Sarasota-Manatee County Real Estate Market Update: July 2023

The Latest Trends in the Sarasota-Manatee Real Estate Market

Welcome to the July 2023 Real Estate Market Update, where we provide you with valuable information to guide your buying and selling decisions. In this update, we'll dive into the latest developments in the market. By staying informed, you can make educated decisions regarding your real estate transactions. So, let's explore the key highlights for this month!

Closed Sales Show a Promising Increase

Despite what national headlines may suggest, the local real estate market is showing strength. Closed sales have seen an increase of almost 6% compared to the same time last year. This surge in closed sales points towards a robust demand for properties in the area.

Stable Median Sales Price

The median sales price has remained steady at $524,450, matching last year's figures. It's essential to monitor this figure closely over the coming months to identify any potential trends in pricing. Factors such as future sales, interest rates, and economic changes may influence whether the median sales price shifts up or down.

Buyers Still Finding Deals

The median percentage of original list price received is currently at 96%. This means that if a seller originally listed their home for $100,000, they can expect to sell for $96,000. While this figure remained the same as last month, it is 4% lower compared to last year. This indicates that some sellers might have initially listed their homes at higher prices, resulting in them needing to reduce the price multiple times. However, well-priced homes are attracting significant buyer activity, making good deals stand out.

Time to Contract Increases

The median time to contract has increased from 7 days to 28 days compared to the same time last year. Homes are still selling quickly, but if a property stays on the market for more than a month, buyers might have some room for negotiation. For sellers, this metric serves as a crucial indicator to reassess pricing if their property isn't moving quickly.

Increase in New Pending Sales

Another encouraging aspect of the current real estate market in Sarasota, Bradenton, and Lakewood Ranch is the notable increase in new pending sales. Compared to the same time last year, new pending sales have risen by 2%. This uptick is another positive indicator of the region's thriving real estate activity.

The rise in new pending sales bodes well for the future of the local real estate market, as an increase in pending sales often leads to a subsequent rise in closed sales. As pending sales represent properties under contract but not yet closed, the surge in this metric indicates a growing interest from buyers in the area's available properties.

New Listings Experience a Dip From Last Year

One surprising statistic is the decrease in new listings, which is down 24% from the same time last year. In July, only about 1,600 new listings came on the market, compared to around 2,100 last year. This drop in new inventory could lead to a continuation of suppressed inventory levels. As a result, prices may remain stagnant, and buyers might encounter limited choices in the market.

Supply and Demand Balance

The current market has about three months of supply, up from 1.7 months last year—an increase of 76.5% from this time last year. This figure indicates the number of months it would take to sell all available listings without new properties coming onto the market. With supply still not fully meeting demand, the potential for price increases persists. However, if more sellers don't enter the market, some homes might remain unsold due to unrealistic price expectations.

Advice for Buyers and Sellers

For buyers, there are still opportunities to find favorable deals, especially with some price-to-sales price shifts. Consulting with a knowledgeable agent can help identify these opportunities and navigate the competitive market.

Sellers are advised to price their homes competitively to attract buyers and create multiple-offer situations. Leading the market with an attractive price can help secure a successful sale.

As the year progresses, it will be interesting to observe how factors like interest rates and economic changes impact the real estate market's dynamics.


If you have any additional questions regarding the current market trends in the North Port, FL, Sarasota, FL, Bradenton, FL, and surrounding areas, please reach out to your House Match agent or Matt Bohanon at House Match!

MATT BOHANON

REALTOR® | CEO

(941) 726-8750

matt@housematchfl.com