/Sarasota Real Estate Report 2024-2023

Sarasota Real Estate Report 2024-2023

Sarasota Real Estate Report 2024-2023, Our Town Sarasota News Events
Sarasota Real Estate 2024:

Sarasota Real Estate Report 2024-2023, Our Town Sarasota News Events

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January 2024

The housing market in January 2024 mirrors the trends observed
in the latter half of 2023, as per data released by Florida REALTORS® and analyzed by the REALTOR®
Association of Sarasota and Manatee (RASM). January saw a continued uptick in the monthly supply of
inventory and a rise in median time to contract, indicating a gradual shift towards a more balanced
market, favorable to buyers.

“As we witness sustained growth in inventory levels, it’s important to recognize that we are still below
the levels represented in Q1 of 2019,” said Tony Barrett, 2024 RASM President and Broker/Owner at
Barrett Realty. “The transition towards a more normalized, higher inventory market presents advantages
for buyers, offering them increased leverage in negotiating prices, repairs, and closing cost credits.”
Both Sarasota and Manatee counties experienced an uptick in median sales prices. In Sarasota County, the
median sale price for single-family homes increased by 16.3 percent to $535,000, and in Manatee County,
median prices increased by 3.8 percent to $525,000. The median sale price for Sarasota County condos
increased by less than one percent to $420,000 and increased by 3.8 percent to $357,990 for Manatee
County condos.

Across the two-county region, closed sales increased year-over-year by 14.9 for single-family homes and
increased by 1.3 percent for condos. Single-family homes in Sarasota County witnessed an 18.5 percent
increase in closed sales, while condo sales decreased by 4.6 percent. Meanwhile, closed sales in Manatee
County saw a respective increase of 10.9 percent and 8.8 percent for single-family homes and condos.
The total number of active listings on the market almost doubled when compared to the previous year,
providing buyers with a wider array of options. In Sarasota County, active inventory for single-family
homes increased by 75.4 percent to 3,135 listings and the condo supply increased by 124 percent to 1,985
listings. Active listings for single-family homes in Manatee County increased by 33.3 percent to 2,420
listings, and increased by 79.4 percent for condos, with 1,340 listings.

Months supply of inventory (MSI) continued its upward trajectory across both counties. The MSI for
single-family homes was at 4.9 months in Sarasota County and 3.9 in Manatee County, a year-over-year
increase of 75 percent and 21.9 percent, respectively. The condo market reached new records for both
Manatee and Sarasota County. There was a 6.2-month supply of Sarasota condos, which was last reported
in April of 2019 and there was a 5.6-month supply of Manatee condos, which has not been reported since
February of 2013. This is a year-over-year increase of 129.6 percent and 75 percent, respectively.

The median time to contract for Sarasota County averaged 38 days, marking a 58.3 percent increase from
the previous year. In Manatee County, houses and condos remained on the market for approximately 41
days before going under contract, reflecting a 41.3 percent increase from January 2023.
Looking ahead, Tony Barrett commented, “In the coming months, potential shifts in interest rates and
insurance costs could reshape the market dynamics. Should interest rates decrease and insurance costs
follow suit, we may anticipate a resurgence of buyers entering the market once again.”
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For
comprehensive statistics dating back to 2015,

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2023 Housing Market of Sarasota and Manatee Counties

The 2023 housing market for Sarasota and Manatee counties are showing signs of stabilization, marked by a return of housing inventory to pre-COVID levels. A crucial metric to assess the housing market’s state is the Months’ Supply of Inventory (MSI). According to Florida REALTORS®, a balanced market (favoring neither buyer nor seller) has an MSI of 5.5 months, signifying the estimated time to deplete current inventory at the existing sales rates. MSI in Sarasota increased 76 percent to 4.4 months for single-family and 136.4 percent to 5.2 months for condos, the highest since 2018. Manatee County saw a 10 percent increase to 3.3 months for single-family and a 70.4 percent increase to 4.6 months for condos.

