We’re sharing Sarasota and Manatee Counties’ latest Housing Market Report and Local Trends to keep our viewers informed. We have a few shifts in the market this past month that we will share with you.

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Hello everybody it’s Susan Phelps Judy Atari and we are your Berkshire Hathaway Florida Realty team in Sarasota And management There you go all right we’ve got the Market report for you today for May of 2023 and we’re going to be right back And give you the scoop and it’s Interesting some statistics have changed A little bit it’s not the same old same Old that Judy and I have been reporting For the last I don’t know however many Months but it’s been a while so don’t go Away please subscribe And like and send us a comment we love Those comments we’ll be right back Okay everybody we’re back and Judy’s Gonna start off this report by talking About Manatee County and I’m gonna do Make my best attempt here at sharing my Screen so that you can follow along with Us on the on the charts that we are sent Here we go There we go All right Go for it Judy so I’m gonna start Talking about the single family homes Um and then we can talk about condos and Things Um so may 2023 Um our closed sales were up Significantly which is to me surprising Because it’s 2022 it’s such a crazy Strong year but we had over 800 South

803 single family Detached homes right offer an increase Of over 17 percent which is nice Um our average sale price Has dipped a little but remember last Month we had Record numbers and may of 2022 we had Some very inflated sales So our average sale price was 686 000 Um dollars and it’s just down four Percent so things are holding pretty Pretty steady here Um The One thing that threw me our median sales Price is still over 500 000 too one Thing that threw me though is the dollar Volume Total in May of 2023 was over 550 Million dollars in sales in Manatee County And that is not necessarily including New Construction because Many of the new construction sales do Not get entered in MLS and do not get Tabulated in these totals right um Either the Builder has to put it in or If a realtor was involved that Realtor Has to put it in and not all of them do That Um so that’s kind of interesting one Thing I wanted to point out also that’s Not on Susan’s chart but

Um well part of it is the time to Contract is now 32 days so it’s taking About a month from the time a listing Goes active in the MLS Um could be a little more it could be a Little less but it’s taking 32 days Um to go under contract right where last Year it was like six days sometimes two Days and median time to sale is at 80 Days so People need to have more patience when They list a home Um or people should not be surprised if A home does last a month it’s an Absolutely great home most likely and That’s not an indication of anything It’s just that’s the way the cycle is Going Um to kind of keep going a little bit Are pending South that means things that Are probably going to close in June Um is up 17 percent But our new listings are down so that’s Down about 16 so we’re expecting some Closings to happen but now we’re seeing Um less new stuff coming on our Inventory though is still Right now we have 1500 active listings Total for a single family home and that Is up 80 almost 85 from last year and a Month supply of inventory which we talk About which confuses a lot of people is Generally a six month supply as a Balanced market and right now we are at

2.7 Months of inventory which is the highest We’ve seen for it is a long time it is Um but still a seller’s market so still A seller’s market right Um which is quite interesting well and Sticking to our chart here the median Price being the for the single family Homes last month Manatee hit a record High True yes and now we’re seeing a little Bit of a dip about six percent of a dip Um and maybe it’s gonna dip more when uh Mick Jagger sells his new home Yeah exactly although we talked there’s Some other celebrities that have Purchased all those girls who were Teenagers in the 80s in the 80s are Excited Scott Baio and his wife bought a House here so you never know yeah we Have a lot just like Sarasota we have a Lot of uh quiet celebrity purchases a Lot of high profile people yeah Um I love it here too a lot yesterday Like a lot of musicians love this area So don’t be surprised if you’re out and About Um and then the condo Medium price is up a little bit so um That’s It’s up at 382 6 45 overall right so I I Think our Market is holding strong it is Um holding steady we’re still having a Seller’s market so if you’re listing

Your home it might not be a bad time to List your home and we can help you do That Um but overall it’s looking good things Do seem to be leveling out we’re not Seeing that crazy trajectory and prices That we saw last year so how’s Sarasota Agreed Um our clothes sales went down a bit Um from last month Um where we saw a bit of a dip and then Uh both in the single family homes and In the condos Our median prices have Improved a little bit we’re still Inching up in that price point Um well not the price point but just Incremental increases for a median price And Sarasota Um and a very small incremental increase In the condo median sales price one Thing I noticed is our counties are Getting They’re very similar really yeah yeah it Used to be and what’s what’s interesting That a lot of people is that median Price in Manatee County is usually Higher than it is in Sarasota County And I think that has everything to do With the Lakewood Ranch opportunities And and like Longboat Key a lot of Longboat Key is a Manatee County true Areas and and then Anna Maria and Anna Maria right so although downtown

