I was examining sales trends using Trendgraphix software, and have some interesting numbers to report. As you can see, inventory continues to decline, and overall, Sarasota has 10.2 months of inventory. This means that if no other homes were listed, it would take 10.2 months to sell the homes that are currently on the market based on current sales activity. A six month supply is considered balanced. If you have been reading my Sarasota statistical housing reports monthly, you will see that this number has consistently been dropping month after month. This graph supports my previous reports as well. Different price ranges of homes have significantly different months of inventory however. Read more about that in my Sarasota Months of Housing Inventory Report which I published last month.
There were 735 homes closed in June, and 1028 that were placed under contract. Sales activity is increasing as buyers are taking advantage of the historically low interest rates along with the special buyer incentives such as the $8000 credit for first time homebuyers. One thing to remember as it relates to housing: In general, as the stock market improves, the mortgage interest rates will certainly increase. The absolute best time to buy a home which will be financed is to buy in a market where stocks are beaten up. Inflation is certainly around the corner, mortgage rates will rise, and inventory will continue to shrink. These factors spell out that now is the best time to buy a home. Sellers are eager to negotiate and the conditions are great for buyers right now!
If you need help buying or selling in Sarasota, please contact me!
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