I am constantly watching the local Venice and Nokomis real estate market, and get updates by email just like my potential customers do when they sign up on davidbarrhomes.com.
These updates caught my attention today when I saw 32 town home units for sale in a major newer home community, and some of them are approaching 1 year on the market. The median days on market for these units is 72 days.
Many of these units were sold to the current owners as new construction for $200,000-$250,000 in 2018 and 2019, and are now listed for sale $350,000-$450,000.
Is this when sellers start to reduce prices in the face of increased inventory, in other words, higher supply and lower demand? I'm predicting a real estate slow down, and price reductions in certain communities, in the coming months.