How is The Real Estate Market | Sarasota FL | David Barr Realtor

This time of year I'm usually busier with home buyers than I am during our typical seasonal winter months.

In the spring and summer, for the past few years, serious buyers are taking a short vacation time to come back to the Sarasota area to buy.  It's a good time to give you an update on what's happening in our real estate market.

This morning I got an e-newsletter that showed the Tampa/St. Petersburg market to be in the top 10 nationally for what is considered a "buyer's market".  An increase in the number of homes for sale there, combined with low or flat price increases, is tipping the negotiation scale in favor of home buyers.

Sarasota County Real Estate Stats April 2019
Sarasota County Single Family Homes April 2019 Stats

Sarasota County real estate trends are somewhat similar.  Single family home sales year to year for April show a slight decrease in closed sales in 2019, a flat median sales price, and an increase in the time to contract.  The overall inventory of homes is up as is the month's supply of inventory.  Sarasota County has 5 months of inventory, and a "balanced" market is 6 months.  I've been seeing these kind of trends the past few months.

If you're a Sarasota home buyer, what does this mean? 

  • Don't be afraid to offer a lower price.  Home owners are seeing the same trends you are;
  • You may be able to offer a lower escrow deposit, as long as you are prepared with a mortgage pre-qualification letter or proof of funds for a cash purchase;
  • Your ability to close quickly will help you in a negotiation;
  • Be mindful of the age and condition of major systems and appliances, and ask for a home warranty to be paid for by the home owner at closing.
More choice is good, but you should be working with an experienced Sarasota buyer's agent to save you time and help you with a strong offer that will get you the best terms for your Sarasota home.  Contact me for a tour.


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