What is the Sarasota and Manatee County Real Estate Market Outlook report for May 2024? Welcome to our latest video where Susan and Judy review the latest Real Estate Market General Outlook for May 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.

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No we're not having a market crash nope So don't wait we're going to prove it to You well sort of anyway don't go away We'll be right back with the market Report from May of 20124 and please like this video And Subscribe to this channel so you're Updated every week with new videos and Every month with these market reports We'll be right back I was with a customer the other day And she's an intelligent woman you can Tell and we're talking about the price Of the house that she was looking at and It it was a you know a high-priced house And she said no no I don't want to buy That house at this price because the Market's going to Crash and she said founded so sure so Sure but I don't normally get into those Heavy discussions when showing property That's a that's a sit down face Toof Face discussion and especially if it has Political intonations because she she Went started to go in that direction so Yeah we do have a an election this year And that does complicate things but Nobody really knows right we don't know We don't know that it's not going to Crash but we don't expect it to all we Can go is by go by is is the data that We are given and I month I think some Markets in other states are more Sensitive to political election years I

Don't think this area has been as Impacted by those things the demand I Think it's all about demand yes it is so Here we go in Sarasota County our demand is still there we had An increase of 3.4% in total Sales then we see a 3.9% increase in the median home sales Price so the prices are not going down Now I will I will say that in a certain Price range that and and I'm looking for Customers that want a home in the low Price ranges to the high prices so just Do the we we we've serviced anybody That's looking for a home and I've seen In the 350 to 450 price range people are Still putting their homes on the market At too high of a price right in that Range and so the price decreases are Apparent right correct you know pretty Steadily and those homes tend to be more Heavily mortgaged more dependent on the Interest rate and that's why that that Sector is a little more effective that's A good Factor yeah that's usually not uh Uh it it could be a firsttime buyer um Somebody that that is looking to use an FHA product or maybe the hometown hero Going to say that yeah listen watch this Video up here because we did this a Couple of weeks ago and it's it's all About the Hometown Heroes program $35,000 up to right3 $5,000 in down

Payment assistance just go to that video It's a free loan you pay it back Eventually but it's zero interest helps You get in the home keeps your overall Payments Lower it's got a competitive rate it's It's worth looking into okay segue there Back to this back back to the to the Market report for may may may may may May May 43 days time to contract from year Over year that 72% increase things are Staying on the market longer and we have A 5 month supply in single family Homes so on the condo scene in Sarasota We have 423 closed sales which is a Decrease of 4.1% we see a we actually this this Price decrease of 9.1% for condos Down to 368 is significant I'm not sure I can explain That um maybe there's not as many High-end condos that that closed because We saw that huge Influx um of downtown Sarasota condo Closing yeah we've had and we've had a Lot more um yeah inventory that's sold Right so yeah yeah um 61 days to Contract better price it right if you Need to sell and we have 6.3 months That's the other reason why we're seeing A a decrease um in prices because the More there is on the market the more

Competition you have right so it's still An increase it's an increase certainly From last year 80% Increase so significant going on manatee Manatee County um mirror sear up a good Bit um close sales we had 801 single Family home closed sales again which may Or may not include new home sales Because they don't all get recorded um But that's I mean a 0 2% decrease so we Pretty much held even on closed sales Yeah I wouldn't even say that's a Decrease yeah um medium price went up um Almost 2% to 525,000 um again a lot of our new builds Are in that range um time to contract is A little higher so that's how many times How many days your homes on the market Market before you receive and accept a Contract that's at 45 days now um that's A good increase that's about 40% Increase uh from May of last year and Then month supply we're at 4.1 month Supply which is a good increase a 50% Increase uh 52% and um from last year last year I Think that's down from last month yeah I Think or from April right yeah and again When we talk months this is this strange Concept when we're at 6 months we're at A balanced market so we still have Advantage seller in this area um our Condo sales in manate County are down um May to May at 264 units and the medium

Price is down about 5.2% at 361 12,000 um and time to contract for the Condos is up at 56 days again have a Little more variety to look at right and Um so that's up a good bit and then our Month supply is pretty balanced um at 6.3 months and that is up significantly From May of 2023 um we do have some new laws um a Couple years ago we had new condo laws Go in where condos of a certain height Had to be assessed three three levels or More Y and the um They have to have an engineering Assessment or inspection and determine If they need to do a financial Assessment to get their reserves where They need to be to resolve any problems Or any expected future problems and That's one of the things many condos Were lacking which is why we think There's a little dampening in demand Because either condos that are for sale Now currently have a large assessment Where when you buy this condo you pay an Extra $5,000 or whatever the number is Um to help go toward future repairs or Um they spread it out yeah and you're Just the yeah up yeah so that's one of The things we think is affecting condo Sales or just the uncertainty of people Not understanding that law um are

Concerned um Susan also brought up that Just as of July first I think we have Some new HOA laws that actually give a Little more decision making information Back to the homeowners so we're waiting To see how that all right tickles down Um but so our condo sales are a little Off um also a lot of people who were Buying condos to work remotely and keep Their other Home can no longer do that I Think that was a big part of our condo Sales a couple years ago people were Going I'm going to work I'm going to Stay in there for a couple months and Run it another 6 months but a lot of That I think is calmed right so people Are back in their offices yes I had a Customer um we sold their home here Because for 3 years she could work here And suddenly a new manager said no Everybody has to come back across the Country so they sold their home here That they love uh they'll be back Someday but so point point if you are One of those people that is remote Remotely working and you're buying a new Home your lender or a builder's lender May require you to get a letter ah from Your employer that says you are Guaranteed 100% a remote Job at and that's worked for some of my Customers yeah we don't see it by Everybody but it's something to be aware Of right um to be sure that that's a

Good one for you yeah right anything Else about the market the trends are Continuing just as they have in the past We're still seeing new home communities Being announced um new phases being Developed from the current ones Things are still moving along out here Now the builders are a little slower Little slow and they are offering Incentives for people that are coming In and mostly for financing true yep and And they're even offering incentives for Realtors and they pay the incentives yes And they pay our commission yes don't Worry about that uh yeah and and not all Builders I mean there's some very strong Builders that aren't Don't have to yeah we're going to talk About that in the next video that we do About 55 plus communities so we're going To wrap this up with that note watch the Next video on 55 plus communities Judy's Done a lot of research we're going to Give you an update and let you know What's coming down so until the next Time bye-bye bye [Music] [Music]

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