Due, in part, to the ongoing shortage of available inventory that is keeping home prices elevated, many economists predict that the housing market is more likely to undergo a correction from the double-digit percentage increases in home prices witnessed over the past few years, rather than experiencing a crash.
The single-family home market in Sarasota County is moving a bit differently than Manatee. Closed sales are down materially YoY, but the median sales price still rose by 10%. That is telling us that the majority of the reduction in sales is coming from the lower end of the market. Homes from the middle to the higher end of the market seem to be less impacted by the 2023 downturn in volume. Like Manatee, Sarasota’s market is coming into balance between buyers and sellers. However, it is taking a different path depending on price point. The infographic from Florida Realtors below tells more of the story.
The single-family home market for Manatee County is continuing to find its way towards balance between buyers and sellers. YoY closed sales are still down, but not as much as the rest of the country. Also, median sales prices are continuing to creep up, but at a much more reasonable rate than in 2022. Overall, the market appears very healthy in Manatee. The infographic below from Florida Realtors shows more of the story.
While Sarasota’s results aren’t too different from Manatee County, there continues to be some variance. Prices are continuing to rise faster, and cash sales are a bigger piece of the pie. Overall, the season is shaping up to only slightly favor sellers over buyers as many sellers continue to be sitting on the sidelines this year. The infographic from Florida Realtors below has more detail on the latest month of results.
While closed sales continue to trend significantly down year over year, the market has not shifted to favor buyers. Prices continue to rise and inventory levels are moderate (3-4 months of sales), at best. As sellers aren’t jumping to get their homes on the market, it looks like leverage will stay relatively balanced between buyers and sellers this busy season in Manatee. The infographic from Florida Realtors below has more detail.
