Real Estate Local Market • May 22, 2024

April 2024 Real Estate Market Report: Sarasota and Manatee Counties

by Gina Larouche

April 2024 Real Estate Market Report: Trends in Sarasota and Manatee Counties

Posted by: Communications Department on Wednesday, May 22, 2024

The REALTOR® Association of Sarasota and Manatee (RASM) today released its monthly market report detailing the real estate trends for April 2024. The data reveals a significant shift in the market dynamics of both counties, marked by rising inventory levels, extended time on the market, and varying price trends.

Key Trends in April 2024:

Inventory Surge: The increase in active listings for both single-family homes and condos suggests a growing supply, which could lead to more competitive pricing and longer times on the market.
Sales Activity: Despite the higher inventory, closed sales for both single-family homes and condos have risen, indicating sustained buyer interest.
Market Shift: The substantial increase in the median time to contract and sale times indicates a market shift towards longer selling periods, likely due to the increased inventory and possibly more selective buyers.

Inventory continues to be a topic of discussion in April 2024. In Sarasota County, inventory increased year-over-year by 81.2 percent to 3,305 for single-family homes and 91 percent to 2,124 for condos. In Manatee County, inventory increased by 60 percent to 2,450 for single-family homes and 92.4 percent to 1,512 for condos.

“The significant rise in inventory across both counties is a clear indication of a shifting market dynamic. Buyers now have more options to choose from, which is reflected in the extended time properties are staying on the market,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty.

In April, the months’ supply of inventory (MSI) for single-family homes decreased from one month ago from 5.3 months to 5.1 months in Sarasota County and from 4.1 months to 3.9 months in Manatee County. For townhomes and condos, the MSI decreased from 6.8 months to 6.7 months in Sarasota County and from 6.4 months to 6.3 months in Manatee County.

There was a total of 1,496 closed sales for single-family homes in Sarasota and Manatee, a 6.2 percent increase from the same time last year. Closed sales for condos increased by 10.6 percent to 707 sales across both counties.

“It’s encouraging to see closed sales increase, even with the higher inventory levels. This indicates that buyers are still actively engaging with the market, taking advantage of the increased options available to them,” added Barrett.

The median time to contract in Sarasota County is 40 days for single-family homes and 48 days for condos, a year-over-year increase of 90.5 percent and 118.2 percent respectively. In Manatee County, the median time to contract increased by 57.1 percent to 44 days for single-family homes and by 63 percent to 44 days for townhomes and condos.

The median sales price for single-family homes in Sarasota County increased year-over-year by 3.8 percent to $540,000 and remained steady at $399,000 for townhomes and condos. In Manatee County, condo prices decreased by 7.5 percent to $352,420, and single-family home prices decreased by 7 percent to $530,000.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

Real Estate Local Market • April 19, 2024

2024 RE Market in Sarasota & Manatee: Trends and Predictions

by Gina Larouche

The 2024 Real Estate Market in Sarasota and Manatee Counties: Trends
and Predictions.

See FULL REPORT HERE

SARASOTA, Fla. (April 18, 2024) – The real estate markets in Sarasota and Manatee counties have undergone significant changes throughout the first quarter of 2024, reflecting broader economic influences and evolving buyer and seller behaviors. This press release provides an overview of these
changes, based on the latest data released by Florida Realtors®, and offers insights into the implications for the remainder of the year.

Key Trends in Q1:
• Increased Inventory Levels: Inventory grew 64.6 percent for single-family homes and 90.9
percent for townhomes and condos across both Sarasota and Manatee Counties since Q1 2023,
significantly shifting market dynamics.
• Extended Time on Market: Median time to contract for single-family homes and condos
increased to an average of 43 days in Sarasota County and 51 days in Manatee County in Q1 of
2024, indicating that properties are taking longer to reach the closing phase.
• Price Adjustments: Median sales price decreased year-over-year in March 2024. Single-family
homes decreased 0.6 percent and townhouses and condos decreased 6.1 percent combined across
Sarasota and Manatee counties.
• High Cash Sales: In Q1, cash sales increased by a total of 5.9 percent across Sarasota and
Manatee counties for single-family homes and condo transactions. This trend highlights a
significant portion of buyers and investors, who prefer or can bypass traditional financing routes.
The data suggests that both Sarasota and Manatee counties are transitioning towards market conditions that favor buyers, with more negotiating power due to increased supply. However, the high rate of cash sales continues to impact the dynamics, potentially sidelining first-time homebuyers and those reliant on financing.

