The Seller’s Market Continues … But Pricing is Key. Inventory levels remain low.  In August there was only a 3.2 month supply of homes for sale, based on closed sales.  What this means:  Statistically, if there are no new listings over the next few months, then in 3.2 months there would be no homes for sale.  Low supply creates a [...]

Inventory remains low.  For the past 3 months there was a 3.1 month supply of homes for sale based on closed sales.  Last year at this time there was a 2 month supply.  Although a 3 month supply is low, and constitutes a Seller’s Market (6 months is considered a balanced market), the supply of homes is beginning to increase, resulting [...]

Although prices continue to rise in Sarasota County, there are more homes for sale, and less homes are going under contract, resulting in fewer closings.  This will ultimately slow down the rate of appreciation, although at a current 3.5 month supply of homes based on closed sales, prices will continue to increase, albeit at a slower [...]

So, where is the market heading?  How is it trending?  In a nutshell, there are more houses coming on the market.  However, there are less homes selling.  Result: the inventory of homes available for sale, based on closed sales, is increasing.  Although prices continue to increase, in the short term, the pace of appreciation is showing [...]

In April 2016 the average sold price per square foot increased 6.5% from the same month last year; from $153/sq. ft. to $163/sq. ft.  Significantly, the median sold price jumped 25%; from $180,000 in April 2015 to $225,000 this past month; a sign that the inventory of affordable housing, i.e., under $200,000, is shrinking. The average list [...]

Although more homes closed and were placed under Contract in March vs. February, which is typical, compared to the same months last year they were down, respectively 12.1% and 15.7%.  Nevertheless, homes which sold continued to appreciate.  In March the median sold price was $213,000, compared to $188,000 for the same month last year, a [...]

In February, prices stabilized.  In fact, the average sold price, on a square foot basis, actually went down.  In February the average sold price was $150/sq. ft.  Last month, January 2016, it was $156/sq. ft. --- a 3.6% drop.  For the past 14 months, since January 2015, $152/sq. ft. was the average sold price.  More markedly, at [...]

Entering the traditional “selling season”, in January new listings increased 61.8% over the prior month; 280 new listings in January 2016 vs. 173 in December 2015.  Notwithstanding the spike in new listings, we’re still down 7.9% from the same month last year, leaving only a 4.5 month supply of inventory as we head into prime selling [...]

Last year 2,118 homes sold in Venice; a .8% increase over last year, which likewise, was a good year.  Unrelenting demand, coupled with a consistent shortage of homes for sale, resulted in a  median sold price at $209,000, 21.5% higher than 2014. With so many buyers competing for a home, and limited choices, the time it took to sell a home [...]