Sarasota-Manatee County Real Estate Market: April 2023 Update

Are you considering buying or selling a home in the Sarasota-Manatee County area? The April 2023 real estate market update has all of the information you need to make an informed decision! We'll provide an in-depth analysis of the current market conditions, including median home prices, days on the market, and more. So, read on to find out what the Sarasota-Manatee County real estate market looks like in April 2023.


Closed Sales

The number of sales transactions which closed during the month

Contrary to popular belief of what you may have been seeing in the news, closed sales in Sarasota-Manatee County increased by a whopping 50% from last month! Last month there were around 1,000 closed sales and this month there were around 1,600. This is great news for the area, as it shows that the real estate market in Sarasota-Manatee County is bucking the trends of larger cities nationwide.

Median Sale Price

The median sale price reported for the month (i.e. 50% of sales were above and 50% of sales were below)

The median sale price for Sarasota-Manatee County this April was 2% higher than the same time last year. This shows that the market is slowing down, which is a great thing for overall stability. This slow increase is a good thing, as a 25% year-over-year increase in prices isn't sustainable and it would quickly destroy affordability. A small and steady increase is what we want to see, and with this nice even pace, things should be good to go.

Dollar Volume

The sum of the sale prices for all sales which closed during the month

The dollar volume for the real estate market in Sarasota-Manatee County surpassed one billion dollars again due to an increase in closed sales. It's great to see that it has returned to the same levels as last year.

Median % of Original List Price Received

The median of the sale price (as a percentage of the original list price) across all properties selling during the month

In March 2023, the median percentage of original list price was 95.4%, meaning that homes were selling for less than the original list price. This is a decrease from the previous year when the median percentage of original list price was 100%. It's important to remember that this is the original list price, so you should expect to see some price reductions and other bargaining from sellers.

Median Time to Contract

The median number of days between the listing date and contract date for all Closed Sales during the month

The median time to contract in Sarasota-Manatee County has increased 560% from last year, with homes taking an average of 33 days (as opposed to 5 days) to go under contract. Although this is longer than last year, if a home is priced correctly, it can still be sold quickly.

For sellers, if your home has been on the market for more than 30 days without an offer, it may be time to look at the price, condition, and other factors to make it stand out from the competition. It may also be beneficial to work with a real estate professional to ensure that all bases are covered when it comes to marketing your property.

New Pending Sales

The number of listed properties that went under contract during the month

The number of new pending sales in the Sarasota-Manatee County area increased from March 2022, rising 2% from the same month a year ago. This should lead to a strong release of numbers next month; this indicates that homes are not sitting on the market for long. This is great for the market as it's keeping everything moving.

New Listings

The number of properties put onto the market during the month

The number of new listings on the market dropped by almost 3% compared to the same time last year. In March 2023, there were almost 1,900 homes that came on the market while 1,500 went off the market. This increases the inventory a little bit which will give buyers more options and could lead to a slight decrease in home prices. It will also allow buyers to have more bargaining power when negotiating with sellers.

Inventory (Active Listings & Month’s Supply of Inventory

The number of property listings active at the end of the month & an estimate of the number of months it will take to deplete the current Inventory given recent sales rates

The inventory in the Sarasota-Manatee County real estate market went up a tiny bit in March 2023. There were 3,600 active homes on the market - enough to supply the market with three months worth of inventory. This means that if no new listings came on the market in three months, there would be no homes left to sell. Although the current inventory is looking healthy, it could still be a bit stronger.

Ideally, inventory should be around four months to be closer to a median market. A four-month inventory is beneficial for both buyers and sellers because it provides buyers with more options and negotiating power, while giving sellers a larger pool of potential buyers.

What's Coming Next?

It is always exciting to see what the real estate market in Sarasota-Manatee County will bring in the upcoming months. The current outlook is positive and encouraging. We will be paying attention to the interest rates and presidential talks that may affect economic policy and how that may affect the real estate market in our area.

Unlike many areas nationwide, Sarasota-Manatee County is bucking the trend and continuing to show strong home sales. We anticipate that this will continue as the summer months approach. We are looking forward to seeing what the next few months of the real estate market bring us in Sarasota-Manatee County.

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

MATT BOHANON

REALTOR® | CEO

(941) 726-8750

matt@housematchfl.com