Discover the latest real estate market insights for Manatee and Sarasota Counties in our August 2023 market report. Join us as we dive into key statistics, including sales trends, median prices, inventory levels, and more. Learn how the market is evolving and what it means for buyers and sellers in the region. Don’t miss this in-depth analysis of the local real estate landscape!
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Florida Gulf Coast Living is the BEST! Welcome to our channel about living in Sarasota and Manatee County, Florida. If you’re relocating, moving up, downsizing, and building new in Sarasota or Manatee County we can help! Both Judy and I are dedicated to sharing information, educating, and helping our customers with real estate needs in Sarasota and Manatee Counties, which includes Parrish to Punta Gorda. I have lived in Sarasota County for 37 years, and there is nowhere else I would rather be! Judy is our North Manatee expert and has lived in that area for over 20 years. We’re here to help ~ call 941-451-6612.
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Well hi everybody it's Susan Phelps and Judy Atari and I'm at home and Judy's Out at Lakewood Ranch has she's got her Trusty map back there that shows all of The existing neighborhoods and all of The growing neighborhoods and there's More that aren't even on that map aren't There that's crazy Yeah and then going up in the Northeast Section So we've got we're we've got our work Cut out for us we have the other one More new homes A lot's going on so Um yeah I was talking to my husband this Morning and I was reading him The statistics just talking through with Him and I said you know It looks pretty much the same as it has I says our sales are going down but the Prices in Sarasota are going up but he Said what Foreign Because I said the inventory is going up He said well that makes no sense yeah Because if inventory goes up then buyers Have better opportunities and the prices Typically Follow by decreasing and I Said nope yep we're still in a seller's Market but yeah we are the nightmare our Market's the nightmare of all economics Professors because it's well and I'll Read to our viewers the quote from our Local
Association president Brian trisseter He says that one of the unique factors One of the unique aspects of our local Real estate market is the Counter-intuitive trend Where sales are down But property values are on the rise A few factors that are contributing to This Market would include low inventory Levels And they're they're better than they Were last year at this time but they're Still low And that limits the buyer's options and The in migration of people moving to our Area that keeps buyer demand Relatively High So I thought pretty I think that pretty Much Says it in a nutshell yep Um it just we just don't follow typical Trends everything about Counter-intuitive this should be our Our buzzword or something yeah So let's look at um I'm gonna share my Screen and we'll see what we have here And we're looking at the Um Sarasota stats Um we had a drop of 4.9 percent in the Number of single-family home sales and a 5.7 drop and the number of condo sales And we're looking at a continued Increasing median home sale single Family home price
That's up 9.2 percent from last year at 519 000. and a condo increase in median home Prices of 2.8 percent this is this is a Lot of condos in ranges price ranges go From you know Millions to less than 300 And around 250 so that's a balance Our time to contract has I I it's up From when it was last year this time but That seems to be a little that's I think That's what it was around last month Was 31 days yes yes And then we have Um condo time to contract 46 days and an Inventory of 3.3 months supply for Single family home and about the same For condos I don't know what else to say To say about that it's just It's just the market and the way that You normally would look at things but it It is what it is And um Judy we forgot to qualify this by Saying there are some Um new home sales that are included in This mix But not all of them not most of them not Most of them yeah because I I was Looking for a few year old homes and in The past year a lot of Millers were Putting them in so right So here you go for manatee Manatee Uh Manatee had 616 closed single-family Homes
Um almost a seven percent increase I Think that seven percent increase was Mine in Susan's sales because we had Several together last month Um uh our condo sales are down ever so Slightly less than one percent but at 242 Um this is kind of funny single family Homes stayed exactly where they were Exactly yeah our uh from where they were Last year at this time Yep and um and they fluctuate months a Month we might see a little little play There yeah and then condo sales are up Almost two percent in value of 358 990. So that's interesting and if you guys Remember 2022 was a crazy year full of great Increases right well even though this is A zero percent increase there was Significant increase in the last year so We have to remember that Um our single family home time to Contract is similar to Sarasota at 33 Days The condos are at 50 days and that's a Significant increase that's a big chunk There have been some new condo laws that Might be affecting this on on the condos That are higher than three stories tall So that might be affecting this and Things are sitting a little longer so They fare it through some of those new Processes
