The real estate market in Sarasota County has drifted from a Seller’s Market to a Balanced Market. Over the past few years prices have increased over 10% per year.  It is now in the single digits.

Average Sold Price per Square Foot.

June 2017, $201/sq. ft.  Up 4.1% compared to last month ($193/sq. ft.); Up 1.5% compared to same month last year ($198/sq. ft.); Down 0.9% compared to same quarter one year ago ($198.55/ sq. ft.) April 2017 – June 2017 compared to ($200.37/sq. ft.) same quarter last year.

The supply of homes for sale remains low.  Generally, a 3 – 4 month supply.  Nevertheless, we are now seeing only modest price appreciation.  This indicates that Buyers have pushed back on what had been acelerated price increases.  Prices are now falling in line with historical standards.  That’s a good thing.  It indicates homes that are selling are fairly priced.

Months of Inventory Based on Closed Sales.

June 2017, 3.7 months of inventory.  Up 2.8% compared to last month (3.6 months); Up 8.8% compared to same month last year (3.4 months); Up 5.7% compared to same quarter one year ago (3.5 months).

We are fortunate to live in a beautiful and temperate climate. Sought after for its natural beauty, our beaches, recreational and cultural activities. The graph below is proof that Sarasota County remains popular.  Homes are selling throughout the year, as Illustrated in dark green.  The light green represents homes for sale.  Homes under contract are shown in the red line.  The lag time between a pending contract and closing is generally 2 – 3 months.

If you are ready to sell your home, the time to do it is now.  Waiting until the fall or winter may actually be a disadvantage.  You will be competing with more homes.  Real competition is now coming from all of the new builds.  Today we see new communities sprouting all over.  Buyers are looking at the value of new homes vs resales. That is putting pressure on the rate of appreciation for resales.