The Sarasota Real Estate market continues its consistent climb back to a measure of balance however, reduced inventory remains a considerable concern. The most recent TrendGraphix report showed the following statistical evidence of reason for the seemingly never-ending reports in the media about the issue.
- Inventory of properties for sale has dropped 26.4% since last year at this time.
- Pending sales in September increased 22.7% compared to September of 2011.
- New listings added in Sarasota for the month of September dropped 6% from last year.
- Average price of all active listings has risen 12% since last September.
- Average number of days on the market for listed properties has fallen 19% from last year.
- Median sale prices for Sarasota Real Estate has grown 13% since September of last year.
Despite the strong confidence shared by builders in our market and around the country, the number of new properties being added is falling well behind the demand. With the number of homes available in the Sarasota market near levels last seen in 2005, there is no question that we are in a seller’s market today.
As mentioned in one of my recent posts, REO/distressed properties in the Sarasota market have not entered the supply chain at levels previously predicted causing far less strain on excess inventory and cut-rate prices than originally thought. In fact, National statistics put REO’s down 24% year-over-year. Banks have implemented early intervention and accelerated processing to help reduce the pressure on the housing market. The buyer demand for REO properties was strong and it too has led to less market stress from troubled homes.
With prices inching up, inventory well below market demand, mortgage rates at all-time lows, and new homes entering the marketplace at a pace that is too gradual to meet demand, if there ever was a time to consider listing your property…now is the moment to seize a great opportunity! Please call me so that we can discuss getting your property on the Market!
Michael Saunders weekend blog included some graphs depicting the significant changes in Sarasota Real Estate inventory. Click here to view her posting.
For a more National look at the issue, view a recent article from the KMC blog, an expert resource for real estate trends, titled “5 Reasons to Sell Now.” It, too offers some insightful data to help to make the point that this is an opportune time to sell your property.