“The real estate market in 2024 has been one of adjustment and realignment. Buyers and sellers in Sarasota and Manatee counties should stay informed on these trends, as they indicate a more competitive market heading into 2025,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “Particularly, buyers have more options and leverage, while sellers might need to adjust expectations regarding pricing and time on market.”

March 2024 Statistics

Inventory/listings, has more than doubled in both counties when compared to March of 2023. In Sarasota County, inventory increased year-over-year by 76.6 percent to 3,374 for
single family homes and 100.3 percent to 2,153 for condos. In Manatee County, inventory increased by 51.3 percent to 2,581 for single family homes and 78.9 percent to 1,519 for condos.

In March, the months supply of inventory (MSI) for single-family homes increased to 5.3 months in Sarasota County and 4.1 months in Manatee County. For townhomes and condos, the MSI increased to 6.8 months in Sarasota County and to 6.4 months in Manatee County. Florida Realtors® states that the benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory.

The median time to contract in Sarasota County is at 40 days for single-family homes and 51 days for condos, a year-over-year increase of 60 percent and 183.3 percent respectively. In Manatee County, median time to contract increased by 10.9 percent to 51 days for single-family homes and by 134.8 percent to 54 days for townhomes and condos.

The median sales price for single-family homes in Sarasota County decreased year-over-year by 2.5
percent to $515,000 and decreased by 8.9 percent to $385,775 for townhomes and condos. Manatee
County condo prices decreased by 2.8 percent to $342,988, while single-family home prices increased by 1.4 percent to $498,805.

In March 2024, cash sales remained high.

Sarasota County reported 44.5 percent of single-family home sales and 70.3 percent of townhome and condo sales were paid for in cash.

Manatee County had 33.4 percent of single-family homes and 51.8 percent of townhome and condo sales paid for in cash.

There were 1,453 closed sales for single-family homes in Sarasota and Manatee, an 8.2 percent decrease from the same time last year. Closed sales for condos decreased by less than one percent to 686 sales.

As the market begins to shift to more competitive levels, these current trends provide opportunities for buyers but require sellers to be more strategic in their approach.

——————————————————————————————————–

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For
comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics. The REALTOR® Association of Sarasota and Manatee (RASM) is the largest real estate trade association in Sarasota and Manatee counties, serving over 9,000 members. For more information, call (941) 952-3400 or visit www.myrasm.com.

Real Estate Local Market • January 17, 2024

** Foreign Buyer Registration has begun today … 1/17/2024

by Gina Larouche

FREC’s Affidavit Rule Effective Today

By Amy Connolly

FREC adopted a rule to implement a portion of Senate Bill 264 entitled Interests of Foreign Countries.

ORLANDO, Fla. – A rule containing buyer affidavits went into effect today, Jan. 17, 2024. It was created by the Florida Real Estate Commission (FREC) with the help of industry partners. It relates to SB 264, which, in part, regulates the sale, purchase and ownership of certain Florida properties to foreign principals, persons and entities, and went into effect on July 1, 2023.

Buyers are to sign the applicable affidavit (one form is for buyers who are natural persons, and one form is for buyers that are entities) “at the time of purchase,” which the rule specifies is at closing. There is no responsibility for a real estate licensee to provide the affidavit to the buyer. Instead, real estate licensees should advise the parties in the transaction to seek the advice of counsel when they are seeking answers to their legal questions as they relate to this law.

SB 264, the rule and requirements, along with the affidavit, can be found on the Florida Administrative Code and Register website.

DECEMBER 2023 – HAPPENINGS IN SARASOTA !!

by Gina Larouche

Experience the enchantment of the 45th Annual Holiday Night of Lights, transforming St. Armands Circle into a Gulf Coast holiday haven. Immerse yourself in the festive kick-off at 5:30 p.m., followed by a joyous Christmas Carol Sing-a-long at 6 pm. Help Santa count down the final 10 seconds to illuminate the Circle with our 60-foot Christmas tree!

December 1–3

Siesta Beach Seafood & Music Festival

Partake in the festivities at the 6th Annual and enjoy fresh seafood and live music at Siesta Key Pavilion. Indulge in a diverse menu featuring locally sourced, sustainable seafood, meat and vegetarian options, and a variety of side dishes and desserts. Quench your thirst with a selection of alcoholic, non-alcoholic, and fruit drinks. Bring family and friends for a delightful weekend by the Gulf Coast.

