/Sarasota Real Estate Report 2023

Sarasota Real Estate Report 2023

Sarasota Real Estate Report 2023, Our Town Sarasota News Events

July Real Estate Report 2023
Sarasota News Events

In July 2023, real estate activity in the Sarasota and Manatee
region reflects nuanced trends between the two counties. According to data from Florida REALTORS®
and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), Manatee County saw
year-over-year transaction growth, while Sarasota County maintained higher prices. Additionally,
inventory growth showed tempered increases compared to the initial growth that started in 2022, while
there were fewer new listings added to the market by the end of the month.

REALTORS® in the North Port-Sarasota-Bradenton MSA participated in 1,772 sales in July (combined
for single-family homes and condos), a year-over-year increase of two percent. Compared to last month,
closed sales decreased by a combined 19.7 percent for both property types in the MSA.

Year-over-year, closed sales increased in Manatee County but decreased in Sarasota County. In Manatee
County, single-family home sales increased by 10.1 percent to 624 sales and condo sales increased by
22.1 percent to 249 sales. In Sarasota County, single-family sales decreased by 6.6 percent to 633 sales,
and condo sales decreased by 8 percent to 266 sales.

“Despite higher interest rates, the housing market in Sarasota and Manatee counties stays strong due to
low supply and continued demand. The current situation, characterized by a unique buyer-seller ratio with
generally fewer participants on both sides, contributes to fewer transactions but also explains why prices
are relatively stable,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager
at William Raveis Real Estate. “While this general trend holds, it’s important to note that transactions in
Manatee County have increased with July marking the third month in a row where we saw a positive
year-over-year increase in closings for both single-family homes and condos. Sarasota, on the other hand,
continues to lag in sales but has a higher median sale price when compared to Manatee.”

Single-family home prices in Manatee County decreased year-over-year by 1.2 percent to $515,000 and
increased by 1.9 percent to $535,000 in Sarasota County. Condo prices decreased by 1.3 percent to
$350,000 in Manatee and decreased by 0.4 percent to $389,500 in Sarasota.

The number of homes that went under contract last month increased year-over-year for condos but
decreased for single-family homes. For condos, pending sales increased year-over-year by 19 percent in
Manatee and increased by 2.9 percent in Sarasota. For single-family homes, pending sales decreased by
0.3 percent in Manatee and decreased by 5.8 percent in Sarasota.

July 2023 shows the lowest number of new listings added to the market so far in 2023. At the end of the
month, there were 2,051 new listings combined for both property types in the North Port-
Sarasota Bradenton MSA, a decrease of 26.6 percent from last year and a decrease of 10.6 percent from June of
this year. Broken down for each property type, there were 1,439 new listings for single-family homes and
612 new listings for condos, representing a year-over-year decrease of 31.2 percent and 12.9 percent
respectively.

“We are still dealing with low inventory numbers in our area, and the lack of new listings could be a key
factor holding our median sales prices close to where they are or possibly seeing them increase if our
inventory levels continue to drop,” added Tresidder. “And while inventory has been growing year-over-year
consistently, the initial uptick in supply that started in 2022 could have been part of a short-term
adjustment period following our less-than-typical market in 2021. The current growth percentages in
inventory might represent a return to a more sustainable and realistic growth trajectory.”

The month’s supply of inventory has increased year-over-year for the 15th consecutive month but is
showing more modest increases in July 2023 when compared to the initial rebound of inventory in 2022.
In Sarasota County, there was a 3.2-month supply for single-family homes and a 3.4-month supply for
condos, a year-over-year increase of 60 percent and 112.5 percent respectively. In Manatee County,
single-family home supply increased by only 8 percent to a 2.7-month supply and condo supply increased
by 77.8 percent to a 3.2-month supply.

Combined for both property types in the North Port-Sarasota-Bradenton MSA, there were 5,309 active
listings at the end of July, a 23 percent increase from the same time last year and a 1.4 percent decrease
when compared to last month. Across the two-county region, there were 3,526 active listings reported for
single-family homes and 1,783 listings reported in the condo market.

The median number of days from the listing date to the contract date continues to increase year-over-year.
For single-family homes, Manatee homes went under contract within a median of 29 days, a 222.2 percent
increase from last year, and Sarasota homes went under contract in 25 days, a year-over-year increase of
150 percent. The condo market is showing the highest number of days from listing date to contract date
since 2020, with 47 days reported in Manatee County (a 422.2 percent increase) and 36 days reported in
Sarasota County (a 260 percent increase).

April Real Estate Report 2023

Manatee County’s Median Home Price Surpasses Previous Record SARASOTA, Fla. (May 18, 2023) – The housing market in Sarasota and Manatee counties reported year-over-year increases in the median sale price for both property types, with single-family homes in Manatee County reaching a new record. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), pending sales show signs of positive growth, while closed sales and new listings have declined, reflecting an evolving market.

Closed sales across the two-county region decreased year-over-year by 10.4 percent to 2,048 sales combined for both property types. For single-family homes, Manatee County closed sales decreased year over year by 4.3 percent to 662 sales and Sarasota County sales decreased by 5.7 percent to 747 sales. Condo sales decreased by 15.8 percent to 256 sales in Manatee County and by 22.9 percent to 383 sales in Sarasota.

“The real estate market in the North Port-Sarasota-Bradenton MSA demonstrates a mixed scenario with rising prices and positive growth for pending sales, but a decrease in closed sales and new listings,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “The numbers from April represent a market offering both opportunities and challenges for buyers and sellers.” Single-family homes in Manatee County hit a record median sale price of $570,000 in April. This is a year-over-year increase of 10.7 percent and a 15.8 percent increase from last month when the median sale price was $491,988. For Manatee condos, the median sale price increased year-over-year by 8.8 percent to $380,795.

Year-over-year in Sarasota County, the median sale price for single-family homes increased by 7.7 percent to $520,000 and condo prices increased by one percent to $399,000. Pending sales, or the number of homes under contract last month, increased across all markets except for Sarasota County single-family homes. For single-family homes, pending sales increased year-over-year by 30.2 percent in Manatee County, but decreased by 12.5 percent in Sarasota.

Condo pending sales increased by 4 percent in Manatee and by 6.9 percent in Sarasota. For condos, this is the first year-over-year increase in pending sales reported since May of 2021. The median number of days between the listing date to contract date for single-family homes decreased from the previous month in both counties but increased year-over-year. In April, Manatee County single-family homes went under contract within a median of 28 days, a year-over-year increase of 460 percent. For Manatee condos, the median time to contract is at 27 days, a 440 percent increase from this time last year.

In Sarasota, the median time to contract for single-family homes increased by 250 percent to 21 days, and condos increased year-over-year by 340 percent to 22 days. “The increase in the median time to contract and month’s supply of inventory indicates a changing market, necessitating informed decision-making for all stakeholders,” added Tresidder. “Real estate is local, even down to the zip code, which is why we encourage all buyers and sellers to work with a REALTOR® to help them navigate the real estate market and ensure a smooth transaction.” The month’s supply of inventory continues to increase across the two counties. In Manatee County, condo supply increased by 337.5 percent to a 3.5-month supply, and single-family home supply increased by 237.5 percent. In Sarasota County, there was a 3.5-month supply for condos and a 2.9-month supply for single-family homes, a year-over-year increase of 337.5 percent and 190 percent respectively.

At the end of the month, there were 5,253 active listings combined for both property types in the North Port-Sarasota-Bradenton MSA, a 166.8 percent increase from the same time last year. For single-family homes, there were 3,355 active listings and there were 1,898 active listings for condos across the two-county region. Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.