Condo Inventory Hits New High

February was a real train wreck if you were trying to sell a condominium. Sales during the month were the lowest of any February in the past 5 years and in the bottom 10% of all 60 months over the same time period.  At the same time, inventory levels reached a 5-year peak at 3,618 units. 

The time required to sell a condominium has increased to 51`days. In February 2022, the median days on market for a condominium was only 4 days. 

In February, there was only one sale for every 10 condos on the market during the month. Or said another way, 435 sellers were happy because that's home many sold their condo. But 3,618 were disappointed because that is how many were still on the market. 

Usually this causes many of the owners of homes still unsold at month end to reduce their asking prices, pushing the median sales price lower. So far, it's hard to say that has occurred as the median sales price has floated around between $350,000 and $400,000 since the spring of 2022. 

The way the listing inventory looks as of today, it is still not happening. As of today (March 14) there are 3600 active condo listings in Sarasota and Manatee Counties combined. The median listing price $399,000. Sales are about the same level as last month. Both of these statistics are higher than when the month started- exactly the opposite of what you would expect. 

To see where your community stands, check out the chart below.

A Sampling of Inventory Growth by Building Across the Region