October Sarasota & Manatee Market Update

Welcome back, everyone! I’m Matt Bohannon with House Match, here with the latest real estate scoop in Sarasota and Manatee counties. With recent storms, presidential election buzz, and interest rate changes, it’s been an eventful month. Let’s dive in to see how these factors are shaping our local market!

Watch the full market update here!

Closed Sales – Delays and Expectations

Closed sales dipped by about 17% from this time last year, largely impacted by the recent storm. Many sales were delayed and will likely show up in October's numbers instead, so we expect this year-over-year change to balance out in the next report.

Cash Sales Hold Steady

Cash sales remain consistent, making up about 34% of total sales—a figure unchanged from last month. Cash remains a reliable method for buyers and sellers in today’s market.

Median Sales Price Trends

The median sales price fell by about 4% year-over-year to $480,000 and slipped around 1% from the previous month. With election season ahead, it’ll be interesting to see if new policies affect buyer behavior or market prices.

Percentage of List Price

This month, sellers received around 95.3% of the original list price, a slight increase from last month’s 94.8%. This is likely linked to the recent Fed rate cuts, showing that interest rate shifts can have a quick impact on market demand and pricing trends.

Days on Market

The median time for a home to go under contract has increased from 28 days last year to 47 days, but month-over-month, homes are selling a bit quicker. Buyers tend to return to the market when interest rates ease up, as homes become more attainable within their budget.

New Pending Sales Are Up

New pending sales rose by about 5% year-over-year, a sign of steady buyer activity even as we head into the traditionally slower months.

New Listings Show a Slight Decline

The number of new listings dropped about 6% year-over-year. Fewer new listings mean we’re not seeing a spike in inventory, which is keeping prices fairly stable. Inventory currently sits at a balanced four-month supply, which is good news for both buyers and sellers.

Advice for Buyers and Sellers

For buyers, patience and preparation are key:

1. Stay Patient: The market is balanced, so take your time finding the right home.

2. Consult Your Agent: A full consultation can help clarify your budget, closing costs, and negotiation options.

3. Tailor Your Search: Inventory levels vary by price range, so work with your agent to understand what's available in your specific budget.

For sellers, it’s all about condition, marketing, and price:

1. Condition: With more inventory options for buyers, homes in the best condition are the most competitive. Consider updates or repairs to make your property stand out.

2. Marketing: Our team at House Match ensures your home gets maximum exposure with top-tier marketing strategies.

3. Pricing: Pricing realistically is essential, especially with buyers having multiple choices. The right price attracts interest and serious offers.

What’s Next?

Looking ahead, we anticipate gradual interest rate relief following the election, which could stimulate more activity from buyers and sellers. Stay tuned for our November update to see how these shifts play out, and as always, feel free to reach out to me or your House Match agent with any questions.