Sarasota County: The Housing Market Has Shifted.

  Now that we have the final stats for December, I can conclusively call 2018 the year we went from a Seller’s Market to a Neutral Market.  Heading into 2019, we are trending towards a Buyer’s Market.   Here’s why.  December 2018, the number of new listings increased, while the number of sold and pending listings decreased, with a resulting increase in inventory and push-back pressure on prices. We need to monitor this relationship over the next couple of months.  If it continues, i.e., Buyers resisting continued price appreciation, Sellers will be forced to lower their sights, adjust their expectations.  Parenthetically, notwithstanding an increase in new listings, on almost any given day the MLS has more list price reductions than new listings.   Single Family Data:

• New Listings – Up 16.8% from one year earlier (Dec 2017); Up 1.2% from prior month (Nov 2018).
• Sold Listings – Decreased 21.8% from one year earlier; Up 12.6% month over month.
• Pending Listings – Down 9.8% from one year earlier; Up 4.8% month over month.
• Months of Inventory – 6.2 months; Up 50.9% from one year earlier; Up 16.9% month over month.
• Median Sold Price – $280,000; Up 1.8% from one year earlier; Down 6.7% month over month.

  Condo Data for December 2018:

• New Listings – Up 9% from one year earlier (Dec 2017); Up 5.4% from prior month (Nov 2018).
• Sold Listings – Decreased 34.5% from one year earlier; Decreased 28.4% month over month.
• Pending Listings – Down 40.5% from one year earlier; Down 23.8% month over month.
• Months of Inventory – 9.5 months; Up66.7% from one year earlier; Up 46.5% month over month.
• Median Sold Price - $216,000; Down 32.5% from one year earlier; Down 4% month over month.