How’s the Real Estate Market in Sarasota?

16 Oct 2013, Posted by Drew Russell in Market Statistics
Sarasota Real Estate Market Statistics

The question that I am most often asked is “how’s the market?”.  The simplest answer for that question right now is one word- “HOT.”  Buyer activity is very active and listings in prime neighborhoods under $1MM remain in short supply. Many of my clients are also asking me if now is a good time to list their property, or if they should wait until our high season kicks off in January. I will offer two key points below to support why I think now might be a unique window of opportunity to put your home on the market:

– The lower inventory levels in the under $1MM price point are putting pressure on buyers. However, if you carefully look at this graph, you can see that we have slowly been gaining inventory in Sarasota county over the past 3 months, as pending sales have remained steady or slowly declined.  It is safe to assume that there will be less homes on the market now that there will be in January. Check out the spike in this graph for inventory which was in last January.

– Although the seasonal buyers are not here right now, they are likely looking and will be ready for the right listing when it comes along, even if it is October. The proliferation of search apps such as Zillow and Trulia have made consumers much more plugged in even when they are not present in the area. The competitive nature of the market is only fueling the intensity of using these types of applications, and it is not rare for buyers to routinely fly in to come and look at my new listings.

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