In this exclusive real estate market update, explore the latest trends in Sarasota and Manatee counties for November 2023. Despite higher interest rates and home prices, the housing demand remains robust. Brian Tresidder, 2023 RASM President, shares insights into closed sales, median price changes, pending sales, and inventory levels. Discover key data and analysis from the REALTOR® Association of Sarasota and Manatee (RASM) and Florida REALTORS®. Stay informed about the local real estate market! 🌐 For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

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Hey everybody it's Susan Phelps and Judy Tari and we are your Berkshire haway Florida realy agents in Sarasota and Manatee County and today we have a short report For the sales the market report for November 2023 how you doing Judy doing good been Been busy uh people don't know the end Of the year in a realtor life if youve Got anything going on is nuts yeah you You should plan well ahead as a realtor To have you know all of your time taken Up because especially with with new home Sales Builders want to get as many Closings as they can by the end of the Year it looks good on their books yep so Yeah so we had a closing plan for January 26 which is now December 29th And then it was December 28th and now It's December 29th uh crazy crazy crazy and the parish Hometown Christmas event happened this Week and I got to volunteer as a Santa Helper how was that it was fun it was Busy they had um ice Mound um rides they Had petting zoo there they had food and Entertainment um one of our favorite Builders was there it was it was just a Really fun fun event and busy from the Beginning to end it went very fast so The community is coming together new People new stuff going on that's great Y And good well we start our presentation

Off usually with uh the quote from Our raisin president our realy Association of Sarasota and manate County says closed sales increase by More than 20% for Properties in Sarasota And manate despite the high prices High Interest rates and insurance concerns The housing demand in the area remains Strong Keeping home sales and prices Steady so of sounds like the same thing We said last month yep sounds really Familiar right so let's look at the Chart and it's pretty Self-explanatory I'm going to pull up The uh manate stats here in a second Judy I'm going to share my Screen and we'll take a look there we Have it do you see it yeah yes oh good Okay so as Susan was mentioning a 20% Increase in Manatee County is 22% um single family homes from this November compared to November of the Year prior 550 sales um condos were kind Of in the same percentage increase of 198 um a lot of people are concerned About some of the condo legisl Legislation um that's happened in Florida the last couple years and it Just has to do with strengthening the Reserves making sure they're in good um You know status of repair and um I think We're starting to see those pick back up Again because people are getting a Handle on it and understanding the the

New laws so condo sales are getting Strong again um single family home uh Price median price was 485 861 um that's A real sweet spot kind of in our area Here um in Parish and and areas and this Takes some lower homes and then also Some Lakewood Ranch homes it's that Average condos were at um 351 500 and Single family homes time to contract um From when we enter them in the MLS till They become pending it's been 24 days And condos has been 31 days um single Family home Inventory increased a little Bit um um so that's where we say if we Have a six-month Supply we're balanced And I think Sarasota's got a little bit More than the manate so single family Homes we have 3.4 months of Supply um Still up a little over 133% and condo um Was up significantly at 4.4 months so um And that also is an anticipation come Season come January through March or so Uh we'll have a lot of visitors and we Get a lot of condo sales during those Times so it's overall it's pretty strong Um again always want to remind everybody Since we have so much of it in our area These numbers may or may not include new Home sales right probably about half of Them get entered so right and that's up To the Builder or the agents well and This these uh inventory numbers are Encouraging for buyers yes I don't think I've seen

Anything um in in the three month Range all 2023 Yeah yeah so we started inching up there Like 3.2 3.3 yeah so we're getting there Um what we're seeing like we said last Month is buyers have a little More negotiating time negotiating Opportunities to ask for something to be Repaired or to say you know take their Time and look at two or three homes and Not just grab something that's available Right so but we are there are still some Homes that go right under contract There's other ones that sit and linger For Lord Knows Why um they're all great Homes so it's kind of strange yeah okay Manity is looking Good so let's look at Sarasota And I will bring that one up here in a Second there we go you see that okay Magic Sarasota County sales went up 31% closed Sales and condo sales went up 30% and There's a reason for that that's also Tied to that increased condo number here That that um 50 almost 59% increase in The price range of condos in Sarasota it's because this luxury condo Bezo downtown Sarasota started closing their units and I was in there yesterday and just Walking into that building is an Experience it's just fabulous it's

