The chart above shows the inventory, properties pending and sold for the Sarasota real estate market over the last 4 years. It is great to see how the number of properties decreasing. Hopefulle, the "shadow inventory" that everyone is talking about won't change the consistent decline in inventory. The inventory figures can be a bit misleading. Right now it shows inventory levels of over 6,000 properties in Sarasota county. Our county is pretty big and it includes North Port which I hear is in really bad shape. There are tons of homes for sale down there which skews out numbers somewhat.
There isn't as much on the market as you think. When you ignore the sellers with the crazy asking prices and junky homes that need to be torn down buyers don't have that much to choose from.
I recently showed just about every home on Siesta Key under $700,000. There weren't a bunch of "good" or "properly priced" homes out there for sale.
Based on closed sales Sarasota has an 11 month inventory. Based on pending sales we have an 8 month inventory. When you only look at homes from $0 to $999,999 the inventory levels drop to 10.3 months based on closed sales and 7.4 months based on pending sales. Regardless, of which one you look at it seems like the Sarasota real estate market is bottoming. This bottoming process will take some time. If you are planning on buying a home then make sure you plan on being there a few years. If you don't plan on being there at least a year or two then just rent.
Give me (Marc Rasmussen) a call at 941.812.6272 if I can help you buy or sell a home in the Sarasota, Florida area.