Overall, the numbers indicate that our market is still strong. However, now all price points tell the same story.
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What do the latest numbers say about our Sarasota and Manatee County market?
This past July, new listing inventory was up 2.6%, which is no surprise considering all the new construction happening in our area. Pending inventory, meanwhile, was up 2.9%, which is great. The median price rose 1.2%, which is also good news.
How long are these homes sitting on the market? The average days on market for July was 76 days, which is actually down compared to this time last year. If the average days on market is decreasing but both pending inventory and new listing inventory are both going up, that’s an indicator that the market is staying healthy.
Those are the overall numbers, but when we dive deeper, we see some notable differences between the average days on market and pending inventory in different price points. That 76 days on market is great, but above the $500,000+ threshold, the average days on market is well over 100 days. In that price point, we’re seeing anywhere from six to nine months of inventory. Granted, there are still homes in that range that sell within a week of hitting the market, but how fast your home sells depends on whether you price it correctly.
This is why, if you are a home seller, you need to hire an agent who understands the market and knows what it will take to get you top dollar. The last thing you want to do is chase the market down and keep making price adjustments. When you do that, you’re letting equity fly out the window. The homes that get a ton of traffic after they hit the market and sell quickly are the ones that are priced correctly. People know a great value when they see one.
Whether you’re looking to sell or buy in this incredible market, we’d love the opportunity to get you the best deal possible. If you have any questions or are looking to get started on achieving your real estate goals, don’t hesitate to call or email us. We look forward to speaking with you.