May 30th, 2024

Sarasota-Manatee County Real Estate Market Update: May 2024

It's that time again – your monthly dose of real estate insights is here with our May Market Update. Whether you're dreaming of buying your first home or gearing up to sell your property, we've got the scoop you need to stay ahead in this ever-evolving market. Think of us as your trusty guide, delivering the essential info and insider tips to help you make savvy decisions. So, grab a cup of coffee, settle in, and let's dive into what's hot and happening in real estate this May.

A Closer Look at Closed Sales

Alright, let's kick things off with closed sales. If you've been keeping up with the news or browsing through MSN or Yahoo articles, you've probably stumbled upon quite a bit of doom and gloom forecasts for the real estate sector overall. However, here's the twist: in Sarasota Manatee County, we're actually seeing a positive trend with a 6.2% increase in closed sales compared to this time last year. And when we look at the bigger picture year to date, there's a noticeable uptick in sales compared to the previous year. It's a reminder that real estate is incredibly local. So, while those headlines might paint a broad picture, it's crucial to ask yourself, "What does this actually mean for me, my area, and my market?" Let's dive deeper into what's happening on the ground.

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

Stability in Cash Sales

Now, shifting gears, let's delve into some other key metrics. Cash sales have shown a notable uptick, marking a 9% increase from April of the previous year. Interestingly, this figure has remained relatively steady, hovering between 38% to 43% consistently. Maintaining this level of cash transactions arguably contributes to the strength of our local market. It serves as a buffer against significant spikes in foreclosures and similar challenges since cash buyers operate with less leverage in the market.

Key Indicators in Market Trends

Looking at the month-to-month fluctuations, let's focus on the median sales price, which has shown some variability recently. Until we discern a consistent trend either upward or downward, we can expect the median sales price to linger around the 520 to 530 range. Now, turning our attention to the median percentage of the original list price, this metric indicates how much sellers can expect to receive. It saw a slight decline of 0.8% compared to this time last year, dropping from 96% to 95.2%. Remember, this figure represents the original list price received and doesn't factor in any subsequent price reductions. Typically, properties initially listed at higher prices may end up with lower percentages after negotiations, underscoring the importance of a sound pricing strategy and negotiating from a position of strength.

Now, let's delve into the median time to contract, reflecting how swiftly a home gets under contract. This metric has seen a notable increase of 78% from this time last year, although it's actually decreased from the previous month. Specifically, we've observed a shift from 23 days in 2023 to 41 days in 2024, indicating that homes are taking an average of about 41 days to secure a contract. If your home is currently listed and surpasses this timeframe, it might be prudent to reassess its condition, pricing, and marketing strategy to ensure they're aligned.

be a good idea to reassess its condition, pricing, and marketing strategy to ensure they're aligned. Now, looking ahead, what can we anticipate for the future?

Future Market Outlook

So, what's in store for the future? Let's peek at pending sales. We've actually seen new pending sales increase by a promising 3.2% from this time last year, which is a good sign as we head into the summer months.

Now, shifting gears to new listings, we've noticed a solid 17% increase from this time last year. Although month-over-month figures have remained steady, it's interesting to see this rise after a period of really tight inventory. It suggests that things are easing up a bit.

And let's talk about pending inventory. That's stayed pretty consistent, as has the total overall month of supply. Although we've seen a significant 60% increase from this time last year, month-to-month, we've actually seen a slight drop. So, what does this mean for you? Well, it keeps us in that middle ground where both buyers and sellers have their own perks. It's all about positioning yourself strategically in this market.

For buyers, there are some great incentives and more room for negotiation. And for sellers, there are still advantages, especially if you've got your pricing right. With a bit more inventory on the market, you can use that to your advantage by making sure your property is looking its best and priced competitively. And hey, you can even work with your neighbors to boost the overall appeal of your area, which can help elevate the value of your own property.

Final Thoughts

Given the high demand in the current market, presenting the best-looking property at the most competitive price is key to generating multiple offers. If you have any further questions about this data, please feel free to contact me via the phone number or email linked below, or reach out to your House Match agent. See you next month. Thanks, everyone!