The real estate market in Sarasota-Manatee has experienced a significant increase in the number of homes on the market, surpassing any other time this year. This surge in inventory is a departure from the national trend, which has seen a slowdown due to the Federal Reserve’s fight against inflation. The rising interest rates have led to higher borrowing costs, dampening demand in the housing market. However, local real estate agents in Sarasota believe that the increased inventory is actually creating a healthier market compared to previous years.<\/p>\n
According to the Realtor Association of Sarasota and Manatee (RASM), the inventory of homes for sale has been steadily increasing since 2022. Although it has reached its highest point this year, it has not yet returned to pre-pandemic levels. Brian Tresidder, 2023 RASM President and Vice President of Operations at William Raveis Real Estate, notes that the market is trending upward, bringing it closer to the benchmark for a balanced market, which is a 5.5-month supply.<\/p>\n
Realtors calculate the months of supply by dividing the total number of listings by the total number of closed sales. Currently, the months of supply in the Sarasota-Manatee single-family housing market is 3.5 months. In 2021 and 2022, there were points where there was less than a month of supply. In October, there were 6,710 single-family homes, condos, or townhomes for sale in Sarasota and Manatee counties, compared to 4,568 residential properties for sale in October 2022. With the increase in inventory, the median sales price for a single-family home in October decreased by 10% compared to the same period in 2022, with a median price of $490,000.<\/p>\n
While the national real estate market has experienced a decline in closed sales, Sarasota-Manatee has seen an increase. Data from the National Association of Realtors shows a 4.4% decline in closed sales across the country in October. Brian Tresidder highlights that the Sarasota-Manatee housing market is telling a different story, with an increase in sales, a rise in new listings, a leveling of the time from listing to contract, and strong inventory growth. These positive indicators suggest a more balanced market in the region’s future.<\/p>\n
The Sarasota-Manatee real estate market has defied the national trend by experiencing a surge in inventory. Despite the Federal Reserve’s efforts to combat inflation through interest rate hikes, the local market is showing signs of a healthier and more balanced market. The increase in inventory has led to a decrease in the median sales price, making homeownership more accessible. With a higher number of closed sales and strong inventory growth, Sarasota-Manatee’s real estate market is poised for a promising future.<\/p>\n","protected":false},"excerpt":{"rendered":"
Rising inventory of homes for sale creates a healthier market in Sarasota-Manatee, despite a slowing national real estate market. The real estate market in Sarasota-Manatee has experienced a significant increase in the number of homes on the market, surpassing any other time this year. This surge in inventory is a departure from the national trend, […]<\/p>\n","protected":false},"author":2,"featured_media":4922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-housing"],"_links":{"self":[{"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/posts\/4921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/comments?post=4921"}],"version-history":[{"count":0,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/posts\/4921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/media\/4922"}],"wp:attachment":[{"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/media?parent=4921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/categories?post=4921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buzz360news.com\/index.php\/wp-json\/wp\/v2\/tags?post=4921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}