Chicken Little. The Sky is Not Falling!
Good News! For the second month in a row, inventory is up in Sarasota County, according to RASM, the Realtors Association of Sarasota and Manatee. It also reports the highest-recorded prices for all property types in both counties, fewer closed sales, and an increase in new listings.
With everyone talking about rising interest rates and inflationary pressures, sales begin to decrease, and the number of properties on the market increases. Some of this is cyclical based on the time of year since we are in our summer slowdown, but higher interest rates and inflation are certainly beginning to impact our market.
RISING PRICES. Average and median prices remain very strong and are still increasing while we see the time from listing to contract decreasing to days, not weeks. The active inventory of single-family homes has finally exceeded one month of supply (a healthy balanced market as a six-month supply).
Prices continue to rise. In May, the highest median prices reported for single-family homes increased by 21.6 percent to $495,000. For condos, the median price increased by 29 percent from last year to $403,000.
FEWER CLOSED SALES. In Sarasota County, single-family home sales decreased by 7.6 percent to 910. The Condo market closed sales increased by 1.7 percent to 532 sales.
MORE INVENTORY. The inventory supply of single-family homes remains historically low. But it is now at a 1.2-month supply, a 71.4 percent increase in Sarasota County. As for the condo market, the month’s supply of inventory is at one month, a 42.9 percent increase.
Last month, the number of properties added to the market increased year-over-year by 17.2 percent for single-family homes and 12 percent for condos.
If you are interested in learning about the current Sarasota market, listing your home, or starting a home search, contact me at 941-260-6429 or visit my website.
