The most recent reports for the Sarasota market and the entire U.S. indicate that a lack of inventory is continuing to drive real estate trends, particularly price escalation and fewer days on market.
According to the latest REALTOR® data, the average price of a single-family home in Sarasota has risen 36.6 percent and the days on market have dropped by 75 percent to a meager 7 days. This is a widespread trend, with outlets nationwide reporting on demand outpacing supply in every price bracket. One of the reasons for this imbalance is the motivation of buyers to take advantage of low interest rates and establish stability in spaces that accommodate our changing lifestyles; another source of the challenge is the reluctance of current owners to list properties for many reasons. For some prospective sellers, the key consideration is that the cost of transitioning to a new home has risen as market values have spiked, so even if they sell at a premium, they’ll also be buying at a premium.
There are a lot of ways to approach the current market, but all of the successful strategies for both buyers and sellers rely on being well prepared. If you have any questions about the market in Sarasota or listing your home now to take advantage of the market dynamics, please click here to contact us.