As a result of unseasonably strong sales in June, buyers have reduced the number of available properties in Sarasota County to below 4,000 for the first time in seven years. Similarly, the property count in Manatee County fell below 3,000 for the first time since August 2005 (See chart below). In both counties, inventories have been whittled-down by three-quarters from their 2007 levels, when the number of unsold properties peaked during the market’s post-boom downturn.
There is presently a 4.2-month supply of properties in Sarasota County based on June’s rate of closed sales. In Manatee County, there is a 4.7-month supply. A 6- to 7-month supply represents a balanced market; with anything lower typically trending towards a seller’s market.
In Charlotte County, the overall property count is trending at its lowest level since September 2005, during the housing boom; and is 63% lower than in February 2007, when the inventory of unsold homes peaked during the post-boom downturn.
Sales of luxury properties over $1 million also exhibited unseasonable strength in June, with sales throughout Sarasota County besting last June by 79%. Likewise, June sales of luxury properties throughout Manatee County were up 50% over last June.
The median price for a home in Sarasota County during the first six months of 2012 has risen by an average of 9% compared with the first six months of 2011; and in Manatee County has risen by an average of 5% over last year. Charlotte County has shown the most dramatic rise in median, its year-to-date price up by an average of 17% over the first six months of 2011.