Home inventory shrinking

SARASOTA — From the end of 2010, the number of residential properties listed in Sarasota has fallen 25%, according to MLS statistics compiled by Michael Moulton, a broker-associate with Michael Saunders & Co.

In the report, Moulton says the listing inventory in the area has fallen by 1,448 properties this year, and inventory continues to shrink each month.

“Our monthly average this year of 678 closed properties indicates that we currently have slightly over six months of inventory, a good sign that the marketplace is on a positive and stable course,” Moulton says. A six-month supply is considered market equilibrium.

In addition to falling inventory, the median price of single-family homes in the Sarasota-Bradenton market sold in September rose about 4% from the previous year, according to data released by the Florida Realtors Association.

Although inventory numbers are reaching the six-month mark for properties listed for less than $500,000, there's still a glut of luxury properties on the market. There's a 17-month inventory for homes priced between $500,000 and $1 million, and a 21-month supply for listings of more than $1 million, according to Moulton. These inventories are also falling, however. In the latter category, there was a 28-month supply at the beginning of the year, a reduction of more than 23%.