Inventories up 13% - Market Slow Down? - POST UPDATE

 A few weeks ago I wrote the post below about the Sarasota & Manatee county real estate markets. Here is an update with February real estate stats.

Curnt vs. Prev Month					Curnt vs. Same Month 1 Yr Ago			Curnt vs. Same Qtr 1 Yr Ago
		Feb. 19	Jan. 19	% Change	Feb. 19	Feb. 18	% Change	Dec. 18 to Feb. 19	Dec. 17 to Feb. 18
For Sale		9467	9271	2.1%	9467	8486	11.6%	9467	8486
Sold		1538	1198	28.4%	1538	1610	-4.5%	4257	4821
Pended		2222	1962	13.3%	2222	2079	6.9%	5406	5698

The number of for sale listings was up 11.6% from one year earlier and up 2.1% from the previous month. The number of sold listings decreased 4.5% year over year and increased 28.4% month over month. The number of under contract listings was up 13.3% compared to previous month and up 6.9% compared to previous year. The Months of Inventory based on Closed Sales is 6.2, up 17.1% from the previous year.

Sellers:

The good news is that pending sales saw a big jump in February versus January which reduced the months of inventory figure. Unfortunately, the number of properties for sale continue to rise. The number of closed sales in February 2019 were lower than February of 2018. Of course, this is a broad look at the overall Sarasota and Manatee county real estate markets. The situation could be entirely different when you focus on your segment of the market - beach condos, downtown condos, Lakewood Ranch homes, Siesta Key homes etc. 

If you truly want to sell and since we are in the middle of season it is important to be priced right. Honestly, you can say that in just about every market condition.

Buyers:

With higher inventory levels and lower sales than last year it appears that you have a little more leverage now. If you are actively looking to purchase and have identified some good possibilities then don't wait to make an offer. The best homes and condos will start to disappear and you may lose your dream property to another buyer.

As always, contact us if you need representation.

Posted March 5th

Is the party over?

Let's take a look at some supply and demand statistics for real estate in Sarasota & Manatee counties. 

Above charts shows Sarasota and Manatee county home and condos for sale, pended and sold from November 2017 to January 2019 in all price ranges. The number of for sale listings was up 13.2% from one year earlier and up 10.9% from the previous month. As of today, March 5th, there are 9,404 properties for sale in both counties. The number of sold listings decreased 19.1% when comparing January 2018 to January 2019 and decreased 22.3% month over month. The number of under contract listings was down 3.7% compared to last January. The months of inventory based on closed sales is 7.9, up 41% from the previous year.

Curnt vs. Prev Month			Curnt vs. Same Month 1 Yr Ago				Curnt vs. Same Qtr 1 Yr Ago				TODAY STATS
	Jan. 19	Dec. 18	% Change	Jan. 19	Jan. 18	% Change	Nov. 18 to Jan. 19	Nov. 17 to Jan. 18	% Change		3/1/2019 - 3/4/2019	2/1/2019 - 2/4/2019	% Change
For Sale	9,271	8,357	10.9%	9,271	8,191	13.2%	9,271	8,191	13.2%		9,404	9,249	1.7%
Sold	1,180	1,519	-22.3%	1,180	1,459	-19.1%	4,363	4,779	-8.7%		139	138	0.7%
Pended	2,078	1,247	66.6%	2,078	2,157	-3.7%	4,755	5,263	-9.7%		273	298	-8.4%

Sarasota & Manatee County Real Estate Statistics - $0 - $999,999 

Curnt vs. Prev Month				Curnt vs. Same Month 1 Yr Ago			Curnt vs. Same Qtr 1 Yr Ago				TODAY STATS
	Jan. 19	Dec. 18	% Change	Jan. 19	Jan. 18	% Change	Nov. 18 to Jan. 19	Nov. 17 to Jan. 18	% Change		3/1/2019 - 3/4/2019	2/1/2019 - 2/4/2019	% Change
For Sale	8263	7439	11.1%	8263	7308	13.1%	8263	7308	13.1%		8367	8247	1.5%
Sold	1128	1462	-22.8%	1128	1383	-18.4%	4204	4506	-6.7%		133	130	2.3%
Pended	1997	1195	67.1%	1997	2045	-2.3%	4561	4962	-8.1%		267	287	-7%

Curnt vs. Prev Month Curnt vs. Same Month 1 Yr Ago Curnt vs. Same Qtr 1 Yr Ago    TODAY STATS   Jan. 19 Dec. 18 % Change Jan. 19 Jan. 18 % Change Nov. 18 to Jan. 19 Nov. 17 to Jan. 18 % Change 3/1/2019 - 3/4/2019 2/1/2019 - 2/4/2019 % Change For Sale 663 605 9.6%  663 603 10%  663 603 10%  670 662 1.2%  Sold 40 41 -2.4%  40 54 -25.9%  115 203 -43.3%  5 4 25%  Pended 55 39 41%  55 90 -38.9%  143 247 -42.1%  3 7 -57.1%

Curnt vs. Prev Month				Curnt vs. Same Month 1 Yr Ago			Curnt vs. Same Qtr 1 Yr Ago				TODAY STATS
	Jan. 19	Dec. 18	% Change	Jan. 19	Jan. 18	% Change	Nov. 18 to Jan. 19	Nov. 17 to Jan. 18	% Change		3/1/2019 - 3/4/2019	2/1/2019 - 2/4/2019	% Change
For Sale	345	313	10.2%	345	280	23.2%	345	280	23.2%		367	340	7.9%
Sold	12	16	-25%	12	22	-45.5%	44	70	-37.1%		1	4	-75%
Pended	26	13	100%	26	22	18.2%	51	54	-5.6%		3	4	-25%

 Summary

	Months of	For Sale	For Sale		Sold	Sold		Pended	Pended
	Inventory	Jan 2019	Jan 2018	Change	Jan 2019	Jan 2018	Change	Jan 2019	Jan 2018	Change
All Prices	7.9	9,271	8,191	13.2%	1,180	1,459	-19.1%	2,078	2,157	-3.7%
$0 - $999,999	7.3	8,263	7,308	13.1%	1,128	1,383	-18.4%	1,997	2,045	-2.3%
$1m - $1.999m	16.6	663	603	10%	40	54	-25.9%	55	90	-38.9%
$2m+	28.8	345	280	23.2%	12	22	-45.5%	26	22	18.2%

As you can see by the data above, inventories of homes and condos are up in all price ranges. The number of sold properties declined as well as those that went under contract (pended). 

What does all of this mean?

It simply means that buyers have more properties to choose from and sellers have more competition. For the time being, the pendulum has moved so that the buyers have more leverage. However, this can change back quickly.

A slow down in the real estate market isn't necessarily something to get depressed about. Home prices can't increase at record levels forever. In my opinion, a breather every now then helps prevent a market crash.

Curnt vs. Prev Month			Curnt vs. Same Month 1 Yr Ago			Curnt vs. Same Qtr 1 Yr Ago				TODAY STATS
	Feb. 19	Jan. 19	% Change	Feb. 19	Feb. 18	% Change	Dec. 18 to Feb. 19	Dec. 17 to Feb. 18		% Change	3/1/2019 - 3/20/2019	2/1/2019 - 2/20/2019	% Change
For Sale	9467	9271	2.1%	9467	8486	11.6%	9467	8486		11.6%	9417	9399	0.2%
Sold	1538	1198	28.4%	1538	1610	-4.5%	4257	4821		-11.7%	1209	848	42.6%
Pended	2222	1962	13.3%	2222	2079	6.9%	5406	5698		-5.1%	1710	1472	16.2%