Trends & Stats...How are they useful?
As a Buyer or a Seller, understanding your market trends will allow you to make an informed decision regarding your next real estate transaction. By using a highly flexible program, statistical reports can be generated from a broad overview of the entire market area such as a county (sample shown), or drill down to a specific neighborhood, price point or type of home. The sample shown here is a 14 month overview of all of Sarasota County, condos & single family homes, in all price points. A very broad report. Let's look at the chart and see what trends over time is telling us, and how it is useful to you, the consumer.
Median price point. Basically shares the overall view of the entire county. This chart suggests that the prices closed higher from February through June, which we know as our 'best selling season'. The spike in January supports that historically, it is the heaviest listing month of the year. Overall in the last year prices have risen at a fairly normal rate for a stable market.
- Months of inventory. An approximate 6 months of inventory is typically referred to as a "balanced market". In short, if no homes come to market during the next 6 months, all of the inventory will be absorbed. Less than 6 months, leans towards a "Seller's market" and more than 6 months leans towards a "Buyer's market". In this slide, it is clear that with less than 4 months total inventory, a conclusion is that this is a Seller's market. However, it is VERY important to know that this particular chart is for all of Sarasota County and may change dramatically based on properties that are relevant to yours.
Other available statistical reports are:
- Average Days on Market for either Active or Sold
- How many properties Available versus Sold
- Average Price per Square Foot
- Sold Price versus List Price
- Overall Market Summary
Be sure to work with a Realtor® who has access and knows how to interpret this vital information. These reports can be provided on a regular basis either monthly, quarterly or annually. Feel free to email me at Pam@SarasotaAndBeyond.com if you would like a customized report for your neighborhood.