Prepared by Michael Moulton, CRS, Broker-Associate
Michael Saunders & Co
Though progress in reducing inventory appears somewhat measured in January, do not be alarmed by the seemingly moderate sales performance, as this is very typical after traditionally high activity at year-end. With an aggressive winter affecting many of our feeder markets, the tourism industry projecting a strong spring season, and local economic indicators offering a positive outlook, the tiny steps that appear to being made are signs of a strengthening real estate market.
We currently have 11 months of overall inventory based on the January closings. Based on this past month’s closings there are now 8.7 months of inventory for properties listed under $500,000 compared with 11 months at the beginning of 2010; in the market for property between $500,000 to $1,000,000 there is a 33 month inventory, which has increased from 15 months at the end of 2010; and, in the market over $1,000,000 there is a 48 month inventory. The available inventory does vary on a month-to-month basis depending on that month’s closed sales. The current listing inventory is consistent with the amount at the end of December. As a benchmark, six months of inventory is considered a neutral market meaning it is neither a buyers nor seller’s market.
This pdf report contains statistical data is from information provided through the Multiple Listing Service of the Sarasota Association of Realtors.
We are always available to answer any questions you may have regarding market conditions and the optimum time to buy or sell your property. Please contact us with any questions.
