Welcome to our comprehensive real estate market update for Sarasota County and Manatee County in 2023! Discover the latest trends, sales data, and valuable insights for both new home and resale buyers. In this video, we discuss the thriving residential market in Sarasota and Manatee County. Learn about median sales prices, inventory levels, days on the market, and pending sales for both counties. If you’re looking to buy or sell in these areas, don’t miss this essential guide! For more statistics and expert advice, visit

Sarasota County Market Report – www.sarasotacountymarketreport.com

Manatee County Market Report – www.manateecountymarketreport.com

Links mentioned in video:

Arbor Oaks
Avanti at Waterside
Nautique at Waterside

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Hello everybody it's Susan Phelps and Judy Atari and we're here today to share With you our Florida Association information that is tallied Every month for all of the area Associations and we're going to report On the market area that encompasses Manatee and Sarasota as usual so I always like to Start off with a quote from one of our Uh well from our current president for The Saras for the rais and the help me Out Judy the Realtor Association of Sarasota and man there you Go Brian here and he says despite the Current market fluctuations median sales Prices in Sarasota and manatee counties REM remains relatively stable now we Look at these numbers from year to year Home prices are maintaining their value And only experiencing a marginal Decrease from previous highs now our Numbers are a little different this Month because we're looking at last September compared to this September and Last September is when we had a storm Come through so the numbers of sales Went down and generally affected those Numbers in September of 2022 correct because we have hurricane In and when we have a big storm Insurance stops writing policies and if Insurance isn't in place you can't close On homes and the whole area just kind of

Took a break anyway so right right so if You're in the midst of this a purchase With your realtor and they call you and Say we need need to get your insurance Bound right away because we're going to Be in the storm box soon that's what They're talking about insurance compies Will not provide a an active policy for Property if the storm is too close which I mean makes sense Right okay so I'm going to share my Screen and pull up the statistics that We have been provided And Judy's going to start off with the Manatee County September 20 2023 report We go and the man ones on the on the Right sorry um so single family home Sales uh were 620 um increase September compared to September 2022 of 46.9% increase again We had a little bit of a pause um to Give you a reference point I looked up August 2022 and we had 616 closed sales So very similar where um things are Still strong Um again our area is not following a lot Of national Trends why we're still busy Um Susan and I still have several Closings this month so things are still Happening and um condo sales are also up At 220 condo sales and they're up 48.6% So very similar to the single family Home median price um is 503 495 a dip of Of

2.6% um I also looked of August of 2022 And they were around 525 so not Drastically different um they're not a Huge concern and condo sales uh median Price was 350 and that is up 3.9% so They're all kind of in that same same Realm time to contract so the time it Goes on the market to the time it's um Pending has been 29 days um I do see That kind of linking a little bit um and That's a tough one too because some new Home sales are put in and they're Pending a lot longer and lots of factors There um but condos are taking a little Longer too with 46 days and um up 200% Now one thing in uh 2021 and 202 too we Did have a lot more out ofate people Staying through those Summers with coid Restrictions and things like that this Year I don't see as many staying here so Pure speculation on my part but I'm Thinking those condo sales are often Purchased by out of state people and Generally they're not here in the summer And it makes sense that they're not as Strong um we're kind of getting back Into that pattern a little bit just a a Guess on my part um and month supply we Always talk about this and it always Confuses everyone um single family home Month supply is 2.9 months which is up 7.4% which means we have a little bit More home on the market um we're still Technically in a sellers Market but I do

Say buyers seem to have a little more Muscle in the game and condo uh month Supply is 3.3 months and that's up over 70% so um I would say in in North vanity I am Seeing um people taking more time to Compare properties people being a little More Scrutinous um asking for more Concessions after inspections things Like that um so I think that that s Emergency that frenzy is calmed right Right a little more normaly I guess is The way of of saying it and um sellers Still are getting pretty close to asking Price with been a small margin in my Area so we're we're not seeing anything Crazy and we're again not seeing a lot Of national Trends happening here um We're still our own unique little Selves so okay so in general the the Closed sales registered for both Counties were unusually High but here again we were affected by The Hurricane um but the median prices have Remained relatively stable Sarasota County to look at each of these Statistics Increased uh 39% in the number of single Family homes that closed at 638 and condos closed at 292 um um increase of 24% the median price generally stayed

The same a slight slight dip not even a Percent for single family homes at 494 And just 1.1% dip for condos at 395 750 right Now and again the the remarkable thing About it is is these lengthened closing Times um in Manatee and Sarasota are About the same for the single family Homes being 27 days and for condos not Quite as long as for um Min but 39 Days and our months our our inventory in Sarasota is a little higher than the Inventory in manate at 3.5 Months uh I think this is reflecting the Um the the fact that people are you know Getting a little more flexible with Their sales prices and not so aggressive And and they're they're going to go They're going ahead and putting their uh Properties on the market when they need To and condos supplies are 3.8 months so we're still in a sellers Market I see um more new home builders Putting things in MLS um than they used To not a lot of them are still not doing It but there's they're getting a little Bit more inventory homes um a little More inventory Home Supply featured Homes and we're seeing more of that in MLS too right well and I thought for a Minute there that we weren't going to Have as many inventory homes um coming On the market with the new home

