Of the top 15 US cities showing signs of year-over-year increases in list prices, 10 are in Florida. The Sarasota-Bradenton area comes in 6th, with an average list price of $466,785, up 15.86%, according to Melissa Dittmann Tracey in REALTOR Magazine Daily News.
Property sales are out-stripping supply, with current inventory in Sarasota standing at about three months. In the past 30 days, 912 properties went under contract but only 371 came on the market, with 286 properties closed in the same time period.
Another way of looking at this is that in the past 12 months, only a total of 1663 new listings came on the market but 4019 were sold, depleting built up inventory.
Distressed sales comprise only about 20% of the total listings, slightly up from a year ago.
All in all, the trend continues strongly towards a stabilizing marketplace. While buyers this year may be reluctant to pay any perceived price increase, by this time next year, there may not be a choice.