latest figures from the Sarasota MLS are as follows:
January 25, 2008
Single Family Homes - 5,056
Condominiums - 3,426
I originally displayed the trendgraphix chart of inventory but it was a little skewed as there were a large number of properties that expired the last day of the year. Apparently, most of them have been relisted. I wish we could chart the inventory levels of sellers who were priced within 5%-10% of market value.
While inventories are still high there are pockets with a limited number of properties. Take a look at the condo on Longboat Key that I mentioned in the post below. If you were a buyer for a beach front 2 bedroom, 2 bathroom condo on the south end of Longboat Key with an unobstructed view of Gulf of Mexico under $1 million dollars you only have about 17 condos in 8 complexes to choose from.
I was out with a client yesterday looking at downtown Sarasota condos. My client wanted a quality newer building, between $1 and $1.5 million, a view of the bay, 2+ bedrooms, 2+ bathrooms. There are only 16 condos that currently fit and I can eliminate most of the 16 units for various reasons. He really did not have much to choose from.
Some friends of mine wanted to purchase a small rental for a long term investment. We started working out the details of our offer when the listing agent called to tell me that they already sold the home that day.
Properly priced homes will see action. People are starting to see value again. I have sold 4 properties since the beginning of the year. All of my buyers needed to get a sense of value before they got off their check book. Those of you trying to sell right now should objectively compare your property to your competition. Make your property the best value by improving it and/or pricing it better.
If you look at the right side of this page you will see a log of Sarasota home and condo inventory levels. The latest figures from the Sarasota MLS are as follows:
January 25, 2008
Single Family Homes - 5,056
Condominiums - 3,426
I originally displayed the trendgraphix chart of inventory but it was a little skewed as there were a large number of properties that expired the last day of the year. Apparently, most of them have been relisted. I wish we could chart the inventory levels of sellers who were priced within 5%-10% of market value.
While inventories are still high there are pockets with a limited number of properties. Take a look at the condo on Longboat Key that I mentioned in the post below. If you were a buyer for a beach front 2 bedroom, 2 bathroom condo on the south end of Longboat Key with an unobstructed view of Gulf of Mexico under $1 million dollars you only have about 17 condos in 8 complexes to choose from.
I was out with a client yesterday looking at downtown Sarasota condos. My client wanted a quality newer building, between $1 and $1.5 million, a view of the bay, 2+ bedrooms, 2+ bathrooms. There are only 16 condos that currently fit and I can eliminate most of the 16 units for various reasons. He really did not have much to choose from.
Some friends of mine wanted to purchase a small rental for a long term investment. We started working out the details of our offer when the listing agent called to tell me that they already sold the home that day.
Properly priced homes will see action. People are starting to see value again. I have sold 4 properties since the beginning of the year. All of my buyers needed to get a sense of value before they got off their check book. Those of you trying to sell right now should objectively compare your property to your competition. Make your property the best value by improving it and/or pricing it better.
Labels: Inventory of Sarasota Property, Sarasota real estate news
posted by Marc Rasmussen at
5:41 AM
2 Comments:
Thanks Marc.
I agree with your assessment that properties priced properly will see action. But then, as you've told your readers of this blog that has always been the case.
It looks like the inventory of single family homes in Sarasota may stay at or near the 5,000 mark for some time, as it appears that we're in a sideways market. It remains to be seen what effect the stimulus package from Washington D.C. will have on the economy.
Thanks again.
ToddinFL
Todd,
The arrival of the selling season is going to result in a lot of homes coming on the market, especially if it is being anticipated as a strong season.
I think you are right, the inventory will remain high for a time as there are people that want to sell but don't have their homes listed.
Marc's observations about downtown condos is interesting and I've heard it from other agents. Since construction has come to a halt across the board, I anticipate there will be some significantly pinched supply in certain categories as the region emerges from this slowdown.
Dave
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