The 1st quarter of 2017 saw the Greater Sarasota Florida real estate market continue its march closer and closer to a balanced market where the interests of buyers and sellers are in balance meaning neither buyers nor sellers have an advantage. This follows the period in 2014 and 2015, when a low inventory of available properties meant buyers faced what some called a frenzy of competing multiple offers frequently above the asking price.
But, things have changed in a positive way as 2016 ended and during first quarter of 2017. In Sarasota County, the inventory of available properties has risen to 5,135 up 15.7% over a year ago. In Manatee County the inventory of available properties rose to 3,397, up slightly over 8% from this point last year.
With more properties for buyers to choose from, sellers now need to be a bit more patient expecting a longer period of time for a sale and their home or condo needs to be priced right, and that means, priced competitively. In Sarasota County the average days on market rose to 77 days, an increase of over 24.2% from a year ago. In Manatee County, the average days on market rose to 73 days, up almost 7.5%.
But, in a nearly balanced market, buyers also need to be aware of the state of the market. There is a consistent demand for homes from both locals and those about to head back North. Buyers need to understand that home prices are still rising albeit at a slower pace. If they are considering buying in the next 12 to 24 months, they should think seriously about buying now. The median sales price of properties in Sarasota County rose by a bit over 6% and in Manatee County by over 9% compared to the 1st quarter of 2016. If they do intend to buy now, buyers need to make an offer on a property they’d really like to own at or close to the listing price and not demand any unusual seller concessions.
In short, at the end of the 1st quarter of 2017, the Sarasota area real estate market has stabilized and that is a good thing for both buyers and sellers.
If a home or condo in the Sarasota Florida area is something you'd be interested in considering, please call me at 941.928.3424 so I can show you all the many options available to you here on the Florida Sun Coast. I'd be delighted to hear from you at your convenience.