July 27, 2023

Hello Friends,

In the ever-changing real estate landscape of Sarasota and Manatee, we are seeing a balance between slight upward and downward trends across most of the metrics we measure, leading to what many would call a stable market.

Let’s face it, we live in a very desirable area, which translates to a lower impact of national economic variables. It’s ironic that our local market’s success has become our biggest challenge going forward. Sellers aren’t believing that prices have come down from one year ago, and buyers aren’t believing our market has stabilized, so we have a gap between seller and buyer expectations. On average, a property in Sarasota now stays on the market for approximately 35 days before being sold. This is a significant increase compared to the previous year when homes sold much faster, taking only 6 days on average. The increase in the number of days does allow potential buyers more time to consider their options. The heated market of the past several years has cooled into a more normal process with some give and take between sellers and buyers. It’s a much healthier market.

If you, or someone you know, are considering the purchase or sale of Sarasota real estate, please contact me, and thank you for your referrals.

Debbie McHardy

PRESIDENT ELECT – 2023

MY RECENT ACTIVITY

PENDING SALE

5153 Honore Avenue

Sarasota, FL

2BR/1BA | 1,215 SF

$365,500

Representing Buyer

PENDING SALE

3535 Wilkinson Woods Drive Sarasota, FL

2BR/2BA | 1,548 SF

$410,000

Representing Buyer

PENDING SALE

430 Kumquat Court #212

Sarasota, FL

2BR/2BA | 1,176 SF

$1,000,000

Representing Buyer

Discover SOTA Hotel & Residences

1703 Main Street | Sarasota, FL 34236

From $1.8M

SOTA will include 35 spacious residences.. The interiors are designed by New York City-based and award-winning Andre Kikoski Architect. SOTA will offer 2 and 3-bedroom floor plans with square footages ranging from 1,700 to just under 3,000 sq. ft. CALL ME FOR MORE DETAILS!

Did you know there are over 600 new construction units currently in the works throughout Sarasota County? Whether you are considering a luxury condominium residence, a pied-à-terre in downtown Sarasota, or a new single family residence out east, I have access and the latest information on EVERY new construction project currently active in our area. If you’d like to talk about any new construction project, I have extensive knowledge and can help you navigate the process seamlessly.

MARKET REPORT

New Listings increased by 1% month over month but are down by 24% when compared to last year, while Active Listings inventory increased from the previous month and is up 12% year over year.

The number of units sold decreased from the previous month by 3% and have declined by 7% year over year.

Inventory increased for the same time frame.

Total Sales Volume decreased by 2% month over month and declined by 6% year over year.

Average Days on Market declined month over month but has nearly tripled since last year. Inventory increased since last year.

NEWS BRIEFS

Take the Trolley from the Airport

Tourists and residents flying into Sarasota Bradenton International Airport will, before long, be able to take a trolley to downtown Sarasota. The shuttle service, which will also go from downtown to the airport, will run every 20 to 30 minutes, according to Sarasota County’s plans. County commissioners unanimously approved the service and the purchase of two streetcars as part of the “consent section” of their agenda on June 13. The county is expecting to launch the program toward the end of this year.

Today Show Ranks Sarasota 2nd Most Booming City

The Today Show ranking of yet another ‘top list’ for Sarasota follows several other recent rankings for the city of Sarasota and the surrounding area as one of the most desirable places to be in the country. U.S. News & World Report has listed it as one of the top places to retire for several years. Criteria such as schools, cost of living, outdoor life, job security, and growth and development each contributed to the quality of living for residents choosing to find a spot to live post-pandemic.

Hometown Heroes: $20M Applications in Week One

The Hometown Heroes down payment assistance program reached $20 million in applications within the first week of launching the program’s second year of funding, which includes $11 million in applications on the first day alone. The program is now available to all Florida hometown workers in any occupation who earn less than 150% of their county’s area median income (AMI). Additionally, hometown heroes can now apply for a maximum down payment assistance amount of $35,000. To be eligible for the Hometown Heroes program, homebuyers must have a minimum credit score of 640, be a first-time homebuyer and earn less than 150% AMI according to their local county data. Click here for more info.

Sarasota Publishes Proposed Public Art Plan 2030

In advance of more informational community meetings and eventual presentation to the Sarasota City Commission for adoption, the city of Sarasota has published its draft Public Art Plan 2030. Central to the plan is a proposal to increase the funding mechanism for public art. Currently, the program is funded by a developer fee of 0.5% of the value of any development of $1 million or more, excluding land value. The 2030 plan calls for doubling that fee to a full 1%. In the executive summary, Wallace writes that the plan is a living, dynamic document intended to flex with economic volatility and, like art itself, be subjective. You can read the draft plan in its entirety here.

Facts about the Sarasota Real Estate Market

MY RECENT ACTIVITY

Discover SOTA Hotel & Residences

NEWS BRIEFS

Take the Trolley from the Airport

Today Show Ranks Sarasota 2nd Most Booming City

Hometown Heroes: $20M Applications in Week One

Sarasota Publishes Proposed Public Art Plan 2030