Sellers Market Sticks
Record low inventory characterized the Sarasota real estate market during June 2015. The inventory of both homes and condos stood at 3,017 in June 2015. This level of inventory is at a 10-plus-year low and is actually lower than the inventory on June 2004 of 3,262, which preceded the end of the real estate boom then present.
During June 2015, the inventory of Sarasota homes for sale decreased 24 percent to 1,976 while the inventory of Sarasota condos decreased 13 percent to 1,041. Consequently, the months of inventories of homes and condos decreased to 2.5 months and to 3.0 months respectively. With six months of inventory generally regarded as equilibrium, the Sarasota real estate market continues to overwhelmingly favor sellers at this time.
This record low inventory amid strong sales continues to push sale prices considerably higher. The median sale price of homes rose 21 percent to $235,000 while the median price of condos rose 8 percent to $210,000 in May 2015.
Please note that all the information in this this report is derived from Trendgraphix, Inc., with data supplied by Mid-Florida MLS. Also note that in this report, the term "condos" includes condos, townhomes and villas as classified by Mid-Florida MLS.
The market is poised for future price increases with high demand and record low inventory in place. Potential sellers should consider this an opportune time to sell as the market is overwhelmingly in their favor. Potential buyers who further delay their purchase will in all likelihood pay more for their residence.
Jaime Carrion is a Realtor with Michael Saunders and Company