Sarasota-Manatee County Real Estate Market Update: November 2023

The Latest Trends in the Sarasota-Manatee Real Estate Market


Greetings and happy holidays! This month's market update arrives a tad later, but there's some compelling data from the Sarasota Bradenton real estate scene that we couldn't wait to share with you. Let's dive into the details of October's trends and figures.



Closed Sales Show Steady Movement


In October, closed sales increased by a notable 5% compared to the same period last year. Often, mainstream media tends to highlight real estate's slowdown, but this local perspective reveals a different story—closed sales remain robust. The upcoming months, especially November and December data, will be crucial in gauging the market's direction.

Cash Sales Holding Strong

Cash sales witnessed an 8% uptick from the previous year, maintaining a consistent 39-40% share in our market. This stability in cash transactions signifies a continued strength in this sector.

Median Sale Price Insights

The median sale price experienced a 10% dip from last year, resting at $490,000 compared to the previous $544,000. It's important to clarify that this drop doesn't imply a general decrease in home values across Sarasota and Manatee County. Instead, it denotes the median price of closed homes during this period. However, if this trend persists, it could prompt adjustments in current listings to align with these median sale prices.

Perspective on Median Percent of Original List Price Received

The median percent of original list price received saw a 0.7% increase from the previous year, rising to 97.2% from 96.5%. This shift indicates a slight advantage for buyers, while it also suggests sellers are becoming more realistic in their pricing strategies, narrowing the gap between initial listing prices and actual closing prices.

Median Time to Contract and Pending Sales

Although the median time to contract increased by 30% from the previous year, the actual change in days went from 22 to 29. Sellers can use this data to evaluate their property's market duration and potentially assess factors affecting their listing's visibility, such as marketing, presentation, or pricing strategies. Meanwhile, new pending sales surged by an impressive 22%, indicating positive momentum in the market. But keep in mind, we were also coming off Hurricane Ian this time last year.

Impact of New Listings and Inventory

New listings saw a substantial 45% spike compared to the previous year, suggesting a potentially healthier inventory. However, for sellers, this could imply heightened competition. Pricing strategies should be carefully considered with your agent to remain competitive and appealing amidst increased inventory.

Understanding Inventory Levels

The surge in new listings contributed to a 30% rise in active inventory, totaling 4400 homes across both counties. This increase equates to approximately 3.5 months of inventory. In real estate terms, 0-3 months signifies a strong seller's market, 3-5 months reflects a balanced market, while anything above 5 months leans towards a buyer's market.

Navigating the Market Terrain

Despite potential media narratives painting a bleak picture, there are still promising opportunities for buyers and sellers alike. Equipped with substantial equity gains and viable properties, sellers have options to explore. And for buyers, there’s still a lot of properties that make sense a lot of good deals out there. Aligning with a knowledgeable agent who understands your needs and goals remains crucial in navigating this dynamic market, especially with incentives and opportunities emerging in new construction.

Should you have queries about this data or wish to consult with your House Match agent, feel free to reach out using the contact information or form below. Wishing you a joyful holiday season, and we’re looking forward to connecting soon!

If you have any additional questions regarding the current market trends in the Sarasota, FL, Bradenton, FL, Lakewood Ranch, FL and surrounding areas, please reach out to your House Match agent or Matt Bohanon at House Match!

MATT BOHANON

REALTOR® | CEO

(941) 726-8750

matt@housematchfl.com