Um but our single-family home Inventory Is still under three months at 2.8 Increasing ever so slightly and our Condos are staying on about Um At about 3.3 a month so that's another Increase but they've been hovering Around three months Supply too it's not Excessive Um I have a home that went under Contract a listing That One under contract of weeks we have some In our office that are going under Contract in two three days and some are Taking two three months so again these Are averages right Um but just I think it the sellers just Have to be so aware of that price point That they start at and it's It's hard to explain why that first two Weeks in a listing cycle is so important Um if you don't have the right price There if it's if your price is too Aggressive it's going to get passed over It's not going to drop into a lot of People's mailboxes their their email Boxes Um explain Judy how people look for Properties and what they use us for how We set up a search a lot of times we we Do start with what's your price range Yeah let's narrow it down a course based On what they're qualifying for
Um so we might say looking from 450 to 550 000 and so we narrow it down already And if somebody's home is priced at 560 They might be missed in that search if They do a very narrow search we often Will go a little higher in the search Just in case to include those properties That might be a good fit right I have Been seeing people Um being a little unrealistic with their Stun budget so they're like they're Going to look farther less and then once They start looking say they wanted to Spend They're pre-qualified for 500 they Really want to spend 450 but they're Going to stop their search at 400. we go Look at a bunch of houses none of them Are what they want because it's not the Range that they're should be looking in And again those houses sit a little Longer so that happens Um I have also seen on some of our Listings Um people canceling for financing Um or changing their mind in that first Week or two so it's a little bit of a Process to get it all back on the market Sign the right documents so some of this I think time to contract has increased Because people are jumping in at Something and then changing their mind a Little bit more than we've had in the Last two years because there was not
That much to choose from right but we're Still limited like if you really have Realistic prices and your Wish and wants are pretty clear they're Still not that many to look for so if You think we're going to come to town And look at 30 houses in two days There's not that many if you are being Realistic on your specific attributes And amenities so um some people like is That it I'm like well this is what's in Your price range This is what's in your number of Bedrooms if you want to give out either One or your square footage then we can Look at other mods Um but we do try to be very thorough Right and when a realtor sets up a Search for a customer that's looking for Whether it be resale or whether it be New but primarily we're talking about Resale and what happens with the MLS so I go ahead and I put in a property and I Put in all the criteria and I put in the Price and then if there is a buyer that Has whether they're working with me or Whether they're working with you or Another realtor When their criteria is met that new Listing goes boom right into their Mailbox yep And that's when Maybe the realtor calls them or maybe They call the realtor and they say look
At this property this is you know what I've been looking for So it's really important like Judy said On the buyer's side to be very focused On what you want And it's really important on the seller Side to not be too aggressive know the Market rely on your realtor for the Pricing information And try very hard to get it spot on Because that first two weeks We call we call it getting stale after That first two weeks they're it's not as Exciting to see that property now if There as there are price changes If a property drops from eight hundred Thousand to seven hundred thousand and It hits that Mark for that particular Customer that status change that status Change price change will automatically Send that property to that homeowner That meets his criteria yep as long as The search is set up so we really try to Get people thinking you know about what It is that they want From the buyer's side and from the Seller's side yeah another on that note Too from buyers if you If we know realistically your budget is Five six hundred thousand dollars and You want to look at eight hundred Thousand dollars properties most Properties are priced realistically and You're not going to go down that far and