Indicators like MSI suggest a shift in Sarasota and Manatee County housing markets, moving away from a seller’s advantage. Buyers now have a broader range of options and may not be as inclined to forgo contingencies or offer above the asking price, as observed in recent years.

With median prices remaining at a record high, sellers can still potentially secure top dollar for their homes. However, the process might take a bit longer, and buyers may be less willing to waive contingencies, such as inspections, in the current environment.

“We are seeing good adjustments in this market that will benefit both buyers and sellers going forward,” said Tony Barrett, 2024 RASM President and Broker/Owner at Barrett Realty. “The days on the market have increased, along with inventory and we are starting to see buyers having a little more flexibility in negotiations.”

Sarasota Real Estate Report 2024-2023, Our Town Sarasota News Events Real Estate Photography

Yearly Market in 2023

The total number of closed sales across the two counties in 2023 decreased by less than one percent to 21,760 sales. For single-family homes, yearly closed sales decreased from 2022 by 4.2 percent to 7,608 sales in Sarasota County and increased by 7.3 percent to 7,480 sales in Manatee County. Condo sales decreased by 6.7 percent to 3,830 sales in Sarasota and decreased by 0.8 percent to 2,846 sales in Manatee County.

The median sale price for 2023 surpassed the previous record reached in 2022 for condos in Sarasota and Manatee. The yearly median price for Sarasota condos was $410,000 and $363,620 for Manatee condos, a year-over-year increase of 6.5 percent and 5 percent respectively. For single-family homes, the median price for 2023 increased by 4.5 percent to $515,000 in Sarasota and decreased by 2.1 percent to $509,240 in Manatee County.

The median time to contract increased significantly from 2022. In Sarasota County, the median time to contract for single-family homes increased by 200 percent to 27 days and increased by 250 percent to 28 days in the condo market. For single-family homes in Manatee County, the median time to contract increased by 266.7 percent to 33 days and increased by 350 percent to 36 days for condos.

The dollar volume in 2023 increased year-over-year for both property types in the North Port-Sarasota-Bradenton MSA. Single-family homes brought in $10.3 billion in volume for the two counties, a 1.8 percent increase from the previous year. The dollar volume of condo sales increased by 4.3 percent to $3.6 billion.

Cash sales decreased in 2023 for both property types in the two-county region. For single-family homes, yearly cash sales decreased by 10.6 percent in Sarasota County and decreased by 4.9 percent in Manatee County. In the condo market, cash sales decreased by 8.4 percent in Sarasota and by 5.8 percent in Manatee.

Across both counties, new listings added to the market in 2023 decreased for single-family homes but increased for condos. For single-family homes, 19,117 new listings were reported, a 1.9 percent decrease from 2022. For condos, new listings increased by 13 percent from 2022, with 9,472 new listings added to the market.

December Market in 2023

In the last month of 2023, the combined closed sales of all property types in both counties increased year-over-year by 5.8 percent to 1,619 sales. For single-family homes, closed sales increased by 6.6 percent to 518 sales in Sarasota County and by 13.6 percent to 610 sales in Manatee County. Condo sales increased by 15.6 percent to 318 sales in Sarasota and decreased by 25.4 percent to 173 sales in Manatee.

December 2023 reports a year-over-year rise in prices across all markets except for single-family homes in Manatee County. In the condo market, the median sale price was $468,933 for Sarasota condos and $350,000 for Manatee condos, an increase of 20.2 percent and 1.6 percent respectively. For single-family homes, the median sale price increased by 2.7 percent to $519,000 in Sarasota and decreased by 1.4 percent to $499,900 in Manatee.

The median time from the listing date to the contract date was reported at 35 days for single-family homes in Manatee, an increase of 29.6 percent, and 37 days in Sarasota, an increase of 60.9 percent. As for condos, the median time to contract increased year-over-year by 100 percent to 38 days in Manatee County and increased by 21.1 percent to 23 days in Sarasota.

