Sarasota-Manatee County Real Estate Market Update: April 2024

Get ready for your April market update, where we spill the beans on all things real estate in Sarasota and Manatee County. Whether you're eyeing a purchase or gearing up to sell, we've got the inside scoop just for you. Let's jump right in and uncover what's been shaking up the scene.

Market Momentum

New pending sales, a good indicator of future market activity. It's up about 2% from last year, signaling market strength with 1600 homes under contract. As we head into the summer months, traditionally busier than the start of the year, this uptick is promising. Despite a slight drop in new listings, our inventory remains consistent at around 6000 homes, maintaining a balance with around a 4.7-month supply.

Closed Sales Remain Higher Overall

There has been a slight decrease of approximately 8.2% compared to the same period last year. Nevertheless, overall closed sales remain higher than they were at this time last year. Looking ahead, the forthcoming election adds an intriguing element to observe in the market's trajectory.

Cash Sales Show Strength in Consistency

Cash sales experienced a decrease of around 8%, mirroring the trend seen in closed sales, yet maintaining a relatively steady consistency. These cash transactions continue to represent approximately 38 to 40% of total sales in the Sarasota-Manatee area.

Median Sales Price and Market Stability

The median sales price, a key indicator of overall pricing trends, remained relatively stable compared to the previous month, showing a slight decrease of about 1.9% from the same period last year. Tracking month-to-month changes helps gauge whether prices are trending upwards or downwards, and with inventory gradually increasing, it will be intriguing to observe if this trend continues or if adjustments occur in the future.

The median percentage of the original list price shows us how far off seller expectations are versus buyer offers. It increased slightly to 95.9% from February, underscoring the importance of effective listing strategies in a competitive market. As inventory grows, the role of listing agents in accurately pricing properties becomes even more crucial, highlighting the significance of strategic pricing and marketing to ensure properties stand out to potential buyers.

Time to Contract

How quickly are homes selling? A decent increase of 36% compared to last year, we have seen this trend upwards over the last year.  However, there was a slight dip of two days from the previous month, and we are still seeing homes priced correctly sell faster than the median.

Final Thoughts

Real estate is hyper local, national trends are just that. There will be different things happening on State and National Levels. Don't buy into the hype good or bad. Work with your House Match Agent to determine what the best move is for you and your family. 

FULL APRIL 2024 MARKET REPORT
If you have any additional questions regarding the current market trends in the Sarasota, FL, Bradenton, FL, Lakewood Ranch, FL and surrounding areas, please reach out to your House Match agent or Matt Bohanon at House Match!