Despite home sales hitting a 30-year low, the long-term population growth in the U.S. indicates a likely rebound in homebuying activity soon. With 70 million more Americans today than in 1995, coupled with escalating housing needs, it’s improbable that home sales will stay low for long, despite the current economic complexities.
March of 2024 in Manatee ended up looking much like March of 2023, with the exception of overall inventory levels. Inventory levels are up over 50% when compared to the same month in 2023; however, overall inventory is still less than four months of home sales. That is keeping the market slightly tilted towards sellers even though it feels pretty well in balance. The infographic below from Florida Realtors contains more information on our most recent closed month.
The market for single-family homes in Manatee continued its movement towards a buyer’s market in February as new listings outpaced closed sales almost two to one. That said, we are not there yet. The median sales price continues to hold strong and overall inventory is at less than five months of sales. It remains a good time to be on either side of a transaction. The infographic below from Florida Realtors contains more information.
To successfully navigate your home-buying journey, I recommend that you adopt a balanced approach of being thoughtful yet decisive in today’s market. The list below reflects some of the main points of that balance.
It was good to see new listings rise faster than closed sales in Manatee County in January. Further, with the percentage of sales being all cash dropping, the market continues to look very reasonable for both buyers and sellers. I expect the normal pickup in sales activity for the next three months as we are in peak season. With balanced negotiating leverage, it should be a very positive 2024 peak sales season in Manatee County. See the infographic from Florida Realtors below for more.
