At the National Association of Real Estate Editors’ Spring Journalism Conference in Denver, Colorado, Lawrence Yun, chief economist of the National Association of Realtors, shocked his audience and fellow economists with his view that pent-up demand and a lack of for-sale homes would either create a 70 percent jump in housing starts next year or send median home prices up 10 percent.
By the next day, many listeners were piling on to say that Yun was crazy optimistic.
Yet just days ago, the Sarasota Association of Realtors announced "the available inventory of homes on the market dropped to a new decade low of 3,917, dropping 8.5 percent from the April figure of 4,283. High sales and low inventory also have dropped the months of inventory to new 10-year lows. The May figures are 4.3 months of inventory for single family homes and 5.2 months inventory for condos. Months of inventory represent the time it would take to deplete the current inventory at the current sales rate."
While I would not label this a "Seller's Market" due to other economic factors, I do agree that the availability of well-presented and correctly priced properties in Sarasota & Her islands can give an advantage to sellers for a change.
To this new upside add Sarasota's arts and culture, as well as its outdoor amenities, and one sees good reason why our community ranks among the Top 10 Turnaround Markets in the nation.
For more information about Sarasota & Her Islands, please contact Louis Wery.