Beautiful it's pristine it's very classy And luxurious looking so we went up and Saw two of um two bedroom Condos that were still on the market Some of these both of these that we Looked at were investor flips so those Closed and then they're coming back on The market but there are certainly uh People living there now and so when Those closings started happening in November that bumped up skewed actually It skewed the numbers to a higher price Point so keep that in mind when you're Looking at condos that unless you're Doing you know what is what is the price Range of that Project well let's see um 1.7 on up to the penthouse which is you Know well over five So beautiful building beautiful building So then we have the single family home Prices very stable hardly went up it at All and then we have the B the same days On Market I think your condo days were a Little longer yeah 25 days to close uh From time to Contract I mean I'm sorry 25 days to Contract contract yes from listing date There we go y um and 21 days for condos And in Sarasota we have an unbelievable 4.3 months of inventory I haven't seen That in three years No no and condos are 4.9 months because So many of those condos downtown um have

Been coming online being Completed and the ones on Golden Gate Point uh are not as close to completion But we're going to see a lot coming on The market soon I don't know what else To say about the report Judy that's That's about it yep um I'm gonna pull up This other Um photograph I have here of the um of What we got in the mail the other day Yeah so that was I think morning yep Yeah okay and I'm gonna Zoom mine in Here a little bit so I can see it it's a Little light yeah maybe I can actually Do that as well I got it there we go so This was sent to us um by Peter who Works with Prosperity Prosperity Home Mortgage which is a partner kind of Under the Brookshire Hathaway Home Services family and um it was just Encouraging to see where the rates Currently are um and we'll attach you Know we'll have this attached at the end And some of the other charts he sent um But he was showing us that the 30-year Rate um was at 6.67% I'm down smidge and the 15year Conforming a lot of people I don't hear A lot of people talking about a 15-year And you really can save a lot over the Long run I know people focus on that Monthly um people maybe they need to Consider that you can do a 15E or a 20-y Year loan too you know don't forget

About that because in the long haul You're paying significantly less Interest um so that's down to 5.96 6 um jumbo loans 6.89 four and FHA is at 6.59 one as of the day they sent this um But the chart we just wanted to show you The downward just that downward trend is Nice to see yeah and encouraging yes yes And that's what we heard we heard first Quarter we're going to See closer to six or low sixes likely Happening um we're only telling you what We're hearing we are not mortgage Experts don't quote us on these things Um but we're showing you we're we're Understanding some Trends are coming um And there's another chart that we can Attach the end of this um where the rate And what their payments would be um Based on 500,000 which is a good price As you see for our average prices so the Home affordability chart if we can add That one too that would be nice um and Just kind of give people an idea of Where things are okay I do understand From some of my home builders that a lot Of the buying down the rate guaranteeing A rate they a lot of them were hoping Only to aler it through December or Maybe through January It doesn't sound like it's something They're wanting to do long term right so I wouldn't as a home buyer count on that Um or the huge incentives might get back

To a more normal patter right I was Wondering about that too yeah okay so And I've had a few Builders like hey Remember this is ending and this really Is ending so some of the things that They're offering um from our friends so Yeah just to keep well they expect us to Do see the same thing that we See and that's a seasonable a seasonal Uptick yes but you know that's that's Evening out over the year every year it Seems to even out we see less of a of a Downturn when the season's over Because yeah our season's just Lengthening and people are staying we Stayed busy through the fall both of us I mean we've had yeah a lot going on um I have a personal listing um not one of Our partnership um that was supposed to Close next week that's going to close in Early January so it's just still going And it's Great okay well I think that's all we Have to offer and we're going to go into The new year with a lot of enthusiasm And we're ready to answer your questions Don't forget to Subscribe and give us a thumbs up and we Will see you next year and more new home Development announced up here again this Week so it's going to keep going okay Wow all right then more videos coming Folks yep keep subscribing ring that Bell so you don't miss any of them send

Us questions we do our best to answer Next year yep yay bye [Music] Bye

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