All in all, March was a good month for home sales in Sarasota County.  Inventory levels, both closed and pended, which began to rise in the 4th quarter of 2018, receded in March, although they remained higher than the same time last year. The real strength was in sold homes, up 34% from last month; under contract, up 26%.  The result is a continued increase in pended sales.  Pended sales are a leading indicator of closed sales for the next two months.  1,519 homes went under contract in March.  This has reduced  homes for sale, based on pending sales, to a 3.8-month supply.  That is a Market Bounce.  Acknowledging a weakening in the market over the past 4-5 months, and as I forecast a few months ago, successful Sellers are modestly tweaking, lowering their asking price. On any given day the Multiple Listing Service (“MLS”) has many more price reductions than new listings, and the reductions are generally occurring within 30 – 45 days of the original list date.  The result is a modest softening in average and median sold prices, 2-5% from last month, and homes going under contract in less time, 78 days.  That portends a housing market where Sellers have been tuned into the Market Shift, and have adjusted their list price accordingly.  Whether you are a Buyer or a Seller, the real estate market remains strong, provided you meet the market where it is at, not where you would like it to be.

Stats for March 2019 | All Residential Property:

• For Sale – 5,728 – Neutral Market; It is down 2.8% compared to last month (Feb 2019), and up 12.7% compared to last year (Feb 2018).
• New Listings – 1,660 – Neutral Market; Same as compared to last month, and down 3.6% compared to last year.
• Sold Listings – 1,219 – Neutral Market; It is up 34% compared to last month, and down 4.8% compared to last year.
• Under Contract – 1,519 – Neutral Market as to # of Pending Sales; It is up 26% compared to last month, and up 5% compared to last year.
• Months of Inventory Based on Closed Sales – 4.7 months – Neutral Market; It is down 27.8% compared to last month, and up 17.6% compared to last year.
• Months of Inventory Based on Pended Sales – 3.8 months – Neutral Market; It is down 22.5% compared to last month, and up 8.5% compared to last year.
• Average Sold Price per Square Foot – $208/sq. ft. – Neutral Market; It is down 3.3% compared to last month, and down 7.1% compared to last year.
• Median Sold Price – $259,000 – Neutral Market; It is down 2.3% as compared to last month, and 0.4% compared to last year.
• Average Sold Price – $363,00 – Neutral Market; It is down 5.2% compared to last month, and down 9.2% compared to last year.
• Average Days on Market – 78 days – Falling – Neutral Market; It is down 12.8% compared to last month, and down 6% compared to last year.

Sold/Original List Price Ratio – 92% – Neutral Market;  It is up 1.1% compared to last month, and same as compared to last year.         NOTE:  Sold/Final List Price Ratio – 96% – Remains S