Sarasota-Manatee County Real Estate Market Update: August 2023

The Latest Trends in the Sarasota-Manatee Real Estate Market

Are you curious about the current state of the Sarasota-Manatee county real estate market? As August unfolds, it's essential to stay informed about the latest developments that could impact your buying or selling decisions. Read on for your August 2023 real estate market update!

New Listings: The Inventory Challenge

Let's dive straight into the heart of the matter: new listings. In today's market, inventory is a critical factor that influences local dynamics. This year, we've witnessed a 31% drop in new listings compared to the same time last year. To put it into perspective, about 2,100 homes came onto the market last year, while only around 1,400 made their appearance this year.

This decline in inventory is a concern, as it perpetuates the tight market conditions we've been experiencing. When buyers have fewer options to choose from, competition for well-priced homes remains fierce. The shortage of inventory is also driving more attention towards new construction options. If the gap between supply and demand in the resale market persists, we can anticipate a noticeable uptick in new construction sales in the upcoming months.

Pending Sales & Median Sale Price: Stability Amidst Change

Moving on, let's take a closer look at pending sales, a vital indicator of market activity. Despite the decrease in available homes, pending sales have remained relatively steady, showing only a 3% decrease from last year. This trend is expected, given the constrained inventory situation.

The median home price is a significant factor for both buyers and sellers to monitor closely. Interestingly, the median sale price has held steady. When we differentiate between Sarasota and Manatee County, one has seen a slight increase while the other experienced a minor decrease. The next few months will be crucial in understanding whether these prices are influenced by broader economic factors, such as interest rates, or if the scarcity of inventory is the driving force behind the slight fluctuations.

Closed Sales: A Balancing Act

Closed sales, an indicator of completed transactions, have shown a 1% increase compared to the previous year. This upward trajectory is particularly noteworthy considering the limited inventory available. As a result, we currently have a roughly three-month supply of inventory. This puts us right on the edge between a buyer's market and a seller's market, making it a dynamic environment for both parties involved.

Looking Ahead: What to Anticipate

The upcoming months are bound to be intriguing as we witness the ebb and flow of various market factors. Interest rates, which have seen fluctuations recently, will play a role in shaping buyer behavior. Additionally, keep an eye on special incentives and bonus interest rates that are occasionally offered to potential buyers, especially in the new construction segment.

Advice for Buyers and Sellers: Seizing Opportunities

For sellers, the tight inventory presents an opportunity to maximize equity. If you're considering a move, this could be the ideal time to cash in on your property's value. On the flip side, buyers need to be proactive and strategic. Teaming up with knowledgeable agents who understand the market's nuances can help you identify hidden gems and secure favorable deals.

Your Partner in the Real Estate Journey

If you find yourself pondering the dynamics of the new construction market or are curious about selling your home in the current inventory-constrained environment, our team at House Match is here to guide you. Feel free to reach out to one of our knowledgeable agents or contact me directly at the number provided below.

As we look ahead to the next month, remember that staying informed is the key to making well-informed real estate decisions. Until then, take care and best of luck in your real estate endeavors. Goodbye for now!


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 House Match agent or Matt Bohanon at House Match!

MATT BOHANON

REALTOR® | CEO

(941) 726-8750

matt@housematchfl.com