October 2023 Real Estate Market Update | Surprising Trends and Insights Revealed!

Discover the latest real estate trends in Sarasota and Manatee Counties for October 2023! Join us as we delve into the data with Brian Tresidder, 2023 RASM President, providing valuable insights into the housing market’s unique story. Despite national declines, our local market shows promising signs of growth, impacting everything from closed sales to inventory levels. Buyers, sellers, and real estate enthusiasts, don’t miss out on the details that matter! 📈🔍

📊 Key Highlights:

🏠 Number of Closed Sales: Insights into single-family and condo sales.
💰 Median Price Changes: Uncover fluctuations and year-over-year comparisons.
📈 Pending Sales: Discover the latest trends in pending sales for single-family homes and condos.
🏢 Inventory Analysis: Insights on inventory levels and their impact on the market.
⏱️ Day to Contract: Explore the median time homes spend on the market.
🔍 In-Depth Analysis:

📊 Data Source:
Monthly reports provided by Florida Realtors® with data compiled from Stellar MLS. For more detailed statistics dating back to 2015, visit www.MyRASM.com/statistics.

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L E T ‘ S C O N N E C T!

I N S T A G R A M –
F A C E B O O K –
W E B S I T E –

00:00 Introduction
01:20 What does this mean for Buyers?
01:35 What does this mean for Sellers?
02:54 Manatee County Market Report
05:45 Sarasota County Market Report
08:06 Month over Month Comparison
09:09 Assumable Government Loans for Veterans
12:16 Why you should use a Realtor for your purchase

Hello everyone it's Susan Phelps and Judy Atari and we're with Berkshire hathway Florida realy and today we have the October 2023 market report to share with You so let's just get to it Judy I I Usually start with this um quote from Our president of the um Realtor Association of Sarasota and manate County so I'll read this real quick Because it pretty much sums up Everything yes and and then we'll show You the numbers yes so compared to the Rest of the country where home sales are Declining in most markets our housing Market is telling a different story Brian treseder says this month's data Showcases an increase in sales a rise in New Listings a Leveling of the time time from uh Listing to contract and Tada strong inventory Growth all signs that point towards a Balanced Market in our future yep what Does this mean for buyers Judy um it Means that buyers want to have a little More Selection um they can take their time Finding the right home instead of just Settling like year and a half ago or People were just grabbing anything they Could grab uh they get to stick to their Wish list a little bit better yeah so

Right and what it mean for Sellers um well sellers still have the Hand up on inventory so sellers are Still getting a strong price point and Um I think the negotiations are Reasonable yes right now but with that With that length of um from listing to Contract with that increase it's also Telling telling sellers that the Pandemic frenzy is over right yeah we Are not looking at properties flying off The market unless they're priced Appropriately yes and you know well my Neighbor sold his in three days across The street that's not happening anymore Um or that's not it still happens Sometimes contract but we're back to a More Normal procedure cycle right right so Let's look at the stats Themselves starting with manate can you See my screen Judy or did I not share it Yet not yet okay back to that I'm G to Share my screen and I'm looking at Manate Stats oops there we go can you I'm gonna Blame the rain we finally have rain oh I Know that's why Judy sitting outside She's watching the rain enjoying a nice Light drizzle lovely I'm not seeing my I See them do you Okay go for it all right so Mane County Single family closed sales were up a Little over 6% 6 and a half perent to

609 and again we'd like to remind Everybody that a lot of the new home Sales are not in here a lot of the new Construction right um some are if an Agent puts them in um condo sales are Also up which is nice because these Weren't quite as strong and they're at 215 they're up about 7 and a half per. Um the one change that went down for Manatee County was the single family Median price uh to 479 um lots of factors there I don't Think it's an alarming number I think It's like we said leveling off condos uh Are up ever so slightly but about the Same at 370 ,000 um time to contract uh both condos And single family homes are taken 293 Days some are taking longer um and again It's just finding that right Person the some of what we're seeing is People still expect a little higher Price point and they like to test the Market and then things take a little Longer right um I have a home that's Under Contract um but it's an assumable loan So our days to close are going to be Much longer which um things like that Are happening now people are doing Assumable FHA and VA loans which is a Much longer a little bit more Complicated process but we can help you Get through those yeah we'll talk about

That after we talk about the numbers Because that's really interesting Judy And you I haven't had that experience And you have so we'll talk about yeah it Is NE um then single family home here's What's really changed is single family Home Supply is 3.3 months which is up Almost 18% and condo Supply is up to 3.8 Months and again what that means if Everybody wanted to buy a House right now and it took and we had Six months of Supply that would be Considered balanced between buyers and Sellers so still kind of in the sellers Arena definitely yeah for sure but it's Still strong um we're also seeing I Wanted to mention this I've been driving Around North ly County and we're still Seeing New Community um starts and Builders are Still buying land here so there's still A lot of confidence in the new home Sales Market amongst the builders yes I Would Agree okay all right let's do Sarasota Let's do Sarasota okay so Clos sales went up a Smidge 3.5% and condos went down but not much Only 1.6% here's the real shocker and I hope People don't get too excited about this Um this