The month’s supply of inventory in December was 5.2 months for Sarasota condos, a 136.4 percent increase and the highest supply reported since 2019. There was a 4.6-month supply of Manatee condos, a 70.4 percent increase year-over-year. In the single-family home market, there was a 4.4-month supply for Sarasota homes and a 3.3-month supply for Manatee homes, a year-over-year increase of 76 percent in Sarasota and 10 percent in Manatee.

At the end of December, the inventory of all active listings was 7,469 for both property types in the North-Port-Sarasota-Bradenton MSA, a 54.8 percent increase from the same time last year. Broken down for each property type, there were 4,848 active listings for single-family homes and 2,621 active listings for condos.

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Sarasota Real Estate Report 2024-2023, Our Town Sarasota News Events

November 2023 Sarasota-Bradenton Real Estate Report

Home Sales and Prices Remain Steady in Sarasota and Manatee

The demand for housing in Sarasota and Manatee counties
remains strong despite the higher interest rates and home prices. According to data from Florida
REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM),
November showed a continued rise in the month’s supply of inventory, approaching the levels seen
leading up to the pandemic.

Combined sales for both property types in the North Port-Sarasota-Bradenton MSA increased year-over-year
by 26.4 percent to 1,583 sales in November and decreased by 1.6 percent from the previous month.
In Manatee County, single-family home sales increased by 22.2 percent to 550 sales and condo sales
increased by 20.7 percent to 198 sales.

In Sarasota County, single-family home sales increased by 31
percent to 541 sales and condo sales increased by 30.7 percent to 294 sales.
“Closed sales increased by more than 20 percent for properties in Sarasota and Manatee,” said Brian
Tresidder, 2023 RASM President and Vice President of Operations at William Raveis Real Estate.
“Despite the high prices, high-interest rates, and insurance concerns, the housing demand in the area
remains strong, keeping home sales and prices steady.”

For single-family homes, the median sale price decreased by 4.1 percent to $485,861 in Manatee County
and increased by less than one percent to $500,000 for single-family homes in Sarasota County.
The median sale price for Manatee condos decreased year-over-year by 1.8 percent to $351,500. For
Sarasota condos, the median sale price increased by 58.8 percent from last year to $547,704.
This record-high price is likely due to more sales this month at a higher price tier. In November 2023, 34
percent of all Sarasota condo sales sold at or above $1,000,000, after the closing of a downtown luxury condo
development.

“The surge in closings and median sale prices in the Sarasota condo market can be directly attributed to
the completion of Sarasota’s newest luxury condo building, marking the culmination of construction and
the closing of a significant portion of the units for sale, providing a boost to the local real estate market,”
added Tresidder. “With new construction, data in the MLS isn’t typically marked as ‘closed’ until the
building’s certificate of occupancy is issued and pending reservations can be completed. That’s why this
month shows an atypical number of Sarasota County condos sold, thus doubling the dollar volume this
month.”

In Manatee County, the dollar volume (sum of the sale prices for all sales during the month) increased
year-over-year by 27.1 percent for single-family homes and increased by 21.4 percent for condos. In
Sarasota, the dollar volume increased by 28.7 percent for single-family homes and increased by 111.9
percent for condos.

The month’s supply of inventory reached a new high for 2023, surpassing any other month thus far. For
single-family homes, the month’s supply of inventory in Sarasota increased year-over-year by 79.2
percent to a 4.3-month supply and increased by 13.3 percent to a 3.4-month supply in Manatee County.
Sarasota condos increased by 133.3 percent to a 4.9-month supply, and Manatee condos increased by 63
percent to a 4.4-month supply.

The inventory of active listings is at its highest for the year, approaching the level of inventory that was
present leading up to the pandemic. There were 7,444 active listings in the MSA at the end of November,
a 53.8 percent increase from the same time last year and a 10.9 percent increase from the month prior.
Broken down for each property type, there were 4,823 active listings for single-family homes and 2,621
active listings for condos in Sarasota and Manatee.

