Even while the nation continues to struggle with a sluggish economic recovery, the real estate world is seeing signs of a rebound in the housing market. With the ability to purchase a home continuing its kinder and gentler trend, demand from buyers continues to expand. Prices are beginning to creep upwards, but the low interest rates for mortgages are adding more prospective buyers to the market.
Good news for Sarasota home sellers is that the average time a home stays on the market before receiving offers is decreasing. Figures from Realtor.com show an 11 percent decrease from last year in the number of day’s that a home remains available. A year ago a house stayed on the market an average of 107 days. Housing information from September reports a drop down to 95 days before selling. Overall, California has the lead in being the quickest in home sales with Oakland at 21 days and 43 and 44 days for Stockton-Lodi and San Francisco respectively. Sliding into second place with houses remaining on the market for 38 days is Denver, Colorado.
Homesfor sale in Sarasota are also staying available for less time. Single-family homes lasted on the market an average of 59 days in September; this is a drop of 18.1 percent from a year ago. Townhouses and condominiums are being bought up within 61 days of being listed which is a 16.4 percent decrease from last year. A continued trend of diminishing inventory, a decline over the past year of 18 percent, is giving buyers less to choose from.
If you have any questions about Sarasota homes for sale or the overall market, we'd love to help. Please contact Key Solutions Real Estate Group, or call (941) 894-1255.