Market trends continue with rising prices and decreasing inventory, and the demand for homes is so high that homes are selling as quickly as they become available.
Interest rates are still playing a significant role in the home-buying frenzy, as well as the desire to live and invest in Sarasota. The Median Price of a single-family home was $400,000 in July, a 22.2% increase from last year; condos, a 31.3 % increase to $315,000. Time to Contract was 5 days for single-family homes; 6 days for condos.
Late summer is always a slower time for real estate sales in Florida—regardless, we’re a long way from a balanced market. The monthly supply of inventory is 0.8 for single-family homes; 0.6 for condos.