Inventory Up 30% - Will Prices Drop?
Typically, when you see consistent demand and a large increase in supply there is downward pressure on price. This doesn't necessarily mean Sarasota home and condo prices will decline. It is too early to for that. It does mean home buyers have more options and sellers have more competition.
Tracking Supply and Demand
The number of Sarasota county listings for sale was up 30.9% from one year earlier and up 4.2% from the previous month. The number of sold listings in Sarasota county decreased 2% year over year and increased 11.2% month over month. The number of under contract listings was up 0.3% compared to the previous month and up 9.9% compared to the previous year. The Months of Inventory based on Closed Sales is 5, up 31.9% from the previous year.
The Average Sold Price per Square Footage was up 1.1% compared to the previous month and up 1.1% compared to last year. The Median Sold Price increased by 2.1% from last month. The Average Sold Price also increased by 3.4% from last month....