Seller's Market in Sarasota
The Sarasota real estate market turned into a very strong seller's market in May 2015. The inventory of Sarasota homes for sale decreased 22 percent to 2,169 while the inventory of Sarasota condos decreased 16 percent to 1,095. Consequently, the months of inventories of homes and condos decreased to 2.9 months and to 2.8 months respectively. With 6 months of inventory generally regarded as equilibrium, the Sarasota real estate market is overwhelmingly favoring sellers at this time.
This scarcity of inventory amid strong sales has pushed sale prices considerably higher. The median sale price of homes rose 18 percent to $230,000 while the median price of condos rose 21 percent to $215,000 in May 2015.
Buyers who have been sitting on the fence and have delayed their buying decision for a year will now face a market where the median price has increased about 20 percent. Fence sitting and delaying a purchasing decision can be very expensive.
It's always wise to remember the No. 1 Rule in Real Estate: Don't wait to buy real estate… Buy real estate and wait.
Jaime Carrion is a Realtor with Michael Saunders and Company