Sarasota Home Inventory Levels
Posted by Marc Rasmussen on Wednesday, July 22nd, 2009 at 6:44am.Sarasota Home Inventory Levels
Real estate prices are largely determined by supply and demand. One way to measure this is chart inventory level and sales. Below you will find a chart of the last 3 years of activity including properties sold, on the market and under contract in Sarasota county.
As you can see inventory levels hae dropped dramatically. Depending on where you measure Sarasota has roughly 60% of the inventory it once had. Also, notice the spike in sales and pending sales. This is due to declining home prices. Currently, Sarasota has about 10 months of inventory of single family homes and 16 months of condo inventory.
Sarasota Luxury Homes
Below you will see inventories of homes and condos in the luxury market. Inventories in the Sarasota luxury market mimic the overall market however the pending sales and sold properties are not as high. The low end of the market has taken the largest percentage realized price decline therefore that is where much of the sales are occuring.
Siesta Key Home Inventory
Below are the last 3 years of inventories, sales and pending sales of homes and condos on Siesta Key. A few interesting things about this chart is that pending sales are 150% higher in June 2009 than June 2006 and for the same time period inventories are down 23% and closed sales are up 57%. Inventories declining, sales rising = bottom forming.
Longboat Key Home Inventory
Below are the inventory, sales and pending sales for the last 3 years for homes on Longboat Key. June 2009 inventories are 80% of where they were in June of 2006. For the same time period sales on Longboat Key are 39% higher. It appears that the Siesta Key real estate market is a bit more active than Longboat Key. It seems like the Longboat Key sellers have been more reluctant to lower their prices to match the current market.
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