August sales of existing homes and condominiums in the Sarasota Real Estate Market were considerably higher than the same month last year. And strong pending contracts activity sets up healthy sales pace for 30-60 days ahead.
The Sarasota Real Estate Market has been inching toward a buyer’s market, but conditions are currently neither strongly favoring either buyer’s or seller’s sides. With low interest rates, strong consumer confidence, steady flow of traffic from “tax-refugee” buyers, increased inventory and active new construction, conditions are favorable for The Sarasota Real Estate Market.
I remain bullish on the Sarasota Real Estate Market. With the flow of “tax refugee” relocations expected to continue, excellent economic conditions – including the longest stretch of mortgage rates below 5% in more than 60 years, as well as significant strength in our condominium and home building regionally, there is plenty of supporting evidence that our market balance and steady conditions suggest a sustainable environment.
The Sarasota Real Estate Market experienced a solid increase in sales activity in May when compared to prior year. Total sales volume grew 26.3% and prices also had above average appreciation.
The Sarasota Real Estate Market will continue to remain robust, albeit it with sales fluctuations dependent on new homes and condominium projects coming to market. With several new communities nearing completion we will see a wave of closings boost our sales in the months to come.
Sarasota Real Estate Market’s February sales and inventory activity brought us closer to an equalized condition, in which neither buyers or sellers are in an advantageous position.