It is absolutely beautiful here in November in Sarasota with temperatures in the upper seventies, and you see incredibly sunny and bright skies — if that’s your thing!☀️
This month I want to talk about the increased inventory in the Sarasota real estate market. It should come as no surprise that the amount of inventory has been increasing over the past 16 to 18 months. While sellers are continuing to add new listings (for the typical reasons related to age, health or wanting to be near family) to the market at the same pace that we have experienced historically, we are seeing that buyers have not been purchasing as aggressively as they were 18 months ago.
There are about a third less sales each month over the last 18-month period which translates to rising inventory. This is good for our market. It creates a more balanced situation. It also puts a little downward pressure on pricing. There are now more options and an overall better buying experience since buyers can take a bit more time to assess their wants and needs and find the best match.
There is not an abundance of options, however. This past week, we were preparing for our buyer coming in for the holiday week, and out of the five properties we had identified to visit, three were no longer available. So, if people find something that they want, they need to still act quickly.
Here is a snapshot of the relative inventory levels today vs a year and a half ago in representative areas:
- On Longboat Key there were about 60 for sale 16-18 months ago. Now there are just over 200.
- On Siesta Key there were about 80ish properties for sale 18 months ago. Now there are around 250.
So clearly on the islands there are more options, but we can’t make a blanket statement about the entire real estate market:
- For example, at the Ritz-Carlton Residences in The Quay, two corner Fairchild units have sold at a premium relative to their unbranded older counterparts.
We continue to see tremendous buyer interest in Sarasota, however buyers are contemplating the right timing for their purchase as they see price adjustments in our market.
If you want to be an astute seller or an astute buyer, let’s set up a video call in the next few days to develop a plan.