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December 1–21

North Pole Express

Embark on a magical 35-minute journey from Parrish, Florida, to the North Pole. Disembark at the festive North Pole station to meet Santa, enjoy entertainment, activities, campfires, and indulge in unlimited hot chocolate and cookies with your train ticket. Additional food and beverages are available for purchase. Dates, times, and ticket prices vary. All children aged one and up require a ticket for the enchanting North Pole Express by the Florida Railroad Museum.

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December 2

27th Annual Sarasota Holiday Parade

Join the festive spirit at the 27th Annual Sarasota Holiday Parade, a beloved tradition that has enchanted the community for nearly three decades. Delight in a vibrant procession featuring dazzling floats, marching bands, and festive displays. Gather with family and friends along the parade route to celebrate the season’s magic and create lasting memories. Don’t miss this joyous spectacle that embodies the holiday spirit and brings the Sarasota community together.

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December 3

Sarasota Veg Festival

A festival for all, this distinctive event showcases local eco-friendly and cruelty-free products and food. Explore the science behind the advantages of a plant-based diet through expert speakers, cooking demos, vendors, and animal rescues. Enjoy family-friendly entertainment and activities at this inclusive gathering promoting sustainability and well-being.

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December 4

Sweet Caroline Tour

Witness the ultimate Neil Diamond Concert Celebration with the world’s No. 1 Diamond performer, Jay White. This authentic experience, born from Neil Diamond’s retirement and global demand, showcases Jay and the Sweet Caroline Tour Band delivering hits and gems with the same energy and artistry that defined Neil’s incredible 50-year career.

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December 7

Chanukah on Main Street

Celebrate Chanukah with Chabad of Bradenton & Lakewood Ranch! Enjoy a concert by Rappin Rockin Regge Rabbi, Dr. Laz, and the Color Orbeez Menorah. Activities include a Gelt Drop, Color & Light Bubble Show, Dreidel Moonbounce, and more. Indulge in Kosher BBQ, Kona Ice, and a Latke Bar. Don’t miss street art, face painting, music, and exciting raffles!

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December 7

Christmas Walk

Experience festive delights during extended hours at shops along Miami, Tampa, and West Venice avenues. Enjoy live music, delectable treats, and the enchanting twinkle of lights on decorated trees. Take a leisurely stroll, reveling in the warm glow emanating from holiday-adorned storefront windows for a truly magical holiday atmosphere.

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December 7–10

World Champions Cup

The inaugural World Champions Cup, a revolutionary annual three-team golf tournament, unfolds at The Concession Golf Club in Bradenton. Featuring Team International, Team Europe, and Team USA, this PGA TOUR-sanctioned event showcases legends in a unique nine-hole format. A perfect blend of golf tradition and innovation, celebrating international talent on a global stage.

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December 8–30

Lights in Bloom

Revel in the return of the festive tradition, Lights in Bloom! Experience over two million lights adorning the breathtaking Selby Gardens, illuminating every garden and walkway. Enjoy food, activities, and entertainment amidst the enchanting display. Recognized as No. 8 among the Best Botanical Garden Holiday Lights in the country by USA Today, this event promises a magical celebration.

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December 9

An Old Florida Christmas

Experience an old-fashioned Florida holiday celebration at Manatee Village Historical Park. There will be food, crafts, music, and vendors selling handmade crafts and goods. There will be a free “make and take” seasonal crafts portion as well. The Victorian and Florida pioneer-inspired décor will make you feel like you are walking through a Christmas movie!

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December 9

37th Annual Holiday Boat Parade

Experience the festive Boat Parade on Sarasota Bay sponsored by Suncoast Charities and Marina Jack. Admission is free and the best place to view the parade is at Bayfront Park or Marina Jack. Bring unwrapped toys for charity. Route may change based on weather. Enjoy VIP perks at Marina Jack, including open bar, food buffet, and prime parade viewing.

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December 14

Sarah Brightman: A Christmas Symphony

Embracing the festive spirit as an annual tradition, the world’s top-selling soprano and acclaimed Grammy® Award-nominated artist, Sarah Brightman, is back with her A Christmas Symphony tour! Joined by an orchestra, choir, and special guests, this enchanting holiday extravaganza will showcase Sarah’s rendition of beloved holiday classics and her greatest hits.

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December 15

Publix Jingle 5K

Join the festive fun at the largest holiday 5K Run/Walk in Sarasota and Manatee counties! The Publix Jingle 5K, supporting Lakewood Ranch Medical Center Foundation and the Big Bill Foundation, offers a spirited start to the season. Navigate the illuminated 3.1-mile course with street lights, snow machines, and holiday music. The post-race celebration features delicious food, beverages, and exciting activations!

