What is the Sarasota and Manatee County Real Estate Market Outlook report for June 2024? Welcome to our latest video where Susan and Judy review the latest Real Estate Market General Outlook for June 2024 in Sarasota and Manatee Counties. Join us as we discuss key insights, trends, and expert commentary to help you navigate the Sarasota and Manatee County real estate landscape. Discover what the numbers reveal about closed sales, median price changes, days to contract, inventory, and more. Stay informed and make confident decisions in the Sarasota and Manatee County real estate market.

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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.

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
00:52 Manatee County Market Report
02:42 Sarasota County Market Report
06:54 Overall Market Report Summary
07:33 Affordability Review
10:57 Elections and Home Prices

Hi everybody it's season Phelps and Judy Atari and we are your Burkshire Hathaway Florida realy Market Information Specialist today we have the June 2024 Market to report to share with you and We're going to answer a question that I Had about what effect does the election Have on well elections in general have On the real estate market or do they or Do they well Cliffhanger uh es well we're going to Talk about affordability and what you Need to look out for in terms of you Know making some plans ahead for uh Buying your next home okay so starting Off let's look at Manatee County the Numbers um so Manatee County um update For June 2024 compared to June 2023 um our single family home sales Were down just a smidge at 4.1% so we Had 728 single family homes which is Your D home and then our condo sales Were down 177% at 246 sales our single Family home prices median prices were Down this is really a smidge down 1.2% and they were priced at 58,5 the medium price for condos was Down a little more significantly at Nearly 7% and that was 344 495 again the Condos of manate County may be very Expensive Longo Key condos or very Affordable little tiny condos somewhere Else um single family homes time to Contract so that is the time you put

Your house on the market in the MLS for Sale until you receive and accept a Contract not until it's actually closed And that is up 54% to 57 days for single Family homes and up a whopping 114 Almost 115% to 73 days for the condos um Here's something that's quite notable For our Market the single family homes Month supply and again if you watched This before six month supply is our Industry standard for a balanced Market Single family homes were at four months Um up 42.9% so still a sellers Market But not Crazy Ransom type prices and then the Month supply for condos is quite Balanced at 5.8 months which is up 70% So we have a lot more condos on the Market you'll actually have time to look At several kind of feel what you want And that's FY County right okay Sarasota County now this Is the trend the trend a little low a Little lower on the number of sales a Tad lower on the prices in Manatee County whereas in Sarasota we saw a 10% Decrease in the number of sales we're Down to 692 sales for the month of July 2024 Compared to I'm sorry June compared to June of 2023 condo prices went down 25% to 283 sales

Closed and we also see a notable price Decrease for the median homes median Sales price for single family homes down 5.3% 4.95 we see just a little bit of a Decrease in the medium price of condos Down to 38460 and we're still seeing a rise in The days to contract we went up to 50 Days compared to last year which is 117% and we went up 68% from last year To 59 days for condos we have five Months of Inventory which is 56% higher than 2023 and we have 6 months 6.3 months of Inventory in condos which is up 80% so is this a Trend we think it might be but we're Going to need some more data in another Month before we come to that conclusion Um and just to kind of calm the fears or The Excitement um we looked at closed sales For the quarter for the whole region so That's a little Balan rather rather than Just looking at a individual mon so Closed sales from quarter to 2024 for Sara man man counties which is the north P area Sarasota Bradon Metropolitan Statistical area um quarter 22 24 had 4,567 sales quarter 2 2023 had 4562 sales so really only a difference Of five sales 1% yeah 0. 1% 0.1% 1% and Those five sales might have happened in August so you know yeah they might have

Just fallen over um or might happen so PID in cash is pretty similar um median Sales price for the region for the two County area is a 1765 for 2024 and 1725 For 23 so seriously 40 40 different People paid in cash versus mortgage um Here's the one I wanted to mention the Median sales price from 2024 to 2023 is off $10 so literally negligent So median sales price didn't change Average sales price is up about $40,000 and the two big bees are the Time to sale which is leg the time to Cont contract so when you contract You've accept it at sales when it Actually closes time to sale is up 94 Days so if you're expecting to sell it Or to put on the market pack your bags And be gone in a month you might have to Wait three or four months because that Was up to 94 days up 27% yep inventory this is another big One our inventory this is where we see The biggest impact for the region which Is reflected in the numbers we just read Um active listings in uh the region is 57 5,7 119 for quarter to 2024 and we Only had uh 3545 so a little over 3500 For last year um at the same time so That's a big increase of 61% and that's When we see things balancing month Supply of inventory for our region is Now up to 4.5 and last year was at three so we are

