Sarasota-Manatee County Real Estate Market Update: May 2023
The Latest Trends in the Sarasota-Manatee Real Estate Market
Are you considering buying or selling a home in the Sarasota-Manatee County area? The May 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 sale price, available inventory, and more. Read on to find out what the Sarasota-Manatee County real estate market looks like in May 2023.
Closed Sales Dropped by 5.1%
According to the latest Real Estate Market Update, closed sales in the Sarasota-Manatee area dropped by 5.1% year over year from the same time last year (1,484 in April 2022 to 1,409 in April 2023). Despite this drop, the real estate market in Sarasota-Manatee is still going strong. While closed sales may be down slightly, the market in Sarasota-Manatee is still highly active and showing no signs of slowing down.
Statistics from https://www.floridarealtors.org/
Median Sale Price Increased by 8.1%
According to recent data, the median sale price in Sarasota-Manatee County has reached a record high of $540,275. That's an 8.1% jump from April 2022, which was $500,000. Additionally, we noticed a month-over-month increase in median sale price from March to April, which is a good sign for both buyers and sellers. It'll be interesting to see if the trend continues throughout the year.
Statistics from https://www.floridarealtors.org/
Median Time to Contract Dropped by 10 Days
Another significant development in the Sarasota-Manatee real estate market update for May 2023 is the decrease in the median time to contract. According to the latest data, the median time to contract dropped by 10 days from the previous month, going from 33 days to just 23 days.
This drop is indicative of the market's overall pickup, with sellers becoming more savvy about pricing their homes. The days of testing the market with a sky-high price are behind us, and sellers are realizing that accurately pricing their property is key to making a quick sale.
Statistics from https://www.floridarealtors.org/
New Pending Sales Increased by 5%
While closed sales in the Sarasota-Manatee real estate market dropped by 5%, new pending sales jumped by 5% from the same time last year. This is a positive sign for the market as it could lead to an increase in closed sales next month.
It is important to note that new pending sales are often considered a leading indicator of future closed sales as they show a strong demand for properties in the market. With the increase in new pending sales, we can expect the real estate market in Sarasota-Manatee County to remain strong.
Overall, the increase in new pending sales is a promising trend for the Sarasota-Manatee real estate market, and we can anticipate a steady flow of closed sales in the upcoming months.
Statistics from https://www.floridarealtors.org/
New Listings & Inventory
New listings dropped by 17.4% compared to the same time last year. This means that there were only 1,578 homes on the market, compared to almost 2,000 homes that were available in this time last year. This drop in new listings is significant because it was around this time last year that the market began to shift a little.
Despite the decrease in new listings, pending sales have increased in the Sarasota-Manatee real estate market. The increase in pending sales combined with the decrease in new listings has resulted in a decrease in inventory from 3 months in March 2023 to 2.8 months in April 2023.
Statistics from https://www.floridarealtors.org/
Statistics from https://www.floridarealtors.org/
Statistics from https://www.floridarealtors.org/
Sarasota-Manatee County Real Estate Market Staying Strong
The Sarasota-Manatee County real estate market is still considered a seller's market, but it's pushing the boundaries of a balanced market. Interest rates have been fluctuating, but have not had much of an effect on the Sarasota-Manatee County real estate market. However, we'll soon be paying attention to the presidential talks about budgets and economic policy to see if there will be any impact on the market.
The market has continued to stay strong due to an influx of people moving to the area. The beautiful weather, pristine beaches, and growing job market have made Sarasota-Manatee County a popular destination for those looking to relocate. We also haven't seen any foreclosures, short sales, or anything of that nature.
Despite the high demand, sellers need to remain competitive in their pricing and staging in order to stand out in a crowded market. Buyers should work with an experienced real estate agent to help them navigate through the bidding process and secure their dream home.
Real Estate Market Prediction for the Rest of 2023
As we move into the second half of the year, it is clear that the Sarasota-Manatee real estate market is staying strong. However, it is also becoming increasingly price-sensitive for both buyers and sellers.
If there is a significant jump in interest rates, we may see a slowdown in the market. Conversely, if there is a dip in rates, we could see a pickup in activity. For the rest of the year, we see the market continuing at a steady pace, depending on the rates.
Advice for Sellers
If you're considering selling your home in the Sarasota-Manatee real estate market, it's important to price your property correctly. In particular, avoid listing your home at the highest price in your neighborhood if there are other homes for sale nearby.
Why? Because this can make your neighbors' homes look like a better deal. Buyers are smart, and they're often researching other homes in the area before making a purchase. If your property is significantly more expensive than other homes with similar features, buyers may perceive your listing as overpriced and look elsewhere.
Instead, do your research and work with a local real estate agent who has experience in your neighborhood. Look at recent sales data and consider the unique features of your property, such as its location, condition, and amenities. Set a realistic price that reflects market conditions and positions your home competitively.
Another tip for sellers is to stage your home for sale. This means decluttering, deep cleaning, and potentially bringing in professional decorators or home stagers to make your property look its best. A well-staged home can make a big difference in attracting potential buyers and getting offers.
Overall, remember that the Sarasota-Manatee real estate market is still strong, but it's important to price your home competitively and present it in the best possible light. With the right strategy and support, you can sell your home quickly and for a great price.
Advice for Buyers
If you've been waiting on the fence to buy a home in the Sarasota-Manatee area, now is a good time to take the plunge. With more inventory available, you have a greater selection of properties to choose from. Additionally, interest rates have stabilized, which means that your monthly mortgage payments won't change too much in the foreseeable future.
Before making a purchase, it's important to consider whether now is the right time for you to buy. Consider your financial situation, future plans, and long-term goals. Owning a home is a significant investment, and it's essential to make sure that you're ready for the responsibilities that come with homeownership.
If you do decide to buy, be prepared to act quickly. The Sarasota-Manatee real estate market is competitive, and properties are selling fast. Partnering with a knowledgeable real estate agent can help you stay ahead of the game and find the right property that meets your needs.
Overall, the current real estate market presents an opportunity for buyers to take advantage of a healthy inventory, stable interest rates, and more competitive prices. Take the time to consider your options carefully, and you may find that now is the perfect time to invest in your dream home.
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