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December 23

Christmas on Main

Celebrate Christmas on Main at Lakewood Ranch on December 23, 4–8 p.m.! Join the town’s grandest Christmas party with free games, rides, photo booths, and family attractions. Cap off the festivities with a special candlelight service 7–8 p.m. Don’t miss the chance to meet Santa himself during this joyous family event!

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December 31

New Years Eve at Waterside

Ring in the New Year at Waterside Place Plaza on December 31, 6 p.m. to midnight! Presented by Lakewood Ranch Community Activities, join the festivities with DJ Truth’s live music, delectable food trucks, drinks, and games for all ages. Experience the highlight: a stunning live Drone Light Show presented by Waterside Place and Capstan Financial Consulting Group.

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LIVE Local Theatre

Asolo Repertory Theatre

Running through January 4: Step into the past and let Crazy for You whisk you back to the Roaring Twenties! This Tony Award®-winning, romantically rhythmic musical comedy has captivated audiences around the globe. Immerse yourself in the timeless tunes of Gershwin, including classics. Filled with comedic flair, dazzling dances, and wholesome family fun, Crazy for You is a delightful, brand-new production of a charmingly old-fashioned musical, expertly crafted under the direction and choreography of Denis Jones.

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Florida Studio Theatre

Deck The Halls runs through December 24. Experience a fresh take on everything that makes Christmas and Hanukkah special in Sarasota! Deck the Halls presents a brand-new rendition with original songs and sketches, gearing up audiences to celebrate the holidays, Florida style. Anticipate palm trees adorned with decorations, sea swimming, sand snowmen, and more. A cherished Sarasota holiday tradition, Deck the Halls welcomes families to embrace the festive spirit and participate in the interactive fun of this annual show.

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Lemon Bay Playhouse

The Christmas Express runs through December 17. In the dreariest place on Earth, Hilda complains about the monotony of running Holly Railway Station. However, everything changes when Leo Tannenbaum unexpectedly arrives on Christmas Eve. Suddenly, the old radio springs to life, the carolers sound angelic, and the whole town embraces the Christmas spirit. Packed with quirky small-town characters, this nostalgic theatrical card joyfully unravels the wonders of Christmas, leaving everyone longing for a ride on The Christmas Express. You do not want to miss out on this show!

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Sarasota Circus

Running through December 31: Join Nik Wallenda and the Circus Arts Conservatory for the holiday extravaganza, A Brave New Wonderland at UTC’s holiday-themed Big Top. Experience a heartwarming journey blending the magic of winter holidays and diverse traditions. With breathtaking performances, captivating stories, and the inspiring message of “Never Give Up!” by Wallenda, Brave New Wonderland aims to unite audiences by celebrating both the magic of the season and the strength found in embracing diversity

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Players Centre for Performing Arts

A Tuna Christmas runs through December 17. In this side-splitting follow-up to Greater Tuna, the holiday season descends upon the third tiniest town in Texas. Radio station anchors Thurston Wheelis and Arles Struvie find themselves narrating the merriment of Christmas, which includes the fierce rivalry in the traditional lawn-decorating competition. Meanwhile, in other noteworthy updates, the ambitious Joe Bob Lipsey’s staging of A Christmas Carolfaces a precarious situation due to unpaid electric bills.

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Van Wezel

December 13 only: Marie Osmond—An Orchestral Christmas. Over an illustrious six-decade career, Marie Osmond has thrived in the entertainment industry as a renowned singer, television performer, talk show host, dancer, actor, author, entrepreneur, and public speaker. Achieving international superstardom, her debut single Paper Rosessoared to the No. 1 spot on two Billboard charts, solidifying her status among musical royalty. Sharing the stage with her is the talented Daniel Emmet.

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Manatee Performing Arts Centre

She Loves Me runs through December 10. A perfect holiday treat! In this aromatic tale of mistaken identity and letter exchanges, two quarrelling perfume clerks remain oblivious to the fact that they’re actually in love. Regarded as one of the most delightful musicals, this is a heartwarming romantic comedy infused with sweet innocence and a dash of old-world sophistication.