Pending sales, or the number of properties that went under contract during the month, increased year-over-year
for both property types in Sarasota and Manatee. In Sarasota County, pending sales increased
by 1.1 percent for single-family homes and by 21.3 percent for condos. In Manatee County, pending sales
increased by 6.4 percent for single-family homes and 1.8 percent for condos.

At the end of the month, there were 2,600 new listings combined for both single-family homes and
condos in the MSA, a 36.3 percent increase when compared to the previous year. For each property type,
there were 1,668 new listings for single-family homes and 932 new listings for condos in the MSA.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For
comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

______________________________________________________________________________
October 2023 Real Estate Report: Sarasota Board of Realtors
Sarasota-Manatee Housing Inventory Climbs to its Highest Point for 2023
Sarasota Real Estate Report 2024-2023, Our Town Sarasota News Events
Sponsored by Judi Taulbee, Realtor, Fine Properties, 20 years of experience, recognized by Forbes and Fortune Magazines.
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Housing inventory in both Sarasota County and Manatee County is on the rise, marking the highest number of listings reported this year in October. The latest data, sourced from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and
Manatee (RASM), indicates an uptick in home sales and an influx of new listings added to the market.

Combined sales for both property types in the North Port-Sarasota-Bradenton MSA increased year-over year by 4.3 percent to 1,608 sales in October. In Manatee County, single-family home sales increased by 6.5 percent to 609 sales and condo sales increased by 7.5 percent to 215 sales. In Sarasota County, single-family home sales increased by 3.5 percent to 538 sales, while condo sales decreased by 1.6 percent to
246 sales. When compared to the previous month, there were 9.2 percent fewer home sales in October
than in September of 2023.

“Compared to the rest of the country where home sales are declining in most markets, our housing market
is telling a different story,” Brian Tresidder, 2023 RASM President and Vice President of Operations at
William Raveis Real Estate. “This month’s data showcases an increase in sales, a rise in new listings, a
leveling of the time from listing to contract, and strong inventory growth – all signs that point toward a
more balanced market in our future.”

In October, median sale prices increased year-over-year for condos but decreased for single-family
homes. The median price for Sarasota condos increased by 10.3 percent from last year to the highest
recorded price in 2023 at $426,500, while the condo price in Manatee County increased by only 0.4
percent from last year to $370,000.

Median sale prices for single-family homes experienced the largest year-over-year percentage decrease
for both counties so far this year. In Manatee County, the median sale price for single-family homes
decreased by 12.8 percent, settling at $479,000, while Sarasota County saw a 3.3 percent decrease,
bringing the price to $520,000 in October.

The month’s supply of inventory reached a new high for 2023, surpassing any other month thus far, and
in some markets, it hasn’t been this high since 2020. For single-family homes, the month’s supply of
inventory in Sarasota increased year-over-year by 77.3 percent to a 3.9-month supply and increased by
17.9 percent to a 3.3-month supply in Manatee County.

Sarasota condos increased by 144.4 percent to a
4.4-month supply, and Manatee condos increased by 65.2 percent to a 3.8-month supply.
“Inventory has been on this steady increase since 2022, and while we’ve hit the highest it’s been all year,
it’s still not quite back to pre-pandemic levels,” added Tresidder. “The good news is that we’ve been
trending upward and we’re getting closer to the benchmark for a balanced market, which is a 5.5-month
supply.”

The inventory of active listings is at its highest for the year with 6,710 active listings in the MSA at the
end of October, a 46.9 percent increase from the same time last year and a 14 percent increase from the
month prior. Across the two-county region, single-family home inventory increased by 32.8 percent to
4,418 active listings, and condo inventory increased by 84.7 percent to 2,292 listings.

