The real estate market in Sarasota-Manatee is experiencing a shift towards a more balanced environment, according to the latest report by RASM. Here are the key takeaways:
Steady Home Values Despite Increased Inventory
Despite an increase in inventory, home values in the area have held steady. This is good news for sellers who may be concerned about market conditions. Buyers, on the other hand, may find more options to choose from due to the increased inventory.
Increase in Sales and Single-Family Home Sales in Manatee County
Sales were up last month in the Sarasota-Manatee real estate market, and there was a year-over-year increase in single-family home sales in Manatee County for the first time in 12 months. This could indicate a shift in the market towards a more favorable environment for buyers.
Median Prices Decrease in Manatee County, Increase in Sarasota County
While there was an increase in sales, there was also the first year-over-year decrease in median prices in Manatee County since February 2019. In Sarasota County, however, the median price for single-family homes was $528,013, representing an 8.3% increase over last March.
Significant Growth in Condo Prices
Sarasota and Manatee condo prices also saw significant growth compared to March of last year. Despite these increases, the number of sales in March decreased for Sarasota County and increased for Manatee County, compared to the same month last year.
Substantial Increase in Inventory Levels
Inventory levels have increased substantially, with the North Port-Sarasota-Bradenton MSA reporting an almost 250% increase in active listings compared to the same time last year. This increase may be partly due to pricing that has yet to respond to the current market.
Buyer Behavior is Changing
Buyer behavior is changing, with fewer buyers waiving inspections and appraisals as they have more options to choose from. Properties are now taking between 18 to 45 days to go under contract.
Moving Towards a More Balanced Market
The Sarasota-Manatee real estate market is still a seller’s market, but the shift towards a balanced environment is becoming more apparent. With buyers becoming more cautious and sellers adjusting their pricing, the market is gradually moving towards a more balanced state.
Read RASM full report on Sarasota-Manatee Real Estate Market: Sales and Inventory Trends on the Rise here: https://www.myrasm.com/wp-content/uploads/2023/04/March-2023-Press-Release-and-Statistics.pdf
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