Unlike in Manatee, we actually saw median sales prices decrease for the first time in what seems like forever in Sarasota County (see graphic below). That said, the change was slight, and could easily reverse itself in the coming months as we move into peak transaction season. I think the headline in Sarasota County is one of balance. The market is at a point where buyers and sellers both have the opportunity for excellent outcomes. It is the type of market where both parties tend to give a little to make transactions work. Having been a real estate agent in markets where one party (either a seller or a buyer) hold virtually all of the cards, I find the current market much more conducive to positive outcomes.
Category: Home Selling
We continued our march towards higher median sales prices in January despite less houses being sold and inventories building. Seeing roughly five months of inventory in the graphic below is a little deceiving as we are entering our busiest transaction time of the year (which will naturally burn through more inventory). As I have been representing a fairly equal amount of both buyers and sellers in 2023, I can tell you that the market actually feels pretty balanced right now. New listings are attracting significant attention; however, buyers have more leverage than at virtually any time in 2022.
Congratulations to our home sellers in University Park Country Club! In contract in under weeks.
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.