New listings continue to rise this month, showing the highest year-over-year percentage growth for 2023
in October. At the end of the month, there were 2,614 new listings combined for both single-family
homes and condos in the MSA, an 18.1 percent increase when compared to the previous month and a 46.3
percent increase when compared to the previous year. Broken down for each property type, there were
1,763 new listings for single-family homes and 851 new listings for condos in Sarasota and Manatee.

Another sign of the market’s return to pre-pandemic activity is the median time from listing date to
the contract date, with the shrinking year-over-year percentage gains each month. Single-family homes in
Sarasota and Manatee counties went under contract within a median of 29 days, a year-over-year increase
of 45 percent in Sarasota and 20.8 percent in Manatee. For condos, the median time to contract was 32
days for Sarasota and 30 days for Manatee, an increase of 14.3 percent and 36.4 percent respectively.

Sarasota Real Estate Report 2024-2023, Our Town Sarasota News Events
Sponsored by Judi Taulbee, Realtor, Fine Properties, 20 years of experience, recognized by Forbes and Fortune Magazines.
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Sarasota News Events: Real Estate: 2023

September 2023 Home Sales Increase From Last Year’s Hurricane: Sarasota Board of Realtors

Amidst the lingering impacts of Hurricane Ian’s disruption to
Florida’s housing market last September, the latest data from Florida REALTORS® paints a contrasting
picture for September 2023. While closed sales registered an unusually high year-over-year growth,
median prices stayed relatively stable.

In stark contrast to an irregular report caused by disruption from Hurricane Ian in September 2022, this
September marked a striking departure, with remarkably high year-over-year increases in closed sales.
However, the number of closed sales this month hovers around the same level of sales as the two previous
months. The total number of closed sales across the North Port-Sarasota-Bradenton MSA was 1,770 in
September, a 40.1 percent increase from last year and a 0.7 percent decrease from last month.

Median sale prices in September decreased slightly across all markets except for condos in Manatee
County. For single-family homes, the median sale price in Sarasota decreased year-over-year by 0.7
percent to $494,000 and decreased by 2.6 percent to $503,495 in Manatee County. In the condo market,
prices in Sarasota decreased by 1.1 percent to a median $395,750, while Manatee County condos
increased by 3.9 percent to $350,000.

“Despite the current market fluctuations, median sale prices in Sarasota and Manatee counties remain
relatively stable,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at
William Raveis Real Estate. “Home prices are maintaining their value and only experiencing a marginal
decrease from previous highs.”

Combined for both property types in the MSA, there were 5,886 active listings at the end of September, a
35.4 percent increase from the same time last year and a 7 percent increase from the month prior. Across
the two-county region, there were 3,920 active listings reported for single-family homes and 1,966 listings
reported in the condo market.

Notably, Sarasota County reported the highest months’ supply of inventory in 2023, with a 3.5-month
supply for single-family homes and a 3.8-month supply for condos. These figures reflect year-over-year
increases of 66.7 percent and 137.5 percent, respectively. In Manatee County, single-family home supply
increased by 7.4 percent to a 2.9-month supply, while condo supply increased by 73.7 percent to a 3.3-
month supply.

At the end of September, there were 2,214 new listings combined for both single-family homes and
condos in the MSA, a month-over-month decrease by 2 percent. There were 1,545 new listings for
single-family homes, representing a slight 2.9 percent decrease compared to the previous month.
In the condo market, 669 new listings in September showed no change from the previous month, indicating a
somewhat static trend.

“The real estate market in the North Port-Sarasota-Bradenton MSA is a constant ‘tug-of-war’ between
new listings and pending sales,” said Tresidder. “This dynamic is contributing to a slow but steady rise in
the month’s supply of inventory.”

