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IT IS THAT TIME AGAIN….END OF MONTH STATS! Has AUGUST been the CALM before the storm? Are interest rates CRASHING our market? Find out more with @andrewreese3629 and I as we talk stats, rentals and more!
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Let Shayla Twit keep you informed about the Sarasota, FL area real estate market. She specializes in the local barrier islands and area mainland to include: From North to South: Anna Maria Island, Longboat Key, Lido Key, Bird Key, Siesta Key, Casey Key and Manasota Keys, Bradenton and Lakewood Ranch, Florida!
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It's that time again and a month and a Month only in the end of August market Update stay tuned All right we're gonna start with Something we don't traditionally start Talking about and that is the rental Market the rental market yeah I mean We're going to season right now so Typically what's funny to me is that Like throughout summer you don't usually Hear much about the rental market and Then as soon as our season starts it's Just typically the end of September Early October uh everybody starts Flooding into our office and they're Like well I don't want to buy a house But can you help me find a rental and You're like yeah you needed to set that Up like last year this is this is like Yeah so it's um yeah I mean the rental Market is super aggressive obviously During season Um you are going to pay a huge premium During season there's you know October November December you know especially if You want to be here over Christmas and New Year's to me the holidays yeah over The holidays if you want to be in Sarasota anybody who has a second or Third home here that's when they want to Be here at you yeah I mean the weather's Great there's no snow you know you you Can walk the beach I mean are you going To want to go in the water at Christmas
Time Beautiful time Um yeah I mean we don't have hardly any Rain it's always sunny you know it's Just a great time of year Um but yeah I think that for the rental Market Um Coming up your prices are starting to go Up we are seeing properties rented you Have a rental unit a house over on leafy Lane there that does really well And uh we have a listing out on Longboat Key right now in Sutton Place that's uh Penthouse unit Waterfront views two Bedrooms it's cute it's really nicely Furnished Intercoastal yeah completely and the Spectacular view but it's totally Updated the kitchen's done the bathrooms Are done everything's done there's none Of these oh and you can walk across to The private beach access that's for Sutton and uh the neighboring community And that there's a pool right on the on The water as well so if you're Interested feel free to reach out to Either Shayla or myself Um you know pursues me and myself at 941-586-2460 but that's you know that's Just sort of kind of a basis like as you Go into season the rental market really Ramps up and quite frankly so does the Real estate market I mean you know what
Though but like okay I'm gonna stop you There because everybody says summer is Slow and it's slower it doesn't mean it Stops okay but like if you are looking In the summertime call me don't do it Because because I always prove everybody Wrong every summer I have great August Knock on wood August and September so Right like that just shows you that it's Not always like that and I think people Do pause in maybe June July when some Like school gets out sure but the fact That my my place is rented right for the Next month in September which is Generally probably people would say September is like the slowest right it's Rented people are calling us we're going To close over 2 million in September as Well right so to me I'm here for it like I don't I don't listen to The dooming View about that so rental Market's Strong we have a lot of people inquiring About it Um but typically as you get to the end Of September it really rains it does I Mean in October November December January February those five months um I Mean if you've been working and hustling And and promoting yourself And working with your clients and doing A good job generally speaking those five Or six months you're going to be Extremely busy yeah in real estate and So to end on the rental piece if you're
If you're for a rental property with Doesn't have to be a property that has Rental history so I wouldn't necessarily Look to that because you could buy a Property that doesn't have any history And make it your own and create that History into that income sure I think There's properties not just Island side But Mainland side Sarasota and Throughout the three County area that Would be amazing opportunity absolutely We come across them all the time yeah I Mean I I sort of tell a lot of my my Investors I got a group from New York Right now that's looking I I tend to Push people around that South Gate Gulf Gate area yep now there aren't a lot of A ton of HOAs there the houses tend to Rent really well You're really close to Siesta Key you're Really close to downtown I just that's Where I sort of place a lot of my people So we I do have some investors are Looking in that market now so if you're Looking to sell in that area feel free To reach out uh but let's get let's get To the numbers all right let's talk to Numbers okay June okay remember we Always like to look at single family Sarasota County Sarasota County the Stable Steady Eddy way to kind of gauge The market so all right June now we have To look at June because we're in August And we're comparing June July sure so
June uh sales were up 10 compared to June of the previous year 22. okay uh I know last video we did we Did uh the month prior kind of Comparison that's a little bit Surprising to me because if you go the Year prior you're in the midst of that All the craziness so like there's a 10 Higher that seems really high to me I Mean in the absolute craze because the Crazy didn't stop until it was it Labor Day yeah it was like right after Labor Day it was like a noticeable like shift In like the market right so this June It's still in the it's still in the Middle of it agreed three percent higher That's crazy so cash sales are about Even Yeah I mean I've had a couple Finance Deals Um this last year right now too but not It's still mostly cash I would say Season is probably the majority of cash And then like summer maybe more Finance I would agree with that coincide with Like luxury versus Right that's just it Okay now for the first time again single Family Sarasota County First Time prices Have dropped albeit it's okay A half a Percent okay so it's not much it's I Don't even know if it's noteworthy or Not I mean if you're if you're I mean if You're talking about your typical 450
