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Sarasota Real Estate Market Update for August 2020
Dated: August 26 2020
If you “geek out” on statistics like I do, you will enjoy this month’s Sarasota Real Estate Market Update!
One would have thought the Coronavirus would have negatively impacted our real estate market; however, the opposite is occurring. at the numbers:
The National Association of Realtors® reported pending home sales continued to increase in June for two consecutive months. In the southern region of the United States, pending sales increased 11.9%, up 10.3% year to year.
How does that compare to the Sarasota market for the month of June?
For single-family homes, pending sales increased 32.9% over the same time last year. Equally important to note is the Month Supply of Inventory (MSI). In the month of June, our inventory decreased to 2.7%, a decrease of 35.7% over the same time last year. A balanced market (neither have control) between buyers and sellers is 4 to 6 months of inventory.
If inventory is above 6 months buyers gain negotiation power. At 2.7 months, congratulation sellers, you are in the driver’s seat!
Is there a relationship between the Coronavirus and an increase demand for real estate in our market? The low interest rates have certainly contributed to the demand; however, we in the real estate business are hearing very similar stories from the buyers:
Families do not want to live in densely populated areas.
People are now permitted to work from home, therefore choosing where they want to live.
Social unrest has created a desire for smaller, safe cities.
Home schooling has become a way of life and warmer climates allow for children to be taught inside and outside. Everyone needs a recess!
Coronavirus has provided a new perspective on life: What are we waiting for?
Will the housing market remain strong? Economists in the housing industry are indicating that the market will remain strong through 2021. I believe there are too many variables to provide any accurate predictions.
What I can promise you is a bimonthly newsletter with real estate sales numbers and trends.
If you have any questions or if you just want to talk about real estate, please feel free to call my cell 941-242-7054.
Beth Dilley, Broker
I have lived and worked in Sarasota for over 20 years. As a former corporate executive, I recognize the importance of accountability and a strong work ethic. In a real estate transaction, you are the ....
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