The number of properties that went under contract this month increased from the previous year. In
Sarasota, pending sales for single-family homes increased by 8.2 percent year-over-year, and increased by
8 percent in Manatee. For condos, pending sales increased year-over-year by 7.1 percent in Sarasota and
by 11 percent in Manatee. When compared to last month, pending sales decreased by 7.3 percent for
condos and by 12.3 percent for single-family homes.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For
comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

Sarasota Real Estate Report 2024-2023, Our Town Sarasota News Events

Continued Demand and Low Inventory Keeps Home Prices Steady in
Sarasota and Manatee August 2023

The North Port-Sarasota-Bradenton MSA’s housing market in
August showcased more inventory and higher prices than the previous year, as reported by the
REALTOR® Association of Sarasota and Manatee (RASM) with data from Florida REALTORS®.
Although the region’s sales declined marginally compared to the previous year, Manatee County’s
single-family sales bucked that trend with a 6.9 percent increase.

Combined sales for single-family homes and condos in the MSA decreased year-over-year by 0.67
percent to 1,782 sales in August. In Manatee County, single-family sales increased by 6.9 percent to 616
sales and condo sales decreased by 0.8 percent to 242 sales. In Sarasota County, single-family sales
decreased by 4.9 percent to 645 sales, and condo sales decreased by 5.7 percent to 279 sales.

“One of the unique aspects of our local real estate market is the counterintuitive trend where sales are
down, but property values are on the rise,” said Brian Tresidder, 2023 RASM President and Strategic
Growth & Sales Manager at William Raveis Real Estate. “A few factors contributing to this market would
include our low inventory levels limiting buyers’ options, and the in-migration of people moving to our
area that keeps buyer demand relatively high.” 

Median sale prices for both property types increased year-over-year in the two counties. For single-family
 homes, the reported median sale price in Sarasota increased by 9.2 percent to $519,000, while
Manatee
was at $525,000 in August, which showed no change from the previous year. In the condo market,
Sarasota prices increased by 2.8 percent to a median $385,650, while Manatee County condos increased
by 1.8 percent to $358,990.

Combined for both property types in the North Port-Sarasota-Bradenton MSA, there were 5,502 active listings
at the end of August, a 28.3 percent increase from the same time last year and a 3.6 percent
decrease from the
month prior. Across the two-county region, there were 3,652 active listings reported for
single-family homes and
1,850 listings reported in the condo market.

“Florida’s enduring desirability as a place to live, a continued influx of residents, its affordability and
spacious housing options compared to the west coast and northeast parts of the county, along with
solid job
 growth, all bolster a continued buyer demand,” added Tresidder. “However, rising mortgage
rates will
continue to be a factor in this market, contributing to fewer sales than in 2021 and early 2022
when rates were
 closer to three percent.”

While active listing inventory remains relatively low in both Sarasota and Manatee counties, there is
a
gradual uptick in new listings this month. At the end of the month, there were 2,260 new listings
combined for both single-family homes and condos in the MSA. Broken down for each property type,
there were 1,591 new listings for single-family homes and 669 new listings for condos, representing
a
year-over-year increase of 2.3 percent and 15.7 percent respectively.

The month’s supply of inventory has increased year-over-year for the 16th consecutive month. In
Sarasota County, there was a 3.3-month supply for single-family homes and a 3.5-month supply for
condos, a year-over-year
increase of 65 percent and 118.8 percent respectively. In Manatee County,
single-family home
supply increased by 12 percent to a 2.8-month supply and condo supply
increased by 83.3 percent to a
3.3-month supply.

Pending sales, or the number of properties that went under contract last month, decreased for both
property types in both counties. For single-family homes, pending sales decreased year-over-year
by 13.5
percent in Sarasota and by 4.9 percent in Manatee. For condos, pending sales decreased by
20.7 percent in
Sarasota and by 4.7 percent in Manatee. This is the fifth consecutive month that pending
sales in the
condo market have decreased from the previous month.

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 33 days, a 153.8 percent
increase from last year, and Sarasota homes went under contract in 31 days, a year-over-year increase of
121.4 percent. The condo market is showing the highest number of days from listing date to contract date
since 2020, with 50 days reported in Manatee County (a 284.6 percent increase) and 46 days reported in
Sarasota County (a 228.6 percent increase).

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.