Positive trends continue in our tri-county region. As predicted in our Q4 market snapshot, if you are one who likes the ups and downs of roller coasters, this is not going to be the ride for you. We are still experiencing a very steady market with positive, incremental increases in inventory, sales, pending contracts and prices. Drayton Saunders, President of Michael Saunders & Company, explains in our latest market report video:
See the full stats for yourself in our Q1 Market Report PDF.
- Inventory levels are still between 4-5 months of supply for all price points – indicating a neutral market.
- Demand, as illustrated through pending sales, is extremely strong with a nearly 12% increase over last year.
- Median sales price is inching up at a steady pace.
The most significant story has been in the luxury market. The demand for properties priced $1 million and up is very high, seeing closed and pending sales up 50% over last year, same quarter. Michael Saunders & Company has been involved in five benchmark sales over the past quarter, including the highest priced sale mainland in Venice, highest single family on Longboat Key, highest single family on Bird Key, highest in Lido Shores since 2013, and highest condominium sale on Longboat Key. Our luxury sales spotlight showcases all sales over $1 million in Sarasota, Manatee, and Charlotte counties.
Buying Season is Still Strong
The best news for buyers and sellers is that just because the first quarter is over, that doesn’t mean season is over. The shoulder spring/summer season has long been one of the strongest times of the year for serious buyers. The “lookers” finally become the “buyers” as they don’t want to be left out of the fray come 2019. Tightening rental inventory is pushing those wishing to spend their winter months here on Florida’s Gulf Coast to purchase instead of lease.
Buyers and Sellers Take Note
The message this quarter is much like last: if you are thinking of buying, you need to be focused and ready. If you find the property in the right condition, for your right price, in your ideal location, don’t wait. This is the quarter people will make decisions and you don’t want to miss out.
For sellers, remember to always keep your eye on the “silent inventory” in the new home market. Your competition is not just what is on your street, in your neighborhood, or in the same zip code. New home construction, both single family and condominium, is highly competitive and buyers have more options than the MLS statistics show. Be sure to speak to your Realtor® about your pricing strategy to be most competitive.
For a more detailed look at the market in your neighborhood, contact one of our experienced real estate agents. Be sure to stay tuned next quarter when we will take a look back in time at the last 10 years – and talk with Drayton about his predictions going into the next decade.