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Sarasota Opera House

December 17–18 enjoy The Nutcracker. Don’t miss the opportunity to witness Clara’s timeless tale and her enchanting adventures. Experience the holiday magic with The Sarasota Ballet Studio Company, students from The Sarasota Ballet School, and The Sarasota Ballet’s Margaret Barbieri Conservatory. The performances will also feature dancers eager to showcase their talent in The Sarasota Ballet School’s rendition of The Nutcracker.

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Urbanite Theatre

It’s the Regional Premiere of The Sound Inside runs through December 3. Bella Baird, an isolated creative writing professor at Yale, finds an unexpected connection when she mentors Christopher, a brilliant yet mysterious student. Their lives and the narratives they craft about themselves become intricately woven together, leading Bella to make a request of Christopher that leaves them both uncertain about its feasibility.

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McCurdy’s Comedy Theatre

Drag Queen Bingo Extravaganza on December 10. Bingo excitement awaits! Join the fun with Tamiami Trails and special guest stars in a lively variety show. Enjoy hilarious live performances by the region’s fabulous Drag Queens, with three thrilling Bingo games called throughout the event. It’s a night of laughter, celebration, and glamour at this dazzling cabaret!

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Westcoast Black Theatre Troupe

Joyful Joyful runs through December 30. Join in the holiday celebration with the spirited and uplifting performances of Westcoast Black Theatre Troupe’s singers, dancers, and musicians! Experience a delightful blend of new interpretations of traditional holiday tunes, infused with gospel and pop elements, offering a joyful and soulful twist to your favorite seasonal music.

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Venice Theatre

Running through December 20: A Christmas Carol. Celebrate the season with gratitude as Venice Theatre presents the musical rendition of A Christmas Carol, bringing the festive spirit of the year-end holidays. Seasoned performers from past productions, including Brad Wages as Scrooge, unite with new cast members to share Charles Dickens’ timeless tale of redemption and renewal.

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Local Farmers Markets

Downtown Sarasota

Saturdays 7 a.m. – 12 p.m.

View Market

Downtown Bradenton

Saturdays 9 a.m. – 2 p.m.

View Market

Venice

Saturdays 8 a.m. – 12 p.m.

View Market

Lakewood Ranch

Sundays 8 a.m. – 12 p.m.

View Market

Phillippi Farmhouse Market

Wednesdays 8 a.m. – 1 p.m.

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Atlanta Braves Farmers Market

Wednesdays 8 a.m. – 12 p.m.

View Market

Real Estate Local Market • November 30, 2023

Sarasota-Manatee Housing Inventory Climbs to its Highest Point for 2023

by Gina Larouche

Housing inventory in both Sarasota County and Manatee County is on the rise, marking the highest number of listings reported this year in October. The latest data, sourced from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), indicates an uptick in home sales and an influx of new listings added to the market.

Combined sales for both property types in the North Port-Sarasota-Bradenton MSA increased year-over-year by 4.3 percent to 1,608 sales in October. In Manatee County, single-family home sales increased by 6.5 percent to 609 sales and condo sales increased by 7.5 percent to 215 sales. In Sarasota County, single-family home sales increased by 3.5 percent to 538 sales, while condo sales decreased by 1.6 percent to 246 sales. When compared to the previous month, there were 9.2 percent fewer home sales in October than in September of 2023.

“Compared to the rest of the country where home sales are declining in most markets, our housing market is telling a different story,” Brian Tresidder, 2023 RASM President and Vice President of Operations at William Raveis Real Estate. “This month’s data showcases an increase in sales, a rise in new listings, a leveling of the time from listing to contract, and strong inventory growth – all signs that point toward a more balanced market in our future.”

In October, median sale prices increased year-over-year for condos but decreased for single-family homes. The median price for Sarasota condos increased by 10.3 percent from last year to the highest recorded price in 2023 at $426,500, while the condo price in Manatee County increased by only 0.4 percent from last year to $370,000.

Median sale prices for single-family homes experienced the largest year-over-year percentage decrease for both counties so far this year. In Manatee County, the median sale price for single-family homes decreased by 12.8 percent, settling at $479,000, while Sarasota County saw a 3.3 percent decrease, bringing the price to $520,000 in October.

The month’s supply of inventory reached a new high for 2023, surpassing any other month thus far, and in some markets, it hasn’t been this high since 2020. For single-family homes, the month’s supply of inventory in Sarasota increased year-over-year by 77.3 percent to a 3.9-month supply and increased by 17.9 percent to a 3.3-month supply in Manatee County. Sarasota condos increased by 144.4 percent to a 4.4-month supply, and Manatee condos increased by 65.2 percent to a 3.8-month supply.

