Surging Home Prices and Inventory: Is Now the Time to Invest in Sarasota and Manatee?

Lisa McBride March 24, 2023

Sarasota and Manatee counties are experiencing a surge in home prices and inventory as the market continues to boom.

Are you thinking about buying or selling a home in Sarasota or Manatee County? The latest report from the Realtor Association of Sarasota and Manatee (RASM) has some interesting insights that you need to know.

Inventory

continues to increase, which means that there are more homes for sale now than there was this time last year. In fact, there were 5,240 listings at the end of February 2023. Which is a 307.2 percent increase from the same time last year. This is great news for buyers who now have a wider variety of homes to choose from.

Home Sales

Although home sales have decreased compared to the same time last year, February 2023 sales surpassed January’s. Sales decreased year-over-year by 24.7 percent for single-family homes in Sarasota County, and by 10 percent in Manatee County. Similarly, condo sales decreased by 5.4 percent in Sarasota County and by 21.1 percent in Manatee County. However, there were more sales in February than in January–1,168 sales–with a 29.7 percent increase from last month for both property types in the two-county region.

Home Price Increase

The median sale price for single-family homes increased by 10 percent to $495,000 in Sarasota County and by 2.5 percent to $490,000 in Manatee County. For condos, the median sale price increased by 4.4 percent to $385,000 in Sarasota County and by 13.8 percent to $369,900 in Manatee County.

However, despite these increases, I believe many of the current homes on the market are unrealistically priced. This means that there are still opportunities for buyers to find good deals on homes that are priced more reasonably.

Days On Market

The median number of days between the listing to the contract date has increased compared to last year, which means that homes are staying on the market longer. In Sarasota County, the median time to contract for single-family homes increased by 250 percent to 21 days, while condos increased by 216.7 percent to 19 days. The median days to contract in Manatee County was 39 days for single-family homes and 29 days for condos, a year-over-year increase of 550 percent and 480 percent, respectively.

Still a Sellers Market

Overall, Sarasota and Manatee counties remain a seller’s market, with a monthly supply of inventory for both property types at three months. This is a five-fold increase from just under a month a year ago. However, it takes a five to six months’ supply of inventory to indicate a balanced market.

If you’re thinking about buying or selling a home in Sarasota or Manatee County, now is a great time to do it. With more homes on the market and reasonable prices available, buyers have more options than ever before.

Don’t miss out on the remarkable opportunity to capitalize on Sarasota and Manatee’s booming real estate market! Our agents at Sarasota Neighborhood Experts are devoted to making your home buying or selling journey as smooth as possible. We have a passion for helping you turn your property dreams into reality! If you’d like more information on how we can help you meet your goals, give us a call at 941-373-5880 or contact us today.