My last update to you spoke to the diminishing inventory of single-family homes in Sarasota County. Well folks, the trend continues for the month of August. The months of inventory was 2.2 months, slightly down from July.
There were 867 closed sales in August, with 276 buyers paying cash. Which is a surprise since interest rates are below 3 percent. Pending sales have also demonstrated an increase in August. One thousand four hundred and twenty homes went to pending status. That is a 43 percent increase over the same time last year.
Overall, the Sunshine State housing market reflects what we are experiencing in Sarasota. The months of supply of inventory is at 2.3 months for August, a 29.9% increase over the same time last year.
Florida’s housing market is experiencing a resurgence which, short-term will help with the negative economic impact from the COVID-19 virus.
It is still a seller’s market. There are no obvious indicators on how long this trend will last, just speculations.