“Inventory has been on this steady increase since 2022, and while we’ve hit the highest it’s been all year, it’s still not quite back to pre-pandemic levels,” added Tresidder. “The good news is that we’ve been trending upward and we’re getting closer to the benchmark for a balanced market, which is a 5.5-month supply.”

The inventory of active listings is at its highest for the year with 6,710 active listings in the MSA at the end of October, a 46.9 percent increase from the same time last year and a 14 percent increase from the month prior. Across the two-county region, single-family home inventory increased by 32.8 percent to 4,418 active listings, and condo inventory increased by 84.7 percent to 2,292 listings.

New listings continue to rise this month, showing the highest year-over-year percentage growth for 2023 in October. At the end of the month, there were 2,614 new listings combined for both single-family homes and condos in the MSA, an 18.1 percent increase when compared to the previous month and a 46.3 percent increase when compared to the previous year. Broken down for each property type, there were 1,763 new listings for single-family homes and 851 new listings for condos in Sarasota and Manatee.

Another sign of the market’s return to pre-pandemic activity is the median time from listing date to contract date, with the shrinking year-over-year percentage gains each month. Single-family homes in Sarasota and Manatee counties went under contract within a median of 29 days, a year-over-year increase of 45 percent in Sarasota and 20.8 percent in Manatee. For condos, the median time to contract was 32 days for Sarasota and 30 days for Manatee, an increase of 14.3 percent and 36.4 percent respectively.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

Real Estate Local Market • November 21, 2023

October 2023 – Sarasota and Manatee Real Estate Report

by Gina Larouche

Sarasota-Manatee Housing Inventory Climbs to its Highest Point for 2023
SARASOTA, Fla. (November 21, 2023) – Housing inventory in both Sarasota County and Manatee County is on the rise, marking the highest number of listings reported this year in October.

“Compared to the rest of the country where home sales are declining in most markets, our housing market is telling a different story. This month’s data showcases an increase in sales, a rise in new listings, a leveling of the time from listing to contract, and strong inventory growth – all signs that point toward a more balanced market in our future.” says Brian Tresidder, 2023 RASM President. “Inventory has been on this steady increase since 2022, and while we’ve hit the highest it’s been all year, it’s still not quite back to pre-pandemic levels,” added Tresidder. “The good news is that we’ve beentrending upward and we’re getting closer to the benchmark for a balanced market, which is a 5.5-month supply.”

source: The latest data, from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee indicates an uptick in home sales and an influx of new listings added to the market.

Real Estate Local Market • November 6, 2023

SEPTEMBER 2023 HOME SALES INCREASE FROM LAST YEAR’S HURRICANE

by Gina Larouche

Posted by: Communications Department on Thursday, October 19, 2023

Amidst the lingering impacts of Hurricane Ian’s disruption to Florida’s housing market last September, the latest data from Florida REALTORS® paints a contrasting picture for September 2023. While closed sales registered an unusually high year-over-year growth, median prices stayed relatively stable.

September-2023-Press-Release-and-Statistics

Real Estate Local Market • August 13, 2023

Sarasota Is the Country’s Second Most Popular Relocation Destination

by Gina Larouche

PODS, the portable moving company, recently shared its top 20 list of cities people are moving to. Sarasota is No. 2.

By Kim Doleatto July 13, 2023

Sarasota still tops PODS’ list as one of the most moved-to cities in the country. The portable moving and storage-solutions company recently released its third-annual relocation trends report, which analyzes consumer movements throughout the past 15 months and highlights what’s behind the trends.

Myrtle Beach, SC, and Wilmington, NC—which are listed as one metro area in the report—were No. 1 on the list after placing sixth last year. Sarasota came in second—a drop from its No. 1 spot last in the 2022 report—with Orlando, Ocala, and Houston, TX, following closely behind.

This is the second year in a row that southeastern states have seen a larger influx of residents compared to any other region in the country, with more than 80 percent of the destinations on the list located in the south. Florida saw the largest increase in new residents, with six different Florida areas earning a spot on the list.

But one major caveat surfaced: South Florida placed fifth place on PODS’ “Cities With the Highest Number of Move-Outs” list due to a rising cost of living, with the Miami metro area often cited as the least-affordable area countrywide when the cost of living and median income are considered.

The report pointed to economics as the largest factor behind consumers’ decisions to move, plus the absence of a state tax, warmer year-round weather and more affordable housing prices compared to larger metros. This differs from the 2022 report, in which people were most influenced by remote work opportunities and living closer to friends and family.

