Steep drops in housing inventory are being reported throughout many regions of the country, but it is no more significant than right here in Sarasota. Recent data from in the June 20, 2012 TrendGraphix report released by Michael Saunders & Company revealed inventory statistics that placed available properties at their lowest levels in seven years.
As reported in my June Sarasota Real Estate Market Review, sales were markedly above last year and, after including pending sales at June month-end, we are left with just a 4.4 month inventory of available properties in the Sarasota-Manatee-Charlotte region, 35% less than a year ago.
Though we are currently in the slower selling season, the comparable sales this year to last are continuing to show strong improvement. For example, sales in the luxury market (properties over $1 million in value) were nearly 52% higher than June 2011 and inventory has been depleted by more than 11% since then, hovering at or below the boom year of 2004.
With inventory of available properties in Sarasota falling below 4000 units for the first time since 2005, levels of new housing starts just now beginning to take off, and continued strong demand from buyers, compression of list to sale prices is going to become even tighter and the reports of multiple full-price offer will be more commonplace.
Now is the time to meet with your real estate professional if there is any interest whatsoever in selling your home or making an investment in a new or additional property. It would be my pleasure to assist you in your deliberations.
Read the Michael Saunders & Co. Blog Post here.