As 2023 draws to a close, numerous forecasters are sharing their insights for 2024. Currently, the consensus suggests little deviation from the trends observed in 2023. However, experience has taught us that forecasts often miss the mark.
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Moving Tips
The infographic below from Florida Realtors will help make your next move a little easier.
The infographic below from Florida Realtors lays out several tips you should consider before you buy.
Inventory rapidly expanded in Sarasota County in October. While increased transactions in Q1 2024 should slow down the inventory expansion, we will likely continue to see the median sales price trend down for the next month or two. Sarasota continues to be a seller’s market, but it is closer to being in balance than Manatee. Cash is still king in Sarasota as almost half of transactions in October were in cash. As with Manatee, it looks to be a reasonable time to be on either side of a transaction in Sarasota at the moment. Let’s hope it stays that way through our busy season.
We continued to see the same pattern in Manatee this month as new listings exceeded closed sales, so our inventory continued to expand. While we are still in a seller’s market, the trend is towards market balance. The median sales price decreased by 13% in October, which was the largest decrease we have seen in years. Busy season is now upon us, so the next few months will be telling. It certainly seems like a reasonable time to be either a buyer or seller in Manatee, although the low transaction volume will likely cause sellers to have to be a little patient. The infographic below from Florida Realtors has more information for October.