PODS’ 2023 List of Cities With the Highest Move-Ins

2022 rankings are in parentheses

Myrtle Beach, SC/Wilmington, NC (6)
Sarasota, FL (1)
Orlando, FL (9)
Ocala, FL (5)
Houston, TX (12)
Dallas-Fort Worth, TX (2)
Knoxville, TN (7)
Jacksonville, FL (11)
Tampa Bay, FL (4)
Greenville-Spartanburg, SC (14)
Nashville, TN (3)
Melbourne, FL (15)
Portland, ME (20)
San Antonio, TX (13)
Boise, ID (19)
Charlotte, NC (18)
Asheville, NC (17)
Phoenix, AZ (10)
Savannah, GA
Raleigh, NC

*Source: Where Are People Moving to in 2023? An Inside Look at This Year’s Moving Trends from PODS

Real Estate Local Market • August 13, 2023

July 2023 RASM Stats for Sarasota & Manatee

by Gina Larouche

“Buyers are facing a trifecta: historically low inventory, home prices that have risen for over a decade, and higher interest rates today than a year ago.”

Jessica Lautz, NAR’s Deputy Chief Economist and Vice-President of Research

JUNE HOME SALES INCREASE IN NORTH PORT-SARASOTA-BRADENTON MSA

Home sales in Manatee County have increased year-over-year for the second consecutive month in June of 2023. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), closed sales are up this month, new listings are down, and home values have stayed higher overall when compared to the same time last year.

REALTORS® in the North Port-Sarasota-Bradenton MSA participated in 2,206 sales in June (combined for single-family homes and condos), a year-over-year increase of 5.7 percent. Compared to last month, closed sales decreased by a combined 8.9 percent for both property types in the MSA.

In Manatee County, single-family home sales increased year-over-year by 17.7 percent to 759 sales, and condo sales increased by 12.1 percent to 297 sales. In Sarasota County, single-family sales decreased by 4.1 percent to 769 sales, while condo sales increased year-over-year by 1.3 percent to 381 sales

“The residential market in Manatee County continues to thrive with two back-to-back months of increased sales over the last year, indicating strong buyer activity and market resilience,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “The real estate market in Sarasota County remains dynamic, with single-family sales experiencing a decline compared to 2022. Nevertheless, June sales point to more balance, slowly narrowing the gap with last year’s figures and reaffirming the region’s market strength.”

Pending sales, or the number of homes that went under contract last month, increased for both property types in Manatee County but decreased in Sarasota County when compared to last year. For single-family homes, pending sales increased year-over-year by 8.3 percent in Manatee and decreased by 3.6 percent in Sarasota. In the condo market, pending sales increased by 31.3 percent in Manatee and decreased by 4.5 percent in Sarasota.

The median sale price reported in the MSA is down compared to the same month in 2022. Single-family home prices in Manatee County decreased year-over-year by 4.5 percent to $525,000 and increased by 4.5 percent to $522,500 in Sarasota County. Condo prices increased by 3.8 percent to $370,000 in Manatee and decreased by 6.3 percent to $390,000 in Sarasota. Single-family homes sold at a higher median price in June than in May of this year, while condos sold at a lower price in June when compared to the previous month.

The month’s supply of inventory continues to show a year-over-year increase this month. In Manatee County, single-family home supply increased by 55.6 percent to a 2.8-month supply and condo supply increased by 126.7 percent to a 3.4-month supply. In Sarasota County, there was a 3.2-month supply for single-family homes and a 3.5-month supply for condos, a year-over-year increase of 88.2 percent and 133.3 percent respectively. This is the third consecutive month with Manatee condos at a 3.5-month supply and the second consecutive month with Sarasota condos at a 3.4-month supply.

“With a home supply of around three months, our market continues with more favorable conditions for sellers than for buyers,” said Tresidder. “The decline in new listings within the two counties further contributes to the prevalence of a seller’s market. It is typical for our area to see a decline in new listings around this time of year before the market experiences more activity heading into fall and further into spring.”

At the end of June, there were 2,295 new listings combined for both property types in the North Port-Sarasota-Bradenton MSA, a decrease of 21.8 percent from last year and a less-than-one-percent decrease from May of this year. Broken down for each property type, there were 1,611 new listings for single-family homes and 684 new listings for condos, representing a year-over-year decrease of 24.1 percent and 15.8 percent respectively.

