See the big jump in October? That is about a 9% increase in inventoryfrom September 2018 to October 2018. As of today, December 4, 2018, there are 8,252 homes and condos for sale in both counties. That is almost a 19% jump in inventory in 2 months.
An increase in the number of properties for sale is typical for this time of year. However, we are rising faster than last year. Take a look back in late 2017. September inventories were 6,648 and jumped about 14% to 7,567 in December.
"I Need to Sell Back Home Before We Buy in Sarasota"
Not everyone looking for property in Sarasota/Bradenton buys a vacation or 2nd/3rd home. Some people do need to sell their primary residence prior to purchasing here. If the real estate market is soft or getting softer back home then it can have an impact on sales in this area.
Referencing the Forbes article above:
Sure enough, in September, a wave of 465,000 new listings came on the scene throughout the nation’s 45 largest metros, an 8% increase that marked the largest annual inventory growth spurt since 2013. At the same time residential construction data shows builders are adding a bit more inventory to the mix, with housing starts up 3.7% year over year.
Even though real estate is local, our market is influenced by our feeder markets. If properties in the mid-west and northeast are not selling then potential buyers may think twice about purchasing a vacation home or relocating to Sarasota. There is no reason to panic as there are many factors when it comes to real estate supply and demand. However, if you are planning on buying or selling in 2019 then you should know the real estate environment. You can always track local inventory here - Sarasota County Inventory, Manatee County Inventory.
Longboat Key Real Estate Inventory
Siesta Key Real Estate Inventory
Downtown, Lido Key and Bird Key Real Estate Inventory