Good News, Sellers: Homes Going Fast
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A recent report found typical homes were spending just three weeks on the market nationwide, the shortest time since the National Association of Realtors (NAR) started including data on days on market.
The numbers are based on 8,000 home purchases from July 2016-June 2017. The three-week time span is down from the four-week average time frame from the previous year and the 11-week time frame during 2012.
"With the lower end of the market seeing the worst of the supply crunch, house hunters faced mounting odds in finding their first home," said Lawrence Yun, NAR chief economist, in a press release. "Multiple offers were a common occurrence, investors paying in cash had the upper hand, and prices kept climbing, which yanked homeownership out of reach for countless would-be buyers."
What About Sarasota Real Estate?Closer to home, average home sales may not be reaching a three-week time span, but the market is staying busy. In the most recent Sarasota real estate report, single-family homes were listed on the market a median of 47 days before going under contract. Between list to sale was 95 days, or just over three months. Looking across the entire third quarter, which included storm disruption, the median time to contract was 51 days, 30% longer than the same time period last year.
Sarasota real estate is preparing for the traditional busy season. New inventory coming online is up and single-family homes are at a 3.9-month supply. As we look forward to 2018, note that in January 2017, most single-family homes were on the market 41 days before going under contract.
Even though the pace of sales may be slower than what the NAR reports nationally, local home sellers are typically receiving around 95 percent of their list price.
We expect a brisk sales pace for the remainder of 2017, and an uptick in activity the new year begins. For homeowners considering listing their property, now is a great time to list.