As for inventory, there were 5,386 active listings combined for both property types in the North Port-Sarasota-Bradenton MSA, a 51.6 percent increase from the same time last year and a 3.7 percent increase when compared to last month. Across the two-county region, there were 3,545 active listings reported for single-family homes and 1,841 listings reported in the condo market at the end of June.

The median number of days from the listing date to contract date has significantly increased from the previous year in June. Manatee County single-family homes went under contract within a median of 37 days, a 516.7 percent increase from last year. For Manatee condos, the median time to contract was 34 days, an increase of 385.7 percent. In Sarasota, the median time to contract for single-family homes increased year-over-year by 228.6 percent to 23 days and increased by 400 percent to 35 days in the condo market.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

Real Estate Local Market • August 8, 2023

Why Focus on Radon? It Can Lead to Cancer

by Gina Larouche

For many buyers, radon is a contract detail or something noted during an inspection. But a large number of buyers don’t know what radon is or what it does.

SARASOTA, Fla. – Dear Doctors: Would you please address radon gas? I’ve spent 40 years in real estate sales here in Florida, and while radon is noted in inspections, most buyers don’t realize it’s dangerous.

Any information about the health risks, and how to protect yourself, could help a lot of people.

Dear Reader: Thank you for bringing up an important topic. You’re correct that radon is not well recognized as a potential health threat. And yet, according to the U.S. Environmental Protection Agency, it’s a leading cause of lung cancer in this country, second only to smoking.

Radon is a clear and colorless radioactive gas. It forms as the radioactive particles that are present in virtually every type of soil, rock and groundwater go through a slow and complex process of decay. Over time, long-term or repeated exposure is linked to an increased risk of lung cancer.

Radon gas can be present in any structure of any age, and in any region. The primary entry point is via cracks and fissures in a building’s foundation. Buildings with basements, which sit below ground level, are more likely to be affected by radon. This is due to their proximity to the soil and porous building materials, which make it easier for the gas to enter.

The pressure differential between the inside and outside of the home also plays a role. The lower pressure indoors acts like a vacuum and draws radon into the house. Natural air currents, plus heating and cooling systems, further disperse the gas.

When you breathe, radon gas in the environment enters the lungs. Radioactive particles, which emit low-level energy as they decay, can get trapped in the tissues. Over time, these bursts of energy can cause the cellular changes that lead to lung cancer.

The risk of cancer is higher for people who smoke. Data show that a smoker who is regularly exposed to radon in the environment has up to 10 times the risk of developing lung cancer than a nonsmoker who undergoes the same level of exposure.

For most of us, the most likely site of radon exposure is our home. Fortunately, simple and affordable detection tests are available online and from home-improvement and hardware stores. The test is put into place for either a few days or a few months and then mailed to a lab for analysis. The EPA recommends testing the basement, first floor and second floor of all homes. This includes newly built and so-called radon-resistant homes.

When radon is found, mitigation is necessary. Your state radon office or the EPA can provide information about qualified specialists to remove existing radon and put reduction measures in place. Even with radon-reduction systems, homes should be tested every two years, no matter their age. It’s also helpful to increase air circulation in the home, and to seal any cracks in the floors or walls.

The EPA website has a library of useful information about radon gas prevention and mitigation. Go to epa.gov and type “radon” into the search box at the top of the page.

© Copyright 2023 Herald-Standard (Uniontown PA), All Rights Reserved. Eve Glazier, M.D., MBA, is an internist and associate professor of medicine at UCLA Health. Elizabeth Ko, M.D., is an internist and assistant professor of medicine at UCLA Health.

April 2024 Real Estate Market Report: Sarasota and Manatee Counties

April 2024 Real Estate Market Report: Trends in Sarasota and Manatee Counties

Key Trends in April 2024:

2024 RE Market in Sarasota & Manatee: Trends and Predictions

** Foreign Buyer Registration has begun today … 1/17/2024

FREC’s Affidavit Rule Effective Today

Related resources and earlier stories:

DECEMBER 2023 – HAPPENINGS IN SARASOTA !!

Sarasota-Manatee Housing Inventory Climbs to its Highest Point for 2023

October 2023 – Sarasota and Manatee Real Estate Report

SEPTEMBER 2023 HOME SALES INCREASE FROM LAST YEAR’S HURRICANE

Sarasota Is the Country’s Second Most Popular Relocation Destination

PODS’ 2023 List of Cities With the Highest Move-Ins

July 2023 RASM Stats for Sarasota & Manatee

Why Focus on Radon? It Can Lead to Cancer

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