Trend Ho!

No it is not time to crack open the champagne quite yet.

But the trend in Manatee County for less inventory and higher pending sales is continuing.

For resales of single family homes we are down to inventory levels that we haven't seen since the fall/winter of 2005 when the housing boom went bust.

According to the latest Trendgraphix statistics as off the beginning of March there were slightly more than 3,700 homes on the market, just over 14 months of inventory according to sold and around 8.6 months according to pending sales.

In November of 2005 those inventory levels were around 12 months each and we were just shy of 4,000 homes on the market.

Over the past several months there has been an ever growing trend of a drop in homes for resale.

That's the good news.

Again the overall market is still seeing the bulk of sales increases and pending in the under 200k market. That market is now teetering on a seller's market (less than five months of inventory is a seller's market, five to seven is a neutral market, and seven months and above is a buyer's market).

The feeding frenzy in that area, even among short sales, continues to gobble up the available inventory.

I believe a lot of buyers are going to be disappointed very soon after finding out that the inventory of well priced, good condition, good location properties, under 200k is shrinking quickly.

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