September 2024 Market Update

It's time for your September Market Update! The info you need to know when it comes to your real estate buying and selling needs. From shifts in closed sales to fluctuations in median home prices, we’re here to give you the essential data to navigate the Sarasota and Manatee County market. Whether you're buying or selling, staying informed is key to making smart decisions in today’s housing market.

Check out the video for all market insights! Be sure to subscribe to stay up-to-date on all real estate news.

Closed Sales.

We saw closed sales in Sarasota and Manatee County drop about 1% from this time last year. However, still pacing ahead of 2023 total sales.











Median Sales Price

This data is always in conversation. How much, should I pay for my home? Is it trending up or down? We saw the median sales price drop about 6% year over year. However, it's more important to look at this from month to month. We saw this one drop about $2000 from last month. 


We're still looking for a trend to emerge whether it's up or down. It's going to be interesting to see how interest rates move, now that the Fed funds rate has been cut. We've seen interest rates on mortgages drop to about the lowest point in two years. Over time, we'll see what type of impact that's going to have on the median sales price and if that helps affordability. And at the end of the day, payments are what people tend to be most conscious about. We're going to continue to pay attention to that one as we go forward.

Median Percentage of the Original List Price.

How much can a seller get for their home? And how much can a buyer expect to pay? We saw this one drop about 2% year over year from 96.4% to 94.6%. However, month over month, it's staying pretty consistent. Simply, homes listed for $100,000 originally, you can expect it to go for $94,600.


This one is going to be interesting to pay attention to as well. If sellers are getting the right advice, and staying competitive, that number can go up. And you got to be aware of the specific market that you're looking at.

Median Time to Contract. 

How long are our homes taking to sell year over year? This one is up 56% from 32 days to 50 days. However, month over month that number stayed pretty consistent from that 48 to 52 days. If your home is on the market longer than 50 days, take a look at the condition, and make sure its condition and price are better than the other homes with which you're competing. Are you are you helping sell the other homes or is your home price competitively so it stands out?


Pending sales

We saw pending sales stay pretty consistent compared to last year. Overall, stayed pretty flat and we're up about 1% year over year.








New Listings.

If you’re a seller, how many homes came on the market to compete with yours? We saw this number stay pretty consistent year over year. It is down about 3.5%, but still in that 1500 to 1600 home range. 






Inventory 

How many homes do we have on the market? Just a pretty consistent month over month, right, in that four month range, which, means that if every home sold (with no new listings) we wouldn't have any more inventory in four months.




Conclusion

It'll be interesting to see what happens come October or November with election season, with all the promises both presidential candidates make to see what happens and how that affects the economy overall and home sales in particular. With interest rates dropping, it makes homes more affordable. If you've been waiting on the fence, I would take a look and see. Hey, let me talk to my House Match agent to see, where this priced me into the market. Are there extra benefits or bonuses I can take advantage of? On the seller side, we're still seeing things sell quickly if it's priced correctly and the condition is there.

Make sure you're talking to your House Match agent to make sure you have the right listing strategy. If you have any questions on any of this, please feel free to reach out to me any time until next month. Thanks, guys!




House Match - Matt Bohanon

941-900-3393

matt@housematchfl.com

6320 Venture Drive Suite 205 Lakewood Ranch, FL 34202