SARASOTA, FL – According to a newly-released report, the Sarasota metro area is currently at the top of a list that ranks cities across the United States where home inventory levels saw the largest increases over the course of the previous year.
The report, published by Realtor.com, notes that the available home inventory in Sarasota has increased over the course of the last year by over 50 percent, representing a whopping 128 percent jump and placing the city at the top of the list populated by other metro areas such as Nashville, Tennessee, and Austin.
The report utilized housing market data to compare the available home inventory of major metro markets across the country during a period of time spanning from May 2022 to May 2023.
Despite the large spike in Sarasota, experts are noting that it nonetheless is remaining a seller’s market, citing numerous reasons including the fact that local inventory had hit a significant low point last year and had nowhere to go but up. Indeed, local homes are currently sitting on the market for longer periods of time than they were one year prior; current average is 23 days now, as opposed to a mere 5 days in May 2022.
A few of the reasons for the inventory increase include hesitation on the part of buyers due to the increase in home mortgage interest rates; in addition, experts are noting that some sellers are currently “out of touch” with current real estate conditions, with some listing their properties for exorbitant prices – hopeful to catch the tail end of the previously hot market – and finding few, if any takers.
With that being the case, reports indicate that buyers are more patient now and are willing to do research; if a seller is unwilling to cooperate or negotiate, more and more buyers are moving on to the next listing.
Final factors contributing to the recent inventory increase in Sarasota include an influx of short-term rental homes, as well as increased development putting more houses on the market on a regular basis.
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.