Here Comes the New Inventory

Posted by Marc Rasmussen on Wednesday, December 5th, 2018 at 9:18am.

October 2018 Sarasota & Manatee county real estate inventory

 

I was reading this article today Real Estate Markets Cooling Across the County, And It's Not Just the Winter Effect and thought a Sarasota and Manatee county real estate update would be useful to those looking to buy or sell in 2019.

See the big jump in October? That is about a 9% increase in inventory from 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

   Oct. 18  Oct. 17  % Change
For Sale  353  345  Up 2.3%
Sold  20  18 Up 11.1% 
Pended  27  34  Down 20.6%

 

Siesta Key Real Estate Inventory

  Oct. 18 Oct. 17 % Change
For Sale 316 272 Up 16.2%
Sold 19 39 Down 51.3% 
Pended 22 34 Down 35.3% 

 

Downtown, Lido Key and Bird Key Real Estate Inventory

  Oct. 18 Oct. 17 % Change
For Sale 347 319 Up 8.8%
Sold 27 38 Down 28.9%
Pended  37  43 Down 14% 

 

Lakewood Ranch Real Estate Inventory

Lakewood Ranch Real Estate Inventory

   Oct. 18  Oct. 17  % Change
For Sale  826  813 Up 1.6% 
Sold  124  142 Down 12.7% 
Pended  139  134 Up 3.7% 

In a nutshell, Longboat Key sold more properties in October 2018 vs October 2017. However, Siesta Key, Lido Key, Downtown and Lakewood Ranch real estate inventories are up with sales/pending sales declining.
Seller Tips:
  • If possible, it is best to price your property in line with recently sold similar properties (true for most market conditions).
  • Stay on top of your competition. Buyers choose the property with the best value, not the one with the prettiest brochure.
  • No amount of advertising will overcome a bad asking price.
  • Quality photos help.
Buyer Tips:
  • Make sure you have enough funds or are pre-approved for a mortgage prior to viewing property. Borrowing money can be cumbersome and not guaranteed. 
  • Hire one good Realtor. It truly can make a difference.
  • Make a list of your needs and wants for your next home. This can help you rank properties more easily.
  • Decide if you need to sell prior to buying. If so, get your house ready to sell first. This way you can act quickly if your dream home comes on the market. 
Call us at 941.822.0708 if we can help you buy or sell in the Sarasota/Bradenton area.
Marc Rasmussen
Broker/Owner of DWELL Real Estate


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