Communities but indeed they are still Yeah doing Inventory uh builds and especially when You have a new um Community like Arbor Roes down in Northport they've been Pre-selling in that Community for weeks Well probably for a couple of months and If you watch the video you'll see that There's six homes right across the Street from the um model row that They're putting up just right you know And they want to be able to sell them And you know it's all about the bottom Line I mean that's the way it is For business you know um we are seeing Some some Builders are Getting back to letting people contract From ground up some Builders are doing a Little more of letting people pick Finishes um where they're going to say Hey this is going to be a you know XYZ Model um and and elevation but inside You can do touch us and then other People are just doing inventory homes Because it seemed to work the last Couple years um especially your higher Production Builders are doing that yes And what I've seen too um and the videos That I've done about the Avante and um David Weekley the people the builders That are building around the lake um on Southern on the southern side of water Side they're trying to keep those price Points low with their package offerings

Yes so that's that's a lot of that going On too yep yep and Taylor Morrison Esplanad in um Palmetto um arson Lakes Is what I'm trying to spit out Um they're doing a lot like they're Focusing on their canvas package and if It's within the canvas package they're Giving people some great incentives That's what they've been doing what the Canvas package is Judy yeah so pardon oh The can canvas package is just a Collection Of tiles carpets finishes that they can Buy a lot of packaging them and provide Pass the savings on to the home buyers Home builders um yeah so it's kind of Nice um but yeah there's certain Incentives um I am seeing some new home Builders uh say things like we open to Offers so they might have a hom listed At 550 and they might take less than That or they might offer you money to Buy down the rate we're seeing more of That but the neat thing I'm seeing or The interesting thing I'm seeing is some Builders are doing that with only a few Homes in a commun so there might be 20 Inventory homes but three of them three Specific homes they might offer to buy Down a rate or offer an incentive for an Fhava loan so very specific things based On homes that are just about finished Like in wild Leaf y have you been Getting a couple yeah Judy and I get um

Updates from the Reps there and they Text us and let us know y that okay We've got this and this is what we're Offering today and we're going to give You with a total of a $50,000 incentive Adjustment now I haven't checked the Website to see if they put that on the Website but they certainly have sent That information to Y realtor so your Realtor is going to be your best source Of information whether it's a new home Or whether it's a resale home and just And remember that you're not paying the Commission as the buyer in either case Correct you really want to be Represented when you take on this major Transaction that you know is life Changing um we're we're certainly open To working with our customers um for Resale and we know the communities and Um in fact Judy's going to do we're Going to do a video real soon because Jud's got all this exciting information About the growth in Parish and the Retail that has opened up recently so Watch that video buildings that are Actually structures now in the hospitals That finally broke ground or the Emergency room and yeah there's a lot of Stuff coming um which is awesome the Things we've been saying and this is Coming and this is coming now they're Actually coming so they're they're here

Half them are open yeah we're g to get Those done here soon so um anything else Jud you want to add uh no just when you Were talking about using a realtor um Things I've been doing we've been doing Is going through walkthroughs and I I Think um even if you have a third-party Inspector there's things that a realtor Is going to see from a different Perspective than an inspector um so if We go help you do some of these new home Purchases little things I saw the other Week like a a cricker drawer and the Homeowners are so overwhelmed with the Whole big project that we're sitting There looking for the details and little I mean it's maybe it's a lot of minor Cosmetic things but it's a lot of minor Cosmetic things you want taken care of Before you move in because generally It's a lot of cosmetic stuff but it Could be something worse or be something That homeowners like well I should I'll Just live with that like well no it's a New home we shouldn't have to you know So we can help you navigate that stuff I Did a walk through on Friday so today's Monday by the way when we're doing this I forgot to tell you Judy that oh it was Like two or three weeks ago one of my Customers had you know contacted me and Said hey I haven't gotten any pictures Lately from the from the um construction Supervisor can you stop by and I was

Going through taking pictures and I Looked into the kitchen and there was The beginning of tile being laid in the Kitchen and I didn't think too much About it because you typically have tile In the kitchen right yeah and when I Send the pictures and I talked to the Customer he was like no no that's all Supposed to be wood plank oh lury vinyl Wood Plank and I was like well I think You need to make Phone and then indeed within like a day And a half he received a picture and That tile was Gone yeah those little things that will Help you do Yeah and we love doing it I love Construction I'm I'm learning so much Every time from all the Supervisors um it's just a real learning Experience and we want to pass on that Information to our customers so don't Hesitate to give us a call people we are Here in Sarasota and Manatee County with Berkshire haway Florida Realy so until the next Time Byebye

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