UPDATES ON SARASOTA'S HOME SALES MARKET
Here are my current observations about the trends in our housing market, particularly the Downtown Sarasota area, West of Trail, and Longboat Key. The price appreciation in our frenzied market did affect some buyers' willingness to jump into a transaction and, relative to the earlier periods this year, the pace over the summer months was 'slow.' Basically, there just weren't enough homes for sale to keep the market operating at the pace that we saw in the first and second quarters.
Keep in mind, though, that regardless of season, the pace in our Sarasota real estate market has increased dramatically since the beginning of the pandemic. Inventory shortages are the most pervasive impact right now - without enough listings on the market, some buyers are deciding to wait, but those who are motivated to buy now are paying price premiums. The opportunity to sell high is motivating some sellers to list now, but I expect more listings to come on the market in the next few months, easing the pressure for buyers and still offering advantage to sellers who can capitalize on the high desirability of Sarasota's market.
As more listings become available, more buyers are moving from the search stage to the transaction stage, so it's important right now to get your documents and other preparations in order. That will help your peace of mind throughout the process, no matter which side of the transaction you may be on. Understanding financial implications, including taxes, and deciding firmly on your deal breakers are my top tips for both sellers and buyers.
If you've got questions about the trends in Sarasota real estate right now, or how you can get ready for a busy fall market, just shoot me a quick message. I love sharing the data that gives my clients the highest level of confidence as they move toward listing or closing on a home.