3.3% decrease in the single family Median homes Price um it it's it's I think it's a Glitch but we're going to watch that Carefully okay typically we've just seen You know kind of flatten going up now The condo price definitely went up 10% so um we're g to we're going to Track this single family home sales Price in Sarasota and see if there's Truly an adjustment coming our way and And historically in the fall September October a little more Quieter yeah so time to contract about The same as Manatee 29 days for single Family and 32 days for Condos we have a whopping 3.9 months of single family inventory That's an increase of 77% from last Year but look at the condo increase 4.4 Months 144% but you have to keep in mind That last year at this time there was Nothing on the market we were really Scraping the bottom Because it was they were just weren't Staying on the market that and and with The condo Law changes people were a Little more hesitant which things have Kind of balanced out and people Understand that process better so I Think people are right reassured buying Condos again right okay so I'm gonna Stop sharing this screen here folks so

Bear with Me you want talk about that assumable Loan Um yeah let me look at my notes here um Oh there was one one summation um that Came from these statistics and that Was uh the these are year to year but if You look at last month to this month There were 9.2% fewer home sales in October both counties then in September Of 2023 um Judy did happen to look up Pending sales I have it Here pending sales for single family and Sarasota County is up 44% condos are up 29% manate pending sales are it's Strange it's it's not um it's only one 4.8% ah and the condos are down by 1.8% H Okay so so we have um yeah we Were going to have that discussion about What you did with your veteran yes so I Have a a listing I have a really great Couple I'm working with and they had um An assumable VA loan um nor normally From what we understand um it's either Going to be a VA an FHA or um what the other pardon USDA yes USDA thank you um that can be assumed Generally and each loan in each Situation is different but they knew When they closed that they knew they had An assumable uh Mortgage the stipulations in this

Specific loan is that it had to be a Somebody with the current veteran Certificate of Eligibility so we had to Find another Veteran with good credit looking for This home and well explain to me what The certificate of el eligibility is and How do they get that so they any Properly Discharg Veteran um either with on disability or Just honorably discharged um they get They get uh VA eligibility and they have To apply they get a certificate they can Generally have one single family home Their primary residents qualifies for The VA loan and VA benefits such as you Know less money down no money down Different things like that so they have To show that they don't have their Benefits or their eligibility tied up in Another home so the certificate says Yeah they're free and clear to take Advantage of this and how did you find That Buyer um another realtor so I put that In the listing um took the time to put That in there so it was uh obvious and The Savvy real estate agent on the other End found it um because of the 35ish uh Interest this home yeah if it was up to Six or seven he probably couldn't get This home so that was a win-win um my

Seller had not intended to sell their Home rather quickly um but it was a Relocation so we had to you know make This home available and it it's working Out quite well now it is a longer period Of time so if somebody's in a rush or a Hurry probably not going to work the Buyer still has to go through all the Underwriting and all the other Processes um so it's it is tedious and And long term but it's happening and We're seeing a few more of them but yes So it's not common and generally the Person has to have the right Qualification Qualifying yeah for to buy yes so um but It's possible and um one thing we're Seeing on some sellers not wanting to Sell at the lower rates so this made That available to them so yeah but it's Neat so um we're working with there's Somebody that the company that's holding The mortgage that's kind of helping Coordinate it all and doing the Underwriting that was probably the Hardest thing is finding the right Person in that company to make it happen Right and you did that so you know Here's another point and fact Realtors Are a valuable part of the team when it Comes to uh buying and selling homes yes Yep and and that's the communication the Realtor notes and things like that that The other agent Saw made it available

And yeah right right and and we have a Great customer so that that well those 3.5 um percent loans um are out there That's one reason why a lot of people Aren't listing is because they don't Want to let go of that rate and then Adopt another rate that's much Higher um some conventional lenders Isn't it true that depends on the lender They may allow their loans to be Assumable so that's something to check On when you're you Putting your files together is this Current loan on this home Assumable right it's good to know Especially yeah if somebody's got a new One or if there's a listing that's been Out there a while maybe you can inquire About that might make it more appealing For some people right okay so yeah well And Judy and I have been working with a Lot of Builders and we do um and we are Always looking out for customers to get These rates down so we're going to do Another short video for you to combine All of the information that we've Gathered in of the past couple of months About rates and and the opportunities to Get into a home with with a better Rate so and the builders are partnering In that process so right yeah so look For that video everyone because we'll We'll knock that out in the next week And we want to share with you everything

That we learned and this is why we Consider ourselves real estate Information Specialist right Judy Definitely yes okay okay I think that's We have what about you Judy anything Else uh no just getting ready for the Holiday season and very appreciative of Everybody who watches and shares Absolutely that's the top of my list of Gratitudes is our viewers and customers That allow us to help them through this Home buying journey and believe me it's A journey so don't don't forget to Subscribe like and and comment below Ring that Bell so that you get uh Notified when we put out another video Which we do weekly and over the holiday Season we'll probably crank out a few Extra ones just to keep you Entertained I just I just left I took a Thank you gift to one of our customers That closed on Monday and um they still Watch so yeah it's something that you You know keep watching share the Information with friends and all that But yeah so uh keep our little Community Growing for sure okay until the next Time bye [Music] Bye