Welcome to the latest market update for Sarasota and Manatee Counties! I’m Susan Phelps, joined by Judy Athari, and we are your Berkshire Hathaway Florida Realty Information Specialists. Today, we’ll be diving into the local market trends, with an overview of national and Florida real estate data.

Key Market Trends in Sarasota and Manatee Counties

Inventory Surge:
In recent months, both Sarasota and Manatee Counties have experienced a significant increase in active listings for single-family homes and condos. This growing supply has led to more competitive pricing for sellers and extended the time properties spend on the market.

Sales Activity:
Despite the higher inventory, closed sales for single-family homes and condos have risen, indicating strong buyer interest. However, with the increased inventory, buyers are becoming more selective, resulting in longer selling periods.

Detailed Market Insights

Manatee County:
Single-Family Homes:
  – Closed Sales: 685 (up 3.5% from April 2023)
  – Median Price: $530,000 (down 7% from April 2023)
  – Time to Contract: 44 days (up nearly 60%)
  – Month Supply: 3.9 months (up 44.4%)

Condos:
  – Closed Sales: 276 (up nearly 8% from April 2023)
  – Median Price: $352,000 (down approximately 7% from April 2023)
  – Time to Contract: 44 days (up nearly 60%)
  – Month Supply: 6.3 months (up 80%)

Sarasota County:
Single-Family Homes:
  – Closed Sales: 811 (up 8.66% year-over-year)
  – Median Price: $540,000 (up 3.8%)
  – Time to Contract: 40 days (up 90%)

Condos:
  – Closed Sales: 431 (up 125% year-over-year)
  – Median Price: $399,000 (stable)
  – Time to Contract: 48 days (up 118%)
  – Month Supply: 6.7 months (up 91%)

 National Real Estate Market Overview

– Median Existing Home Price: $475,000 (up 5.7% year-over-year)
– Inventory Levels: Up 16.3% year-over-year, with a 3.5-month supply
– Average Days on Market: 26 days
– New Home Sales: Down 4.7% from the previous month, with an average price of over $500,000
– Housing Shortage: Approximately 1.5 million homes, highlighting the need for faster permit approvals, more skilled labor, and improved material supply chains.

Florida Real Estate Market Snapshot

Closed Sales:
  – Single-Family Homes: Up 5.8% year-over-year
  – Condo/Townhome Units: Up 1.9% year-over-year

Median Sales Price:
  – Single-Family Homes: $429,000 (up almost 5%)
  – Condo/Townhouse Units: $335,000 (up 3.1%)

Inventory Levels:
  – Single-Family Homes: 4.2-month supply
  – Condos: 6.9-month supply

The real estate markets in Sarasota and Manatee Counties remain robust, with increasing inventory providing more options for buyers and fostering competitive pricing. Despite a dip in median prices year-over-year, month-to-month trends indicate stability and resilience in the market.

If you have any questions or need assistance navigating this dynamic market, please don’t hesitate to reach out to us. We’re here to help! 941-451-6612