Sarasota’s got some sweet sweet pieces Too so you never know oh well Um wait till all those new condos start Getting uh built and closed and we’re Gonna see some real changes in these Condo prices here yeah that don’t Necessarily reflect the regular Market That’s why you need a hyper local Realtor such as myself or Sarasota and Judy for parish and manatee Can’t say that enough folks so And I went to another new community Today there’s still it’s still Growing right it’s amazing Our month’s Supply in Sarasota uh is Finally three months For single-family homes which was a an Increase and the condos are about the Same as in Manatee County which is three And a half months and Judy mentioned Pending sales and pending sales Um are an indication of what we can Expect to see next month in Sarasota County there was a Um A pending sale increase For a single family homes of 17 percent Um no I’m sorry that’s the manatee in Sarasota it went down It decreased by 18 percent Um and and the pending sales in condos Went down too So Judy I think I just think Um I don’t know depending sales get

Recorded by the builders I don’t think So not at no very rarely yeah That’s not going to be in that mix so Unless it’s already unless it’s an Inventory home already That’s close to sometimes they’re They’re in pending that’s true yeah Majority of them are not I mean you do All those listings for Inland homes yeah So yeah yeah so that’s it those get Listed because we’re listing them and We’re making them pending but only those That are really close to completion that Haven’t contracted yet right so they may Have we may have something contracted Early on that’s Never in that state right So what this means for sellers is hey It’s still a seller’s market Um we do know that the rate increases Have slowed things down a bit and I’ve Read the day there’s going to be another One but we’ll wait and see Um time to contract has increased So with that For sellers the main thing here is it’s Still a good time to list your Properties Because it’s still a seller’s market Right but Pricing too aggressively may be a Mistake because we all know that when You list a property that first two weeks Of that listing the showings go up and

Up and up and then they start going down After that second week and a lot of the Momentum is lost So it’s really important to have your Property uh priced appropriately Um and someone available to show a lot Of people that they want to list their Home but then they’re like well I don’t Want to show it Saturday or right like Even the house right and all that Momentum is wiped out so that’s right Yeah Yeah Um oh my internet connection is unstable Oh no well yeah I’m back Okay so what does that mean for buyers Um there’s more to look at folks and you Can choose and that increased inventory Gives a buyer more leverage Um because sellers are going to be Looking at what their competition is Well I I’ll put it this way sellers Realtors Should be looking at what the Competition is every single day for Their listing so that adjustments can be Made appropriately and Go ahead and it it people are now taking More time too to do the proper Inspections and a lot of that expanded Time to close is because In 2021 uh people were just waving Inspections like no I’ll just take the House right so people regretted doing

That we always encourage even in a brand New construction please get in it’s Worth the good inspection another set of Eyes by a professional that knows what To look for right Um and uh yeah so People are doing more inspections people Are giving even sellers are giving you Know inspection like maybe a home Warranty on on a 20 year old home or a You know credit towards closing or some Sellers are helping buyers buy down that Rate for the first couple years and That’s a real key and you know what I Considered the other day after reading An article is people that really do want To sell their homes that are in that Uh low interest rate uh bracket where Everybody wants to be If it’s agreeable to your mortgage Lender but whether it be a bank or a Lender That property can be that mortgage can Be transferred To the buyer yeah I mean it’s worth Checking out Definitely so Um the other thing that you know we try To encourage buyer sellers to do is Really use you mentioned it before Judy But really Follow through with those repairs that Are recommended by your home inspector Because those are going to be things

That the buyer’s home inspector finds Too And then then you’re gonna have to Either just renegotiate or repair or Both It just drags things out yeah right Yeah So what we have to offer you is a lot of Information where where first and Foremost Information Specialist for the new home Communities and in our Market since We’re seeing more and more resale Properties come up Um where you know they’re available for Looking and uh finding those resale Properties for buyers and we’re here for Listings for the sellers that Want to be you know moving on moving up Moving down Who knows But I’m telling you what Judy as many Homes as we’ve sold I think that we have a pretty good idea About what buyers are looking for and I Think that’s a real plus when it comes To uh the the gifts that a listing agent Brings to the table Definitely okay yep Anything else Judy you got anything Interesting to add uh not at the moment I’m just curious to see what happens in July with all these kind of up and downs And uh I know yeah but yeah my biggest

Thing is so if you are going to list a Home have it Show ready have have the accessible Um You know if we give you a suggestion Maybe Take it seriously no well not every and People are you know a little reticent to Make a major Home Improvement but right There are Returns on investment Tables and resources that we can provide To you to show you how much that return On investment might be for oh an update And a powder room or Um a new countertop in the kitchen just Right things that make the property more Salable Right as long as it’s not too customized Personalized that kitchen’s a great Place to put the money right definitely And we want to wrap this up with just an Invitation to continue watching our Videos and subscribe I want to let you Know that the Um I’m gonna share my screen again that This newsletter is available if you want To get that on a monthly basis we Include our market report and in in Addition to that we include things that Are happening in Sarasota and manatee Counties that are Community related and Lets you know that what’s going on in Our backyard I went to that summer

Circus Um it was great oh yeah sure yeah and It’s you know nice and cold and air Conditioned so that’s a good thing to do Ah okay well there’s so much going on so Much going on so until the next time Folks we’re signing on Bye bye till the next time [Music]

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