It’s a seller’s market!
It’s been a complicated year to be sure, but despite all the drama, the real estate markets in Venice and Sarasota County fared extremely well.
With few exceptions, the housing market across the state of Florida saw more closed sales, new pending sales, rising median prices and more new listings compared to last year.
The only real downside is a real lack of for-sale inventory. In fact, inventory has been experiencing record lows.
But, if you are planning to sell your home now, or in the near future, market conditions are rarely so favorable.
The Market Charges Forward
To put it lightly, the Venice real estate market is on fire, with every indication showing that the trend is set to continue into 2021.
Overall home sales across Florida saw an overall bump of about 22% in September compared to the same time period in 2019. Some sources are projecting growth of over 10% into next year.
Furthermore across the state of Florida, median home values also saw impressive growth despite the uncertainty. Median single family home prices rose to $300,000, with condo and townhome median values hovering around $217,000 - that's a 13.2% and 12.7% increase respectively.
All this means that the real estate market is strong and is likely to remain strong into the foreseeable future.
Low Inventory Equals Big-Time Demand
An added complication brought on by the global pandemic has created a great deal of uncertainty.
This uncertainty has translated into a market with a record-breaking low levels of available inventory. Many homeowners across the state and the country are choosing to hang on to their properties.
Fortunately for those that do sell, this has created a great deal of demand. The end result of this demand has been an increase in multiple offer situations and higher asking prices. Music to home seller's ears!
But, What About The Buyers?
It may be a seller’s market out there, but that does not mean total doom and gloom for the potential buyers out there.
Despite a lack of available inventory, mortgage rates are also at a record-low, making it a great time to borrow the necessary funds to buy a home. So, don't lose faith - there are still plenty of great deals out there to be had.
But, don't take our word for it. Browse through the latest real estate listings and see for yourself!
If you're considering listing your home, we'd love to help you sell it! Please contact Gulf Shores Realty online or call 941.488.6644 to learn how we can help today!