Manasota Market Update June

Summer Market Overview: Sarasota and Manatee County

Let's find out what's happening in the summer market here in Sarasota and Manatee County. We'll cover the following topics:

• Months of Inventory
• Median Price
• Days on the Market

Single Family Homes

Inventory:
Currently, there are 5,567 homes for sale, representing a 76.5% increase in inventory from the same quarter last year. This significant rise provides more options for buyers.

Sales and Absorption Rate:
The number of sales fell by 0.06%, resulting in a current absorption rate of a 3.4-month supply of homes, which represents a slight sellers' market.

Median Price:
The median price rose by 0.2% from quarter to quarter, now standing at $526,000 for the two-county region. This indicates that values have essentially remained stable over the past year.

Days on the Market:
On average, sellers are going to contract in 73 days, up 22.8% from the same quarter last year, and a 5.8% increase from a month ago.

Implications for Sellers and Buyers:
Sellers can still get a great price for their homes, but accurate pricing is crucial in 2024, which is vastly different from 2022. For buyers, the increased inventory means more choices and potential concessions off the asking price. Properly priced homes, however, are selling quickly despite the longer average market time.

Condos, Villas, and Townhomes

Impact of Rising Fees and New Laws:
Rising condo fees due to the Florida Insurance Crisis and new laws requiring 30-year milestone inspections for buildings over three stories have shifted this market.

Inventory and Sales:
These affordability issues have led to more sellers putting their units on the market. Inventory has increased by a whopping 89.9%, while sales are down by 2%. The absorption rate is now at 4.9 months, a 92.4% increase from last year’s 2.8-month supply, shifting the strong sellers' market to a neutral market.

Median Price and Market Times:
The increased inventory has lowered values by 3.8%, with the median price falling from $394,000 to $365,000. Average market times have increased from 44 days to 82 days.

Advice for Buyers and Sellers:
For buyers, research is key. Investigate the financial health of the association and inquire about milestone inspections for older high-rise developments. For sellers aiming for a successful sale, hiring the right agent and setting the correct price from the start are crucial.