In the short-term, history tells us we will likely see some level of reduced demand in our area due to Ian. That said, given how we avoided the worst of the storm when compared to our neighbors to the south, I expect that the hurricane reduction to be less than what we experienced post-Irma in 2017.
Sarasota County market data from August isn’t that much different from what we are seeing in Manatee. Transaction volume is down year on year, and inventory is building. That said, it appears to have little impact on pricing as of yet. The law of supply and demand should alter that somewhat in the coming months. That said, the uncertainty surrounding the overall economy could take us a number of directions as we head into the peak real estate season in Florida.
While the YoY sales drop mirrors the activity in Manatee, the YoY median sales price increase in Sarasota jumped quite a bit higher than Manatee (31% vs 21%). Cash sales dipped a bit in July from the over 50% in Sarasota in June. Also, new listings are not coming on as quickly in Sarasota as they are in Manatee. All of this leads me to believe that prices will be a little more stubborn in Sarasota than Manatee in the short-term. That said, it seems that every month now brings a material change in the market. As with every real estate transaction, both the buyer and seller have to take into account what is best for their unique situations when they examine any potential deal.
4906 81st Ave Ter E, Sarasota, FL 34243
Looking for a quiet retreat, look no further. This charming single-family home sits on a .31-acre private cul-de-sac lot with mature landscaping and a distant water view. The covered, screened-in porch adds an additional 230 square feet and is the perfect place to relax and take in the sights and sounds of the various wildlife while enjoying your favorite drink.
We have seen the brakes heavily applied to the number of real estate transactions in the United States. The chart below, from the National Association of Realtors, shows just how much has changed in recent months.
