Are you curious about the current state of the real estate market in Sarasota and Manatee Counties? Join us as we discuss the latest market report for January 2024, exploring key trends and insights to help you make informed decisions in your real estate journey.

Susan and Judy welcome you to Florida, where the real estate scene is buzzing with activity even on this beautiful February day. With sunny skies overhead, it’s the perfect time to dive into the January market update, offering a concise yet insightful overview of the evolving real estate landscape.

According to Tony Barrett from the Realtor Association of Manatee and Sarasota, we’re witnessing a transitional phase in the market. While inventory levels are on the rise, they still remain below the highs of early 2019. Despite this, buyers are gaining leverage in negotiations, with opportunities for favorable prices, repairs, and closing cost credits.

MANATEE COUNTY

Let’s start with Manatee County, where closed sales for single-family homes and condos have seen notable increases. Single-family home sales stand at 408, up by 10.9%, while condo sales have risen by 8.8%, reaching 1885. The median price for single-family homes is $525,000, reflecting a 3.8% increase, while condos follow a similar trend with a median price of $357,990.

Interestingly, the time to contract varies between single-family homes (35 days) and condos (47 days), indicating the pace of transactions in the market. Despite these increases, the months of supply have also risen, with single-family homes at 3.9 months (up by 21.9%) and condos at 5.6 months (up by 75%), approaching a balanced market scenario.

SARASOTA COUNTY

Moving to Sarasota County, we observe a similar trend with an increase in closed sales by 18.5%, totaling 487. However, there’s a slight decrease of 4.6% in condo sales. The median home sales prices have surged, reaching $535,000 for single-family homes (up by 16.3%) and $420,000 for condos. Days on market have extended, signaling a shift in dynamics favoring buyers.

Tony emphasizes the importance for both buyers and sellers to anticipate shifts in interest rates and insurance costs, crucial factors shaping the market landscape. Amidst these changes, Susan and Judy remain committed to guiding clients through every step of their real estate journey, whether it’s exploring new home communities or considering resale options.

With a growing inventory and diverse offerings in established neighborhoods, there’s something for everyone in Sarasota and Manatee Counties. Whether you’re drawn to the allure of new construction or the charm of resale homes, Susan and Judy are here to provide personalized assistance tailored to your needs.

As you navigate the real estate market, remember to consider all factors, from property features to school districts. School choice, though an option, may have limitations based on capacity, highlighting the importance of strategic location decisions when purchasing a home.

In conclusion, the real estate market in Sarasota and Manatee Counties presents both challenges and opportunities for buyers and sellers alike. By staying informed and working with experienced professionals like Susan and Judy, you can confidently navigate this dynamic landscape and find the perfect place to call home. Don’t forget to subscribe for more updates and insights on the evolving real estate scene or call 941.451.6612 today to schedule a tour of your future new home!