000 average home in Sarasota County We're talking about twenty two hundred Dollars twenty two twenty three hundred Dollars it's not a noticeable difference And when you go into the higher price Points in the luxury Market Um you know you're really not seeing Much of a drop at all okay but Average price year over year was down a Little bit 6.9 percent that's that's a Bit of a jump but okay but It's about how much Equity people gain Over the last three years so like that To me is it's still not even close to Made up for like the gain right in that Period And I think the probably more Noticeable difference I'll be interested To see what the numbers are Um it's necessarily going to be a price But the length of time days on Market Yeah my experience or what I'm seeing is It seems like the properties taking a Lot longer to sell them they are but and Then here's another interesting fact so Volume is even though average prices are Down a little bit six by nine percent The volume is still up right from that Last year right when it was still crazy Right so we are up from about two and a Half percent right Okay days to contract Last year was what nine what do you Think it is now I'm gonna guess it's in The in the 25 to 30 range you're so
Close 22. 22. Yeah Oh so yeah I'm right on you were right On so I mean that's when you think about That and you're like so it's taking Three times 300 three times as long to Sell now okay obviously that's a crazy Market we're comparing it but we're Starting to get back closer to normal to Me what is normal is a 40 45 day 53 290 Days to contract uh and sales so I I Think we're getting closer to normal but I also think that as we're going into Season things are going to ramp up I Think things are going to get busy again Property's gonna start moving faster Um so those numbers come October November my guess is those numbers will Come down again and you're always going To have the people Right another because you have the guy That's five or six million that started Here and thought he was still living in 2022 right and Chase the market down or Whatever price range we see an all price Range right I mean quite frankly the Luxury Market is in full swing right so What once was like five five million Dollar house was once whoa now that's Sort of like okay a five million dollar House a 10 million it's sort of becoming The norm I mean we're still definitely Not Palm Beach definitely not okay Yeah yeah I see you uh he's the number
Two guy in Palm Beach number one so Um yeah their Market in Palm Beach is so Vastly different we don't have 50 Million no 100 million Well Properties I Think if you go out on on the island of Palm Beach I believe the average price Uh of homes out there somewhere in the 11 to 12 million right so I mean we just That's really approaching our top end I Mean yes we do have homes are well above That but not many okay inventory it's Still it's okay two and a half months of Inventory it's it's gone up Um we definitely have more inventory Than we did in 2022 but Um it's still not high enough actually I Missed oh sorry 2.7 yeah it's on 2.5 so To me that's not too noteworthy right Anything under three months inventory is A vastly skewed seller's market I would Agree so that's I don't know we need the Inventory so again call us yeah if You're looking to sell we have web Buyers that are ready to buy um on the Interest rate topic I mean have we seen It affected much in our Market no yeah Oh yeah My quick answer is no Um do I have uh people I have had a Couple Finance deals I have not a lot of Them most of my my deals have been all Cash but even on the finance deals You're still going to hear book purchase The property now secure secure the
Property the price it's at now when the Rates come down then you can refinance They're not yes they're high they're not Going to stay high forever and we don't Know listen they might I think they Might be here for a while that's sort of Maybe it's consensus maybe into middle Of 2023 like sure we don't really know We don't have that crystal ball you know What I mean so it's hard to say it it Would be hard to imagine it's staying at Seven percent though it would just be Hard I you know and what is again what's Normal what's normal is not two and Three percent it's not normal that's not Normal four and a half to five five and A half percent is what's typical in the Fiber Um which is you know a good deal below Where we're at now but My guess is in the next year you're Going to see rates come down to that Four and a half to five percent which Will make it a little bit more tenable But again if you're if you're in all Cash buyer yeah it affects you not at All who's buying in the summer I'll tell You from our experience we had job moves So new construction Um referrals certain ages that's been a Great story absolutely this year for us For both yeah and we love our agents Around the country that's the world so Thank you for those those are our
