The 1st quarter of 2017 saw Sarasota Florida real estate continue to march closer and closer to a balanced market where the interests of buyers and sellers are in balance meaning neither buyers nor sellers have an advantage over the other.
This more balanced market status follows the period in 2014 and 2015 when a shortage of inventory of available properties on the market meant prospective buyers faced what some called a "frenzy" of competing multiple offers sometimes above the asking price.
But, things changed in a positive way as 2016 ended and during the 1st quarter of 2017. In Sarasota County, the inventory of properties for sale has risen to 5,135 up 15.7% over a year ago. In Manatee County, the inventory of available properties rose to 3,397, up over 8% from the end of the 1st quarter of 2016. Prospective sellers and buyers both need to understand what this new Sarasota real estate market status means to them.
With more properties for buyers to choose from, sellers now need to be a bit more patient. They can expect their home to be remain on the market a bit longer. Even more importantly, they need to understand that their home or condo needs to be priced right, and that means, priced competitively. In Sarasota County the average number of days on market rose to 77 days, an increase of 24.2% from a year ago. In Manatee County, the average days on market rose to 73 days, up almost 7.5%.
But, in a nearly balanced market, buyers need to be aware that there's a consistent demand for Sarasota area homes from both local buyers and those about to head back North. Buyers also need to understand that home prices are still rising albeit at a slower pace. If they are considering buying in the next 12 to 18 months, they should think seriously about buying now. The median sales price of properties in Sarasota County rose by a bit over 6% and in Manatee County by over 9% compared to the 1st quarter of 2016. If they wish to buy now, buyers need to be prepared to make an offer on a property they’d really like to own at or close to the listing price and not demand unusual seller concessions.
In short, at the end of the 1st quarter of 2017, the Sarasota area real estate market has stabilized and that is a good thing for both buyers and sellers.
If a home or condominium in the Sarasota, Florida area is something you'd be interested in, I'd be delighted to hear from you. Please call me at 941.232.4053 so I can show you all of the Sarasota real estate options that meet your needs and desires and help you select the one that best suits you here on Florida's Sun Coast.