I was out showing property late yesterday afternoon for one of my listings in The Lido Ambassador, Unit 410 on Lido Key. It’s a nice end unit with lots of daylight, the lanai has just been revitalized with new enclosures and the unit has a partial gulf view. Although the unit is older and needs some form of a remodel, it’s very clean and has the right location, directly on Lido Beach. The agent I showed it to yesterday had looked all over Longboat Key and Lido key in our price range, which is $425,000., and had found nothing, and her reason “there is nothing out there in this price range remodeled or not.” She told me that the inventory simply isn’t there. I thought to myself, “is it possible we have arrived at the bottom and the need for demand has exceeded the supply?”
So I checked the stats for the MLS and there are roughly 101 active listings on Lido Key, which includes Condos and Single Family. When I break it down for condos only there are 69 active listings. according to the Sarasota Association;
“Sales in July 2009 up 29 percent over July 2008 in Sarasota market”
The Sarasota real estate market in July 2009 was substantially healthier than last year at
this time, with total unit sales up 29 percent to 595, and the months of home supply on
the market once again dropping to levels not seen in three years. There were 450 single
family and 145 condos sold in July, compared to 331 and 130 last July.
July 2009 sales were only slightly lower than the 610 sales in June 2009, when overall
sales rose above the 600 level for only the second time in 26 months. The statistics all
continue to point to a market in the initial stages of recovery.
Inventory levels continued to decline. There were 4,067 single family homes for sale at
the end of July, down from 4,477 at the end of June. Condos experienced a similar
decline, to 2,447 from 2,587. Inventory is now at its lowest point in more than 5 years.
The number of months of inventory – the time it would theoretically take to.
Conclusion: if there was or is a bottom to this market we surely have been there or are there as we speak. Sales in communities that long have had a dry spell in terms of sales, like Deer Creek in Palmer Ranch, which has in the past had no sales or Pending Sales for months has in the last 60 days 8 Pending Sales, 4 sales and only 14 active properties for sale. As far as active sales in Deer Creek that’s only 5% of the communities overall existing homes. “By now or Be Sorry”
Tags: Condos, Demand, Homes, Inventory, Lido Ambassador, Lido Key, Sales, SRQ, SRQ Inventory, Supply
