Realtors utilize a measure of housing supply referred to as “Months of Inventory” to gauge the strength or weakness of the housing market. The calculation looks at the number of months it would take to sale existing inventory based on the most recent monthly sales figures. The lower the “months of inventory ”, the lower the supply of housing available, and the stronger the market.
Sarasota’s housing results for October show that months of inventory for single family homes declined from 11.1 months in 2010 to 7.1 months in October 2011, indicating a continuing strengthening of the market. Prices continue to stabilize, with the median sales price for Sarasota’s single family homes in October 2011 of $156,000 compared to a median sales price of $157,000 in October 2010.
Condominium months of inventory have also declined : to 9.7 months in October 2011 compared to 15.9 months in October 2010. Median sales price for condominiums are also stabilizing with the median price for condominiums in October 2011 of $161,000 versus $165,000 in October 2010.
