Seven cities in Florida are making a turn and the Sarasota-Bradenton area is one of them! There has been a year-over-year median list price change of 12.56%.
But what does that mean? Homes aren’t selling for 12-13% more, so how is the median list price increasing? There are several reasons:
1. There are less distressed properties on the market right now, which typically bring down the list prices as a whole.
2. Inventory is down, down, down! Add that to seeing owners of $1M+ properties ready to sell and that will impact the median list price.
3. It is a matter of supply and demand. Less supply and with interest rates still low, there is strong demand. As a result, list prices are bumping up.