Lido Key

Rising Inventories - Market Shifting in Sarasota?

Is this the end of a boom cycle in the real estate market? It is too early to tell but some believe so. Below I provided graphs of inventories levels in Sarasota, Manatee, Longboat Key, Siesta Key, Lakewood Ranch and the downtown area. 

What We Don't Want

It is part of our job to monitor real estate market stats like inventory levels, sold properties and pending transactions. We just don't want to see this happen again:

The above graph shows January 2004 to January 2006 inventories. They went from a low of 5,002 in September 2004 to 17,457 in January 2006. That is a 349% increase in inventories which ultimately caused the real estate bubble to burst. 

Personally, I don't see this happening. There are several differences between these two markets. Many of the buyers today paid cash which creates a stronger market. Lending guidelines did tighten so most people who bought had to prove income and the ability to repay their loan. Prices escalated but not as quickly as they did from 2003 to 2005.

We will keep watching and reporting what we see. Stay tuned.

Sarasota & Manatee Counties Combined - Inventories up 6.3%

Sarasota County - Inventories up 5.6%

Manatee County - Inventories up 7.3%

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Season Update - What is Happening in Sarasota?

The post below is from our other blog at DwellingWell.com. You can read it here - Season Update - How is the Sarasota Market?

Last month we were one of the first brokerages to start talking about the slow down in the Sarasota real estate market. After I wrote the blog post I received phone calls from many area Realtors confirming the slow down. Some real estate professionals will only talk about a slow down behind closed doors but are afraid to discuss it publicly. The Sarasota Herald Tribune decided to write about it as well - Read here. Here is my original post talking about how January 2016 had fewer home sales than January 2015 - January 2015 vs January 2016

Below you will find data showing sales stats comparing February 2015 to February 2016 as well as comparisons over a longer time period of both January + February of each year. If you want to skip all of the gritty details and just see the conclusions click here

 

Sarasota County 

Below is a chart showing sold, pended and properties for sale in Sarasota county. Compared to February 2015, Sarasota county has 5.6% more homes and condos for sale, 7.8% fewer sales and roughly the same number of properties pended this year. 

 

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