More Homes than Buyers
That’s the definition of a “Buyer’s Market”; too many homes, not enough buyers; it’s a great time to buy! A recent Realtor® And Wall Street Journal Report ranked Sarasota No 6 of top buyer’s markets in the U.S. The report’s data analyzed the January-April 2019 timeframe and stated that “luxury sale prices grew less that 1 percent, or declined year over year; there are negative year-over-year percentage change in million-dollar sales and absorption rates; and markets have at least 30 monthly listings, on average, and at least one monthly $1 million sale.”
In the luxury market, it can be difficult to gauge the fluctuation in the market. This is because much of the real estate research available focuses on local trends only. The Wall Street Journal and Realtor.Com teamed up to create the first annual Buyer’s Guide. Realtor.com identified the top 10 buyer’s, seller’s and second home markets around the country. Important players in those markets offered their best strategies for smart real estate purchases. This information in the Buyer’s Guide offers a great deal of current real estate insight into top-rated areas. It also provides real examples of effective buying strategies that can be utilized in any market.
In contrast, these are the basics of a Seller’s Market:
- The market has more buyers than supply, with a low level of homes and a high absorption rate.
- Sales prices in the top 5% of the market are growing at or above 4% year over year.
- Positive yearly percentage change in both $1 million sales and absorption rates.
- This data came from Realtor.com; using data from January to the end of April 2019, in markets with at least 30 monthly listings on average and at least three monthly $1 million sales.
If you have any questions, we’re happy to help! Contact us directly at BrandyCoffey941(at)gmail(dotted)com or 941.404.4737.
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