Sarasota-Manatee County Real Estate Market Update: June 2023

The Latest Trends in the Sarasota-Manatee Real Estate Market

Welcome to the June 2023 Real Estate Market Update, where we provide you with valuable information to guide your buying and selling decisions. In this update, we'll dive into the latest developments in the market. By staying informed, you can make more informed choices regarding real estate transactions. So, let's explore the key highlights for this month!

New Listings

During the month of May 2023, new listings experienced a 22% decline compared to the same time last year. This trend has remained consistent throughout 2023, with new listings averaging around 1500 to 1600 per month. However, to establish a healthy median market with three to four months of inventory, it would be beneficial to see an increase in new listings. With inventory currently below three months, it will be interesting to see if more sellers enter the market during the summer months.

*Statistics from* *https://www.floridarealtors.org/*

New Pending Sales

The number of pending sales serves as a significant determinant of future market conditions. In comparison to last year, pending sales have remained relatively stable, with just a slight decrease of 3.3%. Additionally, there was an 8% drop from the previous month. This could be attributed to fluctuating interest rates and a lack of inventory growth, resulting in potential buyers searching through a limited selection of properties.

Closed Sales

May's closed sales numbers offer promising news, as they have surpassed the previous year for the first time in twelve months. The data shows a 2% increase in closed sales compared to the same period last year, indicating strength in the local real estate market.

It's crucial to remember that real estate is highly influenced by local factors, so it's important to look beyond national headlines and consider the unique attributes of each municipality, city, or county. In Sarasota-Manatee County, for example, various factors have attracted individuals and businesses from across the country.

Median Sale Price

The median sale price witnessed a 2% decrease when compared to the same time last year. However, it's worth noting that the market began to cool off and shift during this period, accompanied by substantial changes in interest rates.

To get a better perspective, we should also analyze year-to-date figures. In this regard, the median sales price increased by approximately 3%, reflecting a healthy and sustainable rate of growth. This is much better than the rapid 20% to 30% price increases seen a year and a half ago. A 3% growth rate is great to see because it contributes to a stable real estate market.

Months Supply of Inventory

Currently, the months supply of inventory stands at 2.8 months, indicating a significant increase compared to this time last year, which had only one month of inventory. However, this figure represents a slight decrease from March’s inventory, where it reached the three-month mark. The supply of inventory is an essential factor to consider when evaluating market conditions, as it impacts both buyers and sellers.

Advice for Sellers and Buyers

If you're a seller, the current market conditions are still in your favor due to the suppressed inventory and the presence of motivated buyers seeking the right property at the right price. However, it is crucial to take a proactive approach and position yourself as a leader in your neighborhood or market. By doing so, you can stand out from the competition and maximize your selling potential.

On the other hand, if you're a buyer, there’s plenty of opportunity for good deals out there, and it's crucial to work with an experienced agent who has in-depth knowledge of the market and strong negotiation skills. With patience, you can find the perfect home at an attractive price point!

Looking Ahead

As we move further into the summer months, it will be interesting to see how factors such as interest rates, inventory levels, and new construction projects unfold in our area, shaping the real estate landscape over the next 6-12 months. The dynamic nature of the market means that it's always a good time to buy, sell, or invest in real estate, depending on your specific goals and circumstances.

In conclusion, the June Real Estate Market Update provides valuable insights into the current trends and conditions. While new listings have experienced a decline, closed sales have shown strength, surpassing the previous year for the first time in twelve months. The median sales price has exhibited a healthy rate of growth when considered on a year-to-date basis. Additionally, the month supply of inventory has increased, offering both sellers and buyers opportunities in the market.

It's essential to remember that real estate is a local phenomenon, influenced by various factors specific to each area. Therefore, relying solely on national headlines may not provide an accurate depiction of your local market conditions. Whether you're considering selling, buying, or investing, staying informed and working with knowledgeable professionals can help you make well-informed decisions and achieve your real estate goals.