It is time for another market update for Sarasota and Manatee counties.
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It is time for your June market update for Sarasota and Manatee Counties. This will give you the information you need to know when it comes to your real estate buying and selling.
There is a 3.2% increase in the number of new homes coming onto the market. This is great news since we usually see a decrease in inventory during the summer months.
Pending homes, or the number of homes that have entered escrow, have risen 8.9%, and the median price has risen 4.7%. If you are currently renting, you should know that if you had bought a $300,000 home last year instead of rented, you would have gained $14,000 in equity by now.
Next, I want to look at the number of homes that are for sale and how long it takes for those homes to go into escrow. The number of homes for sale is down 3.1% while the average escrow time is up 9% to 50 days on market. When there are fewer homes for sale it usually encourages less time on the market because there is more competition, however this is not what we are seeing.
In our case, though, we see a gap in the price points which is affecting this. For homes less than $300,000, there are about 2 to 2.5 months of inventory, which is very low. At over $600,000, however, there is much more inventory. There is also new construction and resales hitting the market so the days on market are increasing because of those categories.
Currently, the best opportunity is for those people who are looking to move out of a smaller home or condo and into a bigger home. Since there is less inventory in the lower price points, there will be a lot of buyers bidding for your home. There are also new construction and resale homes hitting the market, so the days on market are increasing because of those categories.
If you have any questions or are interested in buying or selling, please feel free to contact me by phone or email. I would be happy to help you navigate our current market.