The early months of 2017 saw the Sarasota Florida real estate market continue marching 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 over the other.
This cooling of the Sarasota real estate market follows the period in 2014, 2015 and early 2016, when very low inventories of properties for sale meant buyers faced what some called a "frenzy" of competing offers for a home or condo quite frequently above the asking price.
But, things have changed in a positive way during first quarter of 2017 was coming to an end. In Sarasota County, the inventory of available properties has risen to over 5,000 properties up over 15% above the year ago level. In Manatee County the inventory of available properties rose to nearly 3,400, up slightly over 8% from this point last year.
With more properties for buyers to choose from, sellers in this season need to be prepared to be a bit more patient expecting there may be a somewhat longer period of time for their home or condo. In Sarasota County the average days on market rose to over 75 days, an increase of over 24% from a year ago. In Manatee County, the average days on market only slightly less to 73 days, up over 7%. Sellers also need to understand that their property for sale needs to be priced right, and that means, competitively.
Buyers need to understand that home prices are still rising albeit at a slower pace. They should also think seriously about buying now. By the end of the 1st Quarter of 2017, the median sales price of properties in Sarasota County rose by a bit over 6% and in Manatee County by over 9%, not at fats as previously but still worth considering.
In a nearly balanced market, however, buyers also need to be aware of the state of the Sarasota real estate market. There is a consistent demand for homes from both locals as well as those moving into the Sarasota Florida Sun Coast area in the next year or so. Those who plan to buy now, buyers need to understand that it is probably a good idea to make an offer on a property they’d really like to own at, or reasonably close to, the listing price and not demand any unusual seller concessions. When a market is close to in balance, low-ball offers just waste everybody's time and patience.
In summary, as we enter the summer sales season of 2017, the Sarasota area real estate market has stabilized and that is a very good thing for both buyers and sellers.
If you might be interested in buying a home or condo in the Sarasota or Bradenton Florida area this year, please call me at 941.228.9682 or visit my Sarasota Florida real estate website. I would be delighted to introduce you the Sarasota and show you all the many options available that would meet your needs and wishes.