Sarasota Real Estate - Sellers Market?Posted by Marc Rasmussen on Wednesday, July 11th, 2012 at 4:08pm.
Fortunately, we are still busy during the summer. I overhear our agents on the phones talking to potential buyers and a conversation we frequently have is the current state of the market. We continually have to remind/educate buyers that they no longer have all of the leverage. Despite the bombardment of news about an improving real estate market many buyers still think that they are in total control. That is truly no longer the case.
Let's pick some popular areas of town and see how many properties are for sale
- Let's say I want a home west of the trail (from downtown Sarasota to Bee Ridge road), from $300,000 to $500,000 how many homes do I have to choose from?
12 - There are only 12 homes in this location and price range with an average square footage of 1,844.
- Two bedroom/two bathroom condo on the beach on Siesta Key under $500,000 with a water view.
- Two bedroom/two bathroom condo downtown under $400,000 that was built after 2000.
16 - Only 16 condos found. You can see them here - downtown Sarasota condos.
- Single family homes for sale on St. Armands Circle up to $1,500,000.
1 - There is only 1 home for sale in this popular area. You can see it here. There are no homes for sale here under $1million.
- Single family homes for sale in Lakewood Ranch under $500,000 and built after 2008.
14 - Aside from building if you want a home built after 2008 in Lakewood Ranch under $500,000 you only have 14 homes to choose from. See them here.
As you can see there just isn't that much out there for sale. This bodes well for sellers. If you are trying to sell your home and have a realistic price tag you are sure to see plenty of buyers come through the door.
Sarasota Real Estate Inventory
The chart above is 11 years of inventory for Sarasota county (as far south as North Port). As you can see we have eaten through the homes and condos. They have either sold or sellers have decided to take their properties off the market.
Today vs Same Quarter in 2011
- 27% fewer properties for sale
- 11% more properties sold
- 16% more pending sales
Today vs. Same 12 Months in 2011
- 26% fewer properties for sale
- 9% more properties sold
- 10% more pending sales
In some segments of Sarasota it absolutely is a sellers market. Prices are largely dictated by supply and demand. If there are plenty of buyers with few properties for sale then the sellers have the leverage.
Again, if we can help you buy or sell in the Sarasota area give us a call at 941.822.0708.
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