September Market Update for Manatee County

• Months of Inventory: Currently at 4.49 months, up 6.65% from last month and a significant 98% increase from this time last year. This means we've gone from just over 2 months of inventory last year to nearly 4.5 months now.
• List to Sold Ratio: Holding steady at 97.4%, showing consistency over the past year.
• Median Days on Market: Houses are taking about 50 days to sell, which is slightly down from last month but a notable increase from 26 days this time last year—a 92% increase year over year.
• Median Sale Price: Currently at $449,995, down 5.26% from last month and down over $30,000 compared to last year. This indicates a general decrease in home prices.
• New Listings: Up by 4% from last month and a substantial 35% increase year over year. More homes are entering the market compared to previous years.
• Number of Homes Sold: Down 14% from last month, and 22% lower than last year. This marks one of the lowest levels of homes sold in the past 4 years.

Market Implications:

The data paints a clear picture of a shifting market landscape:

• Buyers Market Emergence: We are transitioning towards a buyer's market, or at the very least, moving into a neutral market territory. There's an increase in available listings compared to last year, with homes staying on the market longer and prices showing a decline.
• Impact on Sellers: Sellers are facing challenges with increased competition and longer selling times. Despite this, the list-to-sold price ratio remains consistent, suggesting stable pricing structures.

These dynamics present excellent opportunities for buyers looking to leverage increased inventory, lower prices, and more negotiating power in their favor.

September Market Update for Sarasota County

• Months of Inventory: Currently at 4.98 months, up 7.33% from last month and a striking 122% increase from last year. We’ve gone from just over 2 months of inventory to almost 5 months now.
• List to Sold Ratio: Holding steady at 96%, indicating that sellers are offering about a 4% discount to buyers.
• New Listings: Increased by 11.5% from last month and up 28% year over year, which means a significant number of homes are hitting the market—quite the turnaround from the past couple of years!
• Median Days on Market: Homes are taking about 50 days to sell, up 6.4% from last month and a whopping 92% increase from just 26 days last year. Homes are staying on the market much longer than before.
• Median Sale Price: Currently at $452,500, up slightly by 0.56% from last month, but down $20,000 compared to last year.
• Number of Homes Sold: Down 16.9% month over month and a staggering 29% lower year over year, reaching some of the lowest sales levels we’ve seen in the past 5 years.

Market Implications:

Sarasota County is clearly sliding into a buyer's market—or at the very least, inching closer to one.

• More Inventory: With inventory up 122% year over year, buyers now have more options than ever.
• Consistent List to Sold Price: The steady list-to-sold ratio suggests that while sellers are still finding buyers, they may need to adjust their expectations.
• More Choices, Longer Waits: Homes are coming onto the market at a brisk pace and staying longer, providing buyers with ample time to make decisions.
• Price Advantage: The overall pricing trend shows a decrease compared to last year, making it an ideal time for buyers to take advantage of the current market conditions.

Buyers, this is your moment! With a wider selection of homes, longer days on the market, and lower prices when closing, now is the perfect time to seize the opportunity and negotiate for the best deal.