Seeing that stabilizing um but the Prices where everyone's saying I'm Waiting for the prices go down I'm Waiting for the crash it's not occurring Just yet well and wait till we talk About the election Cycles but the Summary basically is that we we have Seen a Slowdown especially in Sarasota County but it's a multifaceted thing It's influenced by the rising interest Rates it's influenced by the economic Uncertainty seasonal factors we're in The middle of summer people are Traveling next month people will be Getting their kids into School um Market sat saturation and Evolving buyer preferences JY was just Talking earlier what she thinks so when We're talking about affordability and And it made me think about expectations And I think some of our particularly Younger buyers um but in general with so Many new home sales people want to buy That beautiful magazine ready home and People are asking less for projects or They're expecting more from the sellers That's why things are lingering I think Where they want the perfect home that Somebody's been living in for 10 years And the sellers are like it's good for Me um so I think our expectations are Changing where where people want that um Many first-time home buyers want the Home like say it's a younger person they

Want the home their parents live in Versus what most people get for a first Time home so I think expectations are a Lot some people don't maybe have the Skills to do the work or just don't want Do want to do the work um I know this Current young adult Generations are all About experiences of travel and they Don't want to sit at home and work at a House right so I think that's affecting Too but we just wanted to talk a Littleit about affordability and Expectations of What's actually affordable for well Let's just launch into our affordable Conversation here okay what we what we Have right now is a 40-year low in Affordability which is really Disheartening for a lot of people Especially this younger population that You just spoke about um but the good News is is that we do see wages Climbing at a faster Pace than they were Last year that's one factor to watch Okay so you know uh pay attention to That to that number uh we see prices Slowing Down we just talked about that we They're they're just not rising at the Rate that they were right okay and then The Rates from July to November in eight of The last election Cycles the rates came Down the rates may come down

Marginally not to 3% no no into the Fives which is a nice rate right um We're looking at some data in the 80s 14% 17% um crazy rates so crazy Something in the fives might be a Reasonable expectation in the next few Months but we are not morgage experts We're just telling you what we're Hearing no and our information comes From reliable sources Fanny May's Economic and strategic research group Put out a report today that showed up in Our emails and they actually are Forecasting two rate changes they're Looking at September and December for The um for the FED to lower rates now This is the first we've heard of two Rate changes We just we we don't know for sure but Freddy Mack seems To be a good source of information yes Uh you know even though we're people are Waiting for that affordability to happen You know maybe that's a good idea but You may change your mind after you hear What we have to say about election Cycles okay so yeah we have three charts Here to share with you we got these from Um Jimmy Burgess who is a great source Of information for us he is a Berkshire Haway broker in Northern Florida and he Got together with an expert from keeping Current matters which is a real estate Market information Hub so typically in

An election year you have three areas That are affected Uncertainty which you know we spoke About that earlier Everybody wants to wait they just don't Know what's going to happen so they're Not making any big decisions and Certainly buying a house is the biggest One you'll make and they're looking at Policy expectations you know they'll Feel better right if if things are going In the direction that they think they Should go if if the person that they Think is going to lead the country into A a direction that they like then They're going to um be more confident Consumer confidence is a big one and Then does the election cycle really have A dramatic Effect well it's it's I it depends on How you Define dramatic that's true this First chart that you're looking at here Uh we're looking at a seasonal drop now This is mind You Nationwide information our seasonal Drop doesn't happen in October and November um those uh sales may be Delayed if there's if there is a Drop but the seasonal drop that they're Talking about that typically occurs is About 10% and then you can see by the Chart that if it's an election year it Drops another 5% so a 15% is a marginal slowdown considering

The area and the time of the year and They were talking about those being Delayed like like those purchases aren't Never going to happen they just may not Happen during October November but they Do see them picking up later people just Hold off because they're uncertain so The second chart we have here is that is Is showing you that of the last 11 Cycles Nine showed an increase in the number Number of home Sales and the year following the Election in the four-year cycle is Usually the best year for real estate in General And you know that that is is shown by History and that's what we have to Predict the future we're just saying Historical data we're not saying what's Definitely going to happen we my crystal Ball's been broken for a while mine very Cloudy So um what about prices how are prices Affected by election year um the data We're seeing shows prices of existing Homes so resale homes in seven of the Last eight four-year election Cycles Shows increase in home prices in the Year following election so if this holds True we would hope in 2025 we will see An increase in the resale prices right Um and then new home prices which um Data on new homes a little different

Game um in nine of the last 11 election Cycles new home prices increased um There was an exception in 2008 um and 2008 also had the influence Of the banking crisis so we're not sure How you take that right um and then Mortgage rates um mortgage rates went Down um leading up to elections like we Were talking those two months prior so Eight of the last 11 Cycles mortgage rates have decreased Prior to election so that that kind of Backs up the idea that The Fanny May Group has about that September decrease Maybe it's it going to be October right But we're going to wait for that December one see how it goes there so There's something fun to talk about yeah Um if you want um we'll have some links But if you want us to send you any of These reports or the sources we're Talking about just please contact us Right you have our information and we Are your information Specialists we need To get those new home sales contracted Before those prices go up well I know Yeah so called yeah all of them we need To get them contracted before the prices Go up next year so give us a call yes Please until the next time byebye [Music]

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