Lifeblood too absolutely for all Absolutely yeah yeah especially coming From an agent it means a great deal Absolutely so absolutely from that to um We had a listing and that'll be listed In uh earlier in August it was only on The market four days that's a finance Deal that's yeah and and I mean look Even even in the luxury Market you will Have some Finance deals here and there But at just of of the however many deals I did last year I think I only had two That were financed maybe three yeah yeah Another listing that we took we staged 11 days on the market that's a little Bit lower under 300 000 Market Um you know but staging matters pricing Matters 100 you see like the days on Market go down the properties like that Or the ones that are really in demand Like the villa Which by the way we did a whole video For that property so if you're curious About a property that runs weekly check Out the Crescent earns video too Um what else so oh we had a buyer that We put under contract and the property Interestingly enough this is a good case In point about days on the market it was 130 days on the market and they're Getting a nice percentage off that Property because days in the market when The seller listed it they were not as Motivated right based the market down
Now they're a little bit motivated right Here they're building a home Getting ready things like that I I think Pricing is super important you know I Had a listing that I finally sold Recently that was on the market for a Long time and the the seller just was Dug his heels in and said I want for Last I'm not accepting one thing and What's interesting is we dropped the Price and within three weeks we sold the House yeah so it wasn't you know I think It's really important that that agents And sellers are really have a sort of a Team concept like we've got to work Together we have to work together as a Team here to get you the bet you know we Have a vested interest in getting the Best price for you and for us Um but you know I think that it's really Important that as you're looking at your Time is going by that's if you're if You're interested for the seller it's a Negative for the seller but it's that's The market telling you you're too high It is it's not us it's not us we're Trying to help you pay less maintenance Ongoing costs taxes Insurance just Cleaning it all the time the time and Effort and we do that too we go and Sweep the properties I did that Yesterday you do a lot of work you were Cleaning the thing I cleaned the pool Yeah
Yeah yeah right right Um you know but that's just going above And beyond honestly because it's a Representation of us or you through US Of your property and so that's going to Reflect on the price well and I I think I think that you know those extra Services are important for an agent You'll notice uh our weather is a little Bit gloomy right now where we're about To have a hurricane here in the next day Or two if something that you and I do That I don't know that all agents do Um app post hurricane will typically go Out and check our prop the properties of Our clients that don't live here full Time you know what do they pay us to do That nothing nothing but we're doing That is a certain thing to do we're Doing that is a service to go above and Beyond we are you know we are Full-service brokerage so that's yeah That's one of those reasons I actually Really enjoyed that last year I happened To um up to one boat and the they were Not here because we have a lot of Experts see I figured they weren't and The window cake was off of the Second Story and you know I called them and They got it fixed that that could cause Much further damage but if it had sat There for months I mean it could have Been a ton of damage so anyway divert Another interesting thing that I have
Seen recently and two of the deals that I have are people coming in a lot lower On the purchase price but making up for It in a cashier's check for the Furniture or for whatever because they Want to lower their tax base I've had Two back to back like that so I thought That was kind of interesting just a Smart thing to kind of keep that tax Base lower it's definitely a creative Way to negotiate if it works for both Parties Um you know some people are in a trust And they've got siblings and there's all Kinds of intricate moving parts so for One party or another it can work very Well right um so that's that's just Something cool that I've been So I think it's important that people Get an idea of like the real life Day-to-day what what it's like to be Involved in a real estate transaction Yeah Instagram right right so I think Offering you guys examples like that in Addition to the stats because stats get Boring uh just to keep you guys Surprised at what's truly happening and Doing something wrong here yep yeah if You uh like to reach us you can always Call me anytime cell phone uh number is 941-586-2460 Oh and before we end we're Going to get some stats from Over the Pond because we're going to Germany yeah And I just got back from Argentina we
Looked at uh we looked at property my Wife and I looked at some Vineyards down In um Argentina the the uh Well it's in the ball back region well It's no it's in in Mendoza south of Mendoza in the area is called baide Hugo Where they grow all the uh Malbec wine Down there so we uh we looked at some Vineyards looked at some properties down There it was great great interesting Process Um Know kind of how they work through us And quite frankly they have 300 owners That are in this project uh vast Majority of Americans so it's almost It's mostly Americans that are buying Down their uh beautiful homes beautiful Properties you know of course you're Surrounded well you have a Vineyard that You're looking over and you're Surrounded by the Andes Mountains so It's a really really gorgeous area uh But yeah we're definitely putting the Global and global luxury so we're doing A presentation in stuttgard in Germany Uh which is home to Porsche Porsches Porsche's uh headquarters there and have Been for for a long long time uh so I'm Hoping hoping to see a little bit of the Town and meet some interesting folks There and yeah we look forward to seeing Those of you that are out there watching That are in Stuttgart so we'll uh we'll
See you in about three weeks or so very Soon in September and we'll do a video There so we really try to bring the Marketplace local and also educate People about Sarasota sure it's so Unique and so special absolutely the Real estate is just improving it's Beautiful and so nonetheless we hope you Enjoyed this video you got something out Of it if you share it with somebody that You think might find it helpful or Entertaining Um and please we want to hear from you Like you said um I can be reached on Myself 941-544-7690 or click the link below.com
