Bidding wars in the past year have fueled large gains in home values in the local Sarasota area. But bidding wars and the buying frenzy seen just a few months ago seem to be cooling, partly due to higher mortgage rates and home prices.

More homeowners now have positive equity and are listing their homes for sale, so the Sarasota inventory has increased to last year’s level.  Buyers are taking a step back and being more analytical and value-conscious.  We are now returning to a more traditional marketplace.