Sarasota-Manatee Real Estate Market Update: July 2024

Hey there, Sarasota and Manatee County homeowners and buyers! It's that time again – your July market update, packed with the info you need to make informed real estate decisions. I'm Matt Bohanon with House Match, and I'm excited to share the latest market trends and what they mean for you.

Closed Sales: A Closer Look

June saw a slight dip in closed sales, about 7% from last year, and an even higher drop from the previous month. But don't let the headlines fool you – we're still on track for a stronger sales year than 2023. Homes are still selling, and there's plenty of action in the market. The key takeaway? Real estate remains a solid investment, and opportunities abound for both buyers and sellers.

Statistics by: https://www.floridarealtors.org/

Cash Sales: Stability Amid Change

Cash sales have held steady, fluctuating between 38% and 42% over the past few years. This consistency highlights a robust market where investors continue to see real estate as a safe haven for their cash. It's a clear sign that confidence in our market remains strong, and there's still plenty of investment happening here.

Statistics by: https://www.floridarealtors.org/

Median Sales Price: Watching the Trends

The median sales price is a crucial indicator of market health, and we've seen a slight drop of 3.7% from last year, now sitting at about $504,000. Prices have been on a bit of a rollercoaster, so it's essential to keep an eye on this metric. Despite the fluctuations, we're experiencing about 2% appreciation in 2024. This means your property investment is still growing in value, offering stability in a dynamic market.

Statistics by: https://www.floridarealtors.org/

List Price Realization: A Market Reality Check

The median percentage of the original list price is down by 1.7% from last year, now at 94.4%. If you list your home at $100,000, you can expect to sell it for $94,400. This slight dip means sellers need to be more strategic about pricing. As sellers adjust their expectations, we anticipate this figure will stabilize and possibly increase. Accurate pricing is critical to attracting buyers and closing deals quickly.

Statistics by: https://www.floridarealtors.org/

Time to Contract: Patience is Key

Homes are taking longer to sell, with the median time to contract jumping 89% from last year, now at 53 days. While this might sound alarming, it's essential to remember that the market is adjusting. If your home has been on the market longer than expected, consider reevaluating the price, marketing strategy, or condition. The right adjustments can make all the difference.

Statistics by: https://www.floridarealtors.org/

New Pending Sales: Signs of Recovery

We saw a 6.5% increase in new pending sales from last year, indicating a market rebound. With interest rates stabilizing and financial uncertainties easing, more buyers are stepping into the market. This uptick is a positive sign for the months ahead, suggesting a healthy flow of transactions.

Statistics by: https://www.floridarealtors.org/

New Listings and Inventory: Balanced Market Dynamics

New listings dropped slightly by 1% from last year, preventing a significant spike in inventory. The current month's supply of inventory is 4.5 months, keeping us in a balanced market. This means there are opportunities for both buyers and sellers. Strategic pricing and a keen understanding of your market segment are crucial to success.

Statistics by: https://www.floridarealtors.org/

Strategic Insights for Buyers and Sellers

In a balanced market, strategy is everything. Sellers need to price competitively and highlight unique features that set their properties apart. Buyers should stay informed about their desired price points and the specific market conditions for those segments. A thorough buyer consultation can provide valuable insights and guide your decisions.

Looking Ahead

Exciting changes are on the horizon with new rules and regulations rolling out next month. I'll dive into these updates in my next market update, so stay tuned!

Thank you for joining me for this July market update. If you have any questions, feel free to reach out to me or your House Match agent. We're here to help you navigate the market and make informed decisionsSee you next month!