The current market is seeing more and more price reductions as we head into late spring and early summer when our sales activity tapers as part-time residents depart for the season. Year-to-date, nearly 60 percent of listings have had at least one price reduction, a clear indicator of the tactics that sellers are employing to entice buying activity. As I’ve mentioned in other posts, the conflict in Iran created economic uncertainty that led to a halt in buyer engagement, already tepid because of the relative oversupply of the market. Days on market have lengthened and sellers have continued to reduce prices to tempt slow buyers to engage. The pricing is highly favorable for buyers right now, creating incredible value in each of the neighborhoods around Sarasota.
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