Less is more

Yep there is no doubt about it.

Less is more.

Housing that cost less is a good thing.

Less inventory on the market is a good thing.

And both of those are happening in Manatee County.

The lastest Trendgraphix statistics show that overall pending single family homes sales in 08 were up 9.4 percent, sold homes were down 30.2 percent and single family homes for sale were down 46.5 percent.

Based on pending sales we have 10.5 months of inventory on the market.

Pending sales indicate the future market. This is the least amount of inventory we have had in two years.

For single family homes under 200k we have 5.6 months of inventory based on pending sales. That is a neutral market.

A buyer's market is anything more than seven months of inventory. A seller's market is anything under five months of inventory.

No this doesn't mean overall prices have hit bottom yet. Under 200k, yea we're probably getting to that point.

Over 200k, well there is still more than 17 months of inventory based on pending sales. There is bound to be a further drop in prices in this range due to the continuing decline in sales and the large amount of inventory on the market.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com