Sarasota County Real Estate Market Update November 2022

Sarasota County Real Estate Market Update November 2022

 The REALTOR Association of Sarasota and Manatee has released the latest numbers for the real estate market here in Sarasota County. What are they telling us?

Well, the Sarasota housing market continues to show healthy growth with close sales and the month supply of inventory more comparable to pre pandemic levels. 

Hey everyone, as always, I'm Troy Sacco with Generous Property Real Estate to discuss our local real estate market. Every month we analyze the previous month's numbers to help guide our clients to make the best decision possible when it comes to buying and selling real estate.

Now Let’s jump right into the numbers! Starting with single family home sales. In Sarasota County, there is just 2.1 months of inventory. Up from last year when it was less than one month at .8 months. But just like last month we’re still in a seller’s market.

There was a total of 520 single family homes that sold in October 2022. Down 45% year over year. But up from 458 last month. The median days on Market has increased to 20 days. Seven days more than a year ago and the same as last month.

There were 1,587 listings on the market is which is up 124% from last year and down just 4 from last month. The median sales price increased by 31% to $537,500. But believe it or not, that number is up over $40,000 from September. That’s really quite a difference in 30 days.

The median percent of original list price received for single family homes was 96.7% that's down from 100% a year ago. Keep an eye on this one statistic in ALL the property categories we review today. It is really standing out and pointing towards a major change in the market.

Jumping to townhomes and condos, Guess what? Also, still seller's market with 1.8 months of inventory up from .7 months last year. There are 660 condos and townhouses for sale. Up 110% from a year ago and 74 from last month. There's a total of 250 units that sold in October 2022. Down 22% since this time last year and 15 more than just last month.

The median days on contract has increased to 28 days. Up from 6 days one year ago and 10 days more than just last month. The median sales price increased by 23% from last year to $386,580 that number is down from $400,000 just last month. Here the median percent of original list price received is also at 96.5% same as single family homes. That number is down again from 100% last year. As you can see in this price category the trend continues.

Now we come to the Luxury Market, or properties over $1,000,000. Here the market is moving towards the buyers but still has a way to go with 3.8 months of inventory. Up 2 months from a year ago. However, that is down from last month’s 4.2 months of supply.

We have 447 luxury homes for sale. Up 73% from last year. 265 went under contract which is 30% higher than last year There's a total of 105 homes that sold in September 2022. Up 21% over this time last year.

The median days on Market has increased to 33 days. Up from 13 days a year ago. Last month that number was 20 days. The median percent of original list price per received is at 93.8% for luxury properties. Last year it was 97.6%. Again, we are seeing the trend in this statistic, sellers are no longer, for the most part, getting their full asking price. And price reductions are back on the table.

Do you think the days of multiple bids are in the past now? As we’ve said in previous videos inflation along with the rising interest rates are beginning to suppress the growth of closed sales that we saw in our recent past.

Remember there still is only two to three months’ worth of inventory so technically is a seller’s market. But Sellers, understand that inflation and higher interest rates have affected the market so be sure to price your property appropriately. There STILL are plenty of Buyers flocking to our great state of Florida!

I hope you found this information helpful. If so, please hit the like button, leave a comment or submit any questions below, also be sure to subscribe to our channel. And remember, the more you focus on the good, the more good comes into your life. Hope to see you around town.