Greetings, everyone! Susan Phelps and Judy Athari here, your trusted Berkshire Hathaway real estate experts specializing in Sarasota and Manatee Counties. As we wrap up the year, let’s review the statistics released by our association, offering insights into the December 2023 real estate market.

First things first, we’d like to remind you that not all new builds are included in these numbers, which might slightly skew the data. Now, let’s break down the key highlights.

Manatee County Closed Sales and Inventory Insights
Closed sales witnessed a notable uptick of 13.6% in Manatee County, reaching 610 for single-family homes. However, condo sales dipped by 25%, likely influenced by ongoing changes in condo laws. The median price for single-family homes in Manatee County saw a slight dip to $499,900, while condos experienced a 1.6% increase, settling at $350,000.

The time to contract, representing the days between listing and receiving a contract, increased by 29.6% to 35 days for single-family homes and by 100% to 38 days for condos. Reflecting this, the inventory for Manatee County showed a 10% increase for single-family homes, with a 3.3-month supply, and a significant 70% increase for condos, resulting in a 4.6-month supply.

Sarasota County Market Snapshot
Moving over to Sarasota County, closed sales rose by 6.6%, with 518 for single-family homes and a 15.6% increase for condos, totaling 318 in December. The median price for single-family homes increased to $519,000, while condos experienced a substantial 20.2% surge, reaching $468,933.

Days to contract increased for both property types, with 37 days for single-family homes and 23 days for condos. Inventory in Sarasota County showed a 76% increase for single-family homes, resulting in a 4.4-month supply, and a 136.4% increase for condos, leading to a 5.2-month supply.

Yearly Market Overview – 2023
Taking a broader look at the entire year, Manatee County witnessed a 7.3% increase in closed sales for single-family homes, totaling 7,480, and a slight decrease of 0.8% for condo sales, reaching 2,846. The median price for single-family homes in 2023 was $509,240, while condos experienced a 5% increase, settling at $363,620.

In Sarasota County, closed sales for single-family homes decreased by 4.2% to 7,608, while condo sales experienced a 6.7% decline, totaling 3,830. The median price for single-family homes in 2023 increased by 4.5% to $515,000, and condos reached a median price of $410,000, showcasing a 6.5% increase.

Market Trends and Insights
While the market remains technically favorable for sellers, the increasing inventory and extended time to contract suggest a more balanced environment. Buyers now have the luxury of taking their time, being more selective, and engaging in negotiations.

Looking Ahead to 2024
Despite some concerns about a slowdown, the real estate market in both counties is expected to remain robust. The gradual drop in interest rates may provide additional incentives for prospective buyers. However, it’s essential to note that drastic price reductions are not anticipated.

As we venture into 2024, Sarasota and Manatee counties continue to witness steady growth. Our advice to buyers is to remain vigilant and avoid complacency, as competition still exists. If you have any questions or need guidance in navigating the real estate landscape, feel free to comment below or give us a call at 941-451-6612. Here’s to a prosperous 2024 in the sunny and vibrant Sarasota and Manatee counties!