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Unpacking Sarasota’s Housing Market: Are Home Prices Dropping?

Lisa McBride February 22, 2024

Hey there, curious minds! Wondering if Sarasota, Florida’s home prices are on the downswing? Let’s unravel the market trends and find out what’s cooking for savvy buyers like you!

Understanding the Market Shifts

In January 2024, Sarasota’s housing market had some interesting twists. The REALTOR® Association of Sarasota and Manatee (RASM) shared data that showed trends continuing from late 2023. Let’s keep it simple and break it down!

More Choices, Better Deals for You

Guess what? There’s more inventory now, and houses are taking a bit longer to find their new owners. But here’s the cool part – it means you have more power when it comes to prices, repairs, and closing costs!

Prices on the Rise (But Not Too Much!)

Home prices went up a bit. In Sarasota County, single-family homes bumped up by 16.3% to $535,000, and in Manatee County, they rose by 3.8% to $525,000. Condo prices also went up a smidge, showing the market’s steady vibes.

More Homes Sold, Hooray!

Good news for sellers – more homes got snatched up! Sarasota County’s single-family homes had a nice 18.5% jump, and Manatee County followed with a 10.9% rise.

So Many Options for You

Thinking of moving? You’ve got tons of choices! Sarasota and Manatee counties almost doubled their active listings compared to last year. Whether you’re into houses or condos, the options are flowing.

More Time, More Choices

Now, the Monthly Supply of Inventory (MSI) has gone up, making it a bit more buyer-friendly. Sarasota County’s MSI for single-family homes rose by 75%, and Manatee County went up by 21.9%. Condos reached new records, giving you more opportunities!

Quick Deals, But a Bit More Patience

If you’re eyeing a quick deal, Sarasota County takes around 38 days, and Manatee County takes about 41 days. Keep in mind, that these numbers went up from last year, so a bit of patience might pay off!

So, what’s next? Our team suggests keeping an eye on interest rates and insurance costs. If things swing in buyers’ favor, we might see more action in the market. Stay tuned for updates on Sarasota’s lively housing scene!

For more detailed stats from 2015 onwards, visit (MyRASM.com/statistics)

Remember, Lisa McBride and the Sarasota Neighborhood Experts are your go-to guides for all things real estate in sunny Sarasota, Florida! #SarasotaRealEstate #HomeSweetHome

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