Sarasota Real Estate - Inventory Up!Posted by Marc Rasmussen on Wednesday, November 28th, 2012 at 6:50am.
Inventories in Sarasota county rose during the month of October. Realtors working with buyers generally regard this as good news. It has become increasingly difficult to find good properties and when you do there might be a good chance of competing with other buyers.
Gander at the chart above. The number of homes and condos for sale in Sarasota county rose from 3,667 in September to 3,771 in October. This represented almost a 3% increase in inventory. Look how the pending and sold properties shot up. Pending sales are 38% higher in October than September with sold properties up nearly 16%. It almost feels like 2004-2005. The only difference now is that people are either paying cash or putting a good chunk of money down when buying a home. This leads to a healthier and more stable real estate market. Owners are less likely to walk away from a property when they put 20%-25% down.
The Season is Almost Here
Seasonal factors are also another reason for the 3% rise in inventory. Sellers and Realtors know that the busy winter selling season is coming and are getting ready for it. In the chart above you will notice a rise in inventory at the end of both 2011 and 2012 as the season draws closer.
On the seller side is nice to have this lack of inventory. A good property with a fair asking price will see plenty of activity. Frankly, the sellers are driving the car in this scenario. On the other hand if you are a buyer it can be a bit frustrating because you might have to compete with other buyers for the property you want.
Longboat Key Inventory
The chart above represents all of the homes and condos for sale, pended and sold on Longboat Key. As you can see the island saw a little rise in all three categories. Longboat Key is generally very active during the winter season. We look forward to selling several properties there in 2013. DWELL has several buyers currently looking for property here. Contact us if you are thinking of selling.
I was recently showing property in Fairway Bay on Longboat Key. There are several nice opportunities there for under $500,000.
Siesta Key Inventory
The chart above represents pending sales, solds and all homes & condos for sale on Siesta Key. This island didn't follow the same pattern as Sarasota county or Longboat Key in the way of dropping inventories. However, it experienced the same rise in sold properties and pending sales. This is good news for the sellers here as they continue to have most of the leverage.
Lakewood Ranch Inventory
The inventory in Lakewood Ranch is really low. In the last year inventories ranged from 209 to 271. 6 years ago the inventory of homes & condos was at 1,742. That represents an amazing 87.7% drop in the number of properties for sale. We have sold several properties in Lakewood Ranch this year and will continue to be very active in this luxury planned community.
Here are a couple of our great listings for sale in Lakewood Ranch:
Lido Key/Bird Key/Downtown Sarasota Inventory
The above chart represents data for zip code 34231 which includes downtown, Bird Key and Lido Key. All of the statistics remained relatively constant for the month of October. Sellers continue to love the lack of properties for sale because it puts them in a stronger position than buyers. I can give you a real world example. I listed this condo in 100 Central about a month ago for $409,000. We received an offer after roughly a week of putting it on the market. It is currently pending and waiting to close. I had this same property listed roughly 2 years ago for nearly the same price. We did receive an offer during that time but it was quite a bit lower than what it is worth today. Prices are rising.
DWELL Real Estate is growing slowly and methodically. We don't just hire anyone with a real estate license. Our firm only partners with Realtors who are full-time professionals dedicated to providing you with a top-notch experience. Contact us at 941.822.0708 for assistance in buying or selling in the Sarasota, Florida area.
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