Oct. 1, 2019
October Real Estate Market Update
The year is flying by! Its already fall and the holiday season is fast approaching! There has been alot of unrest and uncertainty in the market lately. Lets see how that has played out in the local Sarasota and Manatee real estate market.
First we always like to look at the number of new homes coming on the market.
So year to date we are down about 1% which is pretty minimal, now remember this number will not take into consideration all the New Construction homes since they are not all listed for sale.
Next up lets take a look at the number of pending homes or the number of home that have gone into escrow.
We had a huge uptick in pending sales in August which lead to a higher closed sales number in the coming months. We did see a pretty large drop in mortgage interest rates in August which pushed these pending sales up.
Now lets take a look at Months Supply of Inventory. What this means is that if we sold every home available and no more inventory came on the market how long would that take.
Looks like inventory has stayed the same Year to Date. This number can be hyper-local as well as we have seen higher price points are holding alot more inventory. You should reach out to us if you would like some more granular data to your specific price point or neighborhood!
The median price is up 3.4% on the year, which is the amount that values have increased/decreased.
The next two numbers we want to look at is the number of homes that are actually for sale, and how long is it taking for those homes to go into escrow.
So first the number of homes for sale has risen 2.8% on the year. With a total of 5208 homes for sale in Sarasota and Manatee County we are starting to see Condition and Price become more and more important. As inventory rises buyers have more homes to chose from and the homes with the best VALUE (Buyers perceive value as Price + Condition) will still move fast in this market.
So when you have more homes for sale naturally the time on market or days on market we call it. Which is how long does it take for a home to go on the market and then go into escrow.
So the time to contract is up 12.5% Year to Date to 54 days, this number too can be dialed in to specific neighborhoods and price points. However if your home has been sitting longer than 54 days you have to review the THE BIG TWO... Price and Condition.
Last but not least we have Closed Sales , with closed sales being up 4.1% for the year we have a strong indicator that the market is still going strong. With interest rates still near record lows and inventory remaining tight in certain price points it is a great market for both Buyers and Sellers.
If you have any questions or would like some more specific data on your home, neighborhood, or price point. Please do not hesitate to reach out!