After a few years of unparalleled growth, the housing market in Sarasota, Florida, (and its surrounding markets) has started to change. What does this mean for homebuyers and Sellers going forward? When the real estate market starts to shift, navigating it gets more complicated. At Candy Swick & Company, we are deeply familiar with the Sarasota area market and how it continually evolves. Here’s what you need to know about what’s happening and what you can expect.
A Snapshot of the Sarasota/Manatee Housing Market
For a few years, the housing market in Sarasota and Manatee has been red hot, with soaring prices and lightning-quick sales. Recently, however, those trends have been adjusting.
At one point, many of the homes were selling for above or at the listing price. According to Stellar MLS statistics in May, Sarasota County homes are selling about 94% at the average list price. This average is down about 7% from last year, when we were selling approximately 101% over the original list price. In Manatee County, the numbers are comparable. Houses are also staying on the market longer. In May 2022, the average days on the market was 12, this year the numbers have risen to 40-60 days for both Manatee and Sarasota counties.
The price increase is also slowing down, but that doesn’t mean prices are dropping. By some estimates, house prices this year have grown by 1.6%. While that’s nowhere near the double-digit increases that have been seen recently, it’s still growth.
Are Homeowners Getting Their Listing Price?
Although the Sarasota and Manatee County real estate market remains strong, there are signs that it’s time for sellers to be more cautious about their asking price. Houses are taking longer to sell, and that affects the prices.
In May of this year, the median listing price for a home was $450,000-$475,000 in both counties, while the median sale combined county average price was $458,000.
Unlike a few years ago, you don’t have to assume that every house on the market will sell for more than it was listed for. With the added wiggle room in pricing, working with an agent who knows the market and how to navigate it is more important than ever.
What to Expect in 2023
With this snapshot of the trends today, is it possible to predict what’s ahead this year for the Sarasota and Manatee area real estate markets? It’s probably a fair guess that prices may start to slow slightly as homes stay on the market longer. Sellers may feel some pressure to list their homes at lower prices.
However, this market cooling must be examined in context. Growth in the Sarasota and Manatee real estate market has been red-hot recently, so a more modest growth rate can be mistaken for losing ground. However, while these changes represent an improved buyer opportunity, sellers still have ample reason to expect a good sale.
Find Your Perfect Home in Sarasota: Contact Candy Swick & Company Today
If you’re looking to buy or sell property in Sarasota, having a local expert at your side is more important than ever. Candy Swick is committed to ensuring clients get the best results, and they know this market inside and out. With a built team of knowledgeable, hard-working, and trustworthy agents, you can be confident that the experts at Candy Swick & Company will do everything possible to get you a great deal on the home of your dreams. For more information, we invite you to contact us today.
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