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
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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% ![]() |
Sarasota & Manatee County Real Estate Statistics - $1,000,000 - $1,999,999
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Sarasota & Manatee County Real Estate Statistics - $2,000,000+
Homes and condos for sale in both counties priced from $2,000,000+ - The number of for sale listings was up 23.2% from one year earlier and up 10.2% from the previous month. The number of sold listings decreased 45.5% when comparing January 2018 to January 2019 and decreased 25% month over month. The number of under contract listings was up 100% compared to previous month and up 18.2% compared to previous year. The months of inventory based on closed sales is 28.8, up 126.5% 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 | 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% ![]() |
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