The fever-pitch of market activity that we saw in the second and third quarters is starting to even out a little bit. Demand has not fallen at all, but the pressure on the market has eased slightly as more listings become available. Our latest market report illustrates the third quarter trends that have driven sales pace and price over the last several months. A pronounced shortage in supply has affected market values in every Sarasota community, but has also suppressed the number of transactions that have happened relative to prior years.
While more inventory is becoming available in Sarasota's residential real estate market now than in the last two quarters, there is still intense pressure from high and pent-up demand. Three of our recent listings went under contract within 48-hours, reflecting a sustained level of urgency for buyers. Sellers are still benefitting from price premiums as eager buyers absorb listings, but as more listings come onto the market, sales price premiums may taper slightly. In the coming months, we anticipate a gradual market rebalancing with supply rising in response to the sustained increase in demand. While the pace of transactions may cool, prices will remain buoyed by the high demand from local and relocating buyers and by advantageous rates in the financial market.