July 27, 2023
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.