The single-family home market in Sarasota County moved largely in lockstep with Manatee in April. We saw the same offsetting market data that leads to neither sellers or buyers having overwhelming negotiating leverage. As we head into the summer season, it looks like the Sarasota County market will remain in a healthy balance. The infographic from Florida Realtors below contains more detailed information on the results from April.
While new listings remain relatively low, the market for single-family homes in Manatee County is continuing to be very healthy. We are getting a mixed bag of signals in the transaction data, which continues to indicate that neither buyers or sellers have a significant advantage in negotiating power. For example, while home sales are down YoY, the median sales price is up significantly. Another set of offsetting data is that while cash sales are down YoY, new listings are also down. As long as we have some statistics that lean towards a buyer’s market and others leading to a seller’s market, we are likely to continue to see market balance in Manatee. See the below infographic from Florida Realtors for more information.
Due, in part, to the ongoing shortage of available inventory that is keeping home prices elevated, many economists predict that the housing market is more likely to undergo a correction from the double-digit percentage increases in home prices witnessed over the past few years, rather than experiencing a crash.
The single-family home market in Sarasota County is moving a bit differently than Manatee. Closed sales are down materially YoY, but the median sales price still rose by 10%. That is telling us that the majority of the reduction in sales is coming from the lower end of the market. Homes from the middle to the higher end of the market seem to be less impacted by the 2023 downturn in volume. Like Manatee, Sarasota’s market is coming into balance between buyers and sellers. However, it is taking a different path depending on price point. The infographic from Florida Realtors below tells more of the story.
The single-family home market for Manatee County is continuing to find its way towards balance between buyers and sellers. YoY closed sales are still down, but not as much as the rest of the country. Also, median sales prices are continuing to creep up, but at a much more reasonable rate than in 2022. Overall, the market appears very healthy in Manatee. The infographic below from Florida Realtors shows more of the story.