So you're just going to frustrate Yourself or get your hopes up And it's not going to work so just think About those things like we really do try To be realistic that's why um most Realtors will insist on a pre-approval Before you go anywhere or proof of funds And make sure that you're committed to That price and then we look Um because we don't want to waste your Time or you know you don't want to waste The seller's time where they have to get Their dogs out of the house and you know That's not always that easy yeah and Like we have some you know some older Sellers that for health reasons it's Hard for them to be out in the heat so Exactly we want you to pre-qualifying Before we take you to resale homes Because exactly the people are there so A lot of people don't think about that Like I don't care if there's somebody Living there like well When they come into town it's just such A waste of time to look at a dozen Properties Um if they don't fit your criteria oh Well let's just take a look yeah it's It's a courtesy to the seller to the Realtor and to yourself You don't want to waste your time and so You're coming to this beautiful area if You don't live here spend your time Wisely looking at houses and then go
Enjoy the beach or Southern Gardens or The the Arts Theaters you know take time To enjoy the area and see what's here Too while you're here and don't just Look at houses because there's so much To offer there's a reason you're Interested in this place and the reason We all fell in love with it go check Those things out yep yeah so Judy what's The hottest thing in the new home sales Out there in Manatee Um well I I'm seeing uh some interesting Things a few Builders are being very Creative with financing some are Choosing like one or two featured Inventory homes and then offering a Discounted mortgage rate I had a Customer That got it was like the unicorn in Their price range an extra bedroom for 4.99 for the length of the loan for 30 Years uh 4.99 So our relationships help us when we Call them people like hey you got any Promotions for FHA or VA some of them do Now and we were able to take advantage Of that so that's kind of the hot thing There's still a lot of inventory home We're seeing more people doing 2B build And more letting you uh like design by You where you get to pick the color so We're getting back to seeing more of That and Judy I got an email just before We started this from edgestone at
Artisan Lakes they've dropped their Prices on some of their town homes they Drop them below three hundred thousand And they're it's if it's an FHA you only Have to have three point five percent Down Um and and an FHA fixed 30-year rate of 4.8075 wow see there you go check your Email My younger email the Builder I was Working with a different Builder so That's pretty cool yeah so they might Have and it might not be something if You go online and you look at their Inventory homes That this wasn't evident looking online So this thing in the office or what I Call our contact and say hey I'm Bringing some Levi anything exciting They'll tell us so they do serve a Purpose we do serve a purpose when we're Talking to customers about uh buying new Homes now the I think the most exciting Thing in the Sarasota County in Waterside are these uh I did videos I'm Not sure how many of them are already up But Um Holty has a community out there that's Selling so fast because of the price Point and their their Um breaks for the finances Um I went and looked at some nimi town
Home I did a video of that Then there is going to be Um Avanti no I think that's polti anyway Good weekly is n't a build out there yep They're going south and they started in Um I was a baby again Um and one other thing that was Announced but we don't have a lot of Details in it is the dwell project Um it's it's a partnership between two Builders but there's going to be a Slightly more affordable Um offering in Paris that's about all I Can tell you because we don't have Broadleaf or something like that Um I think so yeah it's it's near Canoe Creek on Golf Course road so yeah so That's something that's coming but we're Still waiting on the prices the home Sites that kind of stuff so that's Exciting yeah and more and more stunning They're starting to develop a little North of Metro Rancho that sounds kind Of funny but that clearing's happening And Stuff still happening out there so Well I think this is a lot of Information here yeah so we want to be Sure that you have all your questions Answered everyone Um if you have any comments put them Down below we'll get back to you within 24 hours we're here for you to give you As much information as you could
Possibly need for uh purchasing in the Area whether it be a new home or a Resale or selling your home in the area If you're you know if your life is Changing my customer has a four bedroom House just a little over 400 000 that's A year old and they're moving they got a Job they didn't expect to take out of State so right looking for that home and Don't want to wait for new build it's in Great shape so and I have a villa and Beach Walk yeah that the price was just Dropped to 459 move-in ready the people Have only been there for a year They're moving back to family things Have changed And they're right around the corner from This amendi Center that has the most Amazing Resort pool I have ever seen oh Nice so Yeah mine's my talking distance to the Um The amenity Center at north of the ranch Too so yeah so Keep watching folks And please subscribe And like ding ding and yep ring that Bell okay so y'all have a good weekend And Judy I'll talk to you soon in person Yes okay we have planned in person but Real estate happens so here we are all Right Bye everybody bye everybody thanks for Watching