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Hello Friends,
Our winter season is in full throttle, and the real estate market for Sarasota and Manatee counties are showing a return of housing inventory to pre-COVID levels. A crucial metric to assess the housing market’s state is the Months’ Supply of Inventory (MSI). According to Florida REALTORS®, a balanced market (favoring neither buyer nor seller) has an MSI of 5.5 months, signifying the estimated time to deplete current inventory at the existing sales rates. MSI in Sarasota increased 76% to 4.4 months for single-family and 136% to 5.2 months for condos, the highest since 2018. Manatee County saw a 10% increase to 3.3 months for single-family and a 70% increase to 4.6 months for condos.
Indicators like MSI suggest a shift in Sarasota and Manatee County housing markets, moving away from a seller’s advantage. Buyers now have a broader range of options and may not be as inclined to forgo contingencies or offer above the asking price, as observed in recent years. While median prices remain at a record high, sellers who ask top dollar for their homes may find the process takes longer to get to contract, and buyers may be less willing to waive contingencies, such as inspections, in the current environment.
Make no mistake, people are flocking to Sarasota, drawn by its charm and lifestyle. The latest migration analysis, based on Redfin data, indicates that 1% of homebuyers searched to move into Sarasota from outside metros. Chicago, New York, and Boston emerge as the top origin cities. And, contrary to the news headlines, affluent international buyers have not cooled on American real estate, according to the latest stats from Wealth-X, an Altrata Company, and U.K.-based Barton Consulting.
There’s a lot of opportunity for buyers, sellers, and investors right now in our area – if I can help you navigate your best course of action, please contact me.
Debbie McHardy
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RIVETTA
4734 Rivetta Court
Sarasota, FL 34231
5BR/4.5BA | 4,240 SF $2,490,000
Luxury Brand New Construction that is MOVE IN ready! Tour this exquisite build that is in the heart of everything that Sarasota offers.
CONTACT ME FOR A PRIVATE SHOWING
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WORTHINGTON
8532 Beechlake Court Sarasota, FL 34240
4BR/3BA | 3,308 SF $1,488,000
2024 NEW CONSTRUCTION Luxury Home AVAILABLE NOW with lavish upgrades you must see to fully appreciate.
CONTACT ME FOR A PRIVATE SHOWING
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BAYTOWN SQUARE
6474 Baytown Drive
Sarasota, FL 34240
3BR/2.5BA | 1,716 SF $415,000
Well maintained 2-story townhome END UNIT, with an open floor plan, high ceilings, a garage, and hurricane shutters.
CONTACT ME FOR A PRIVATE SHOWING
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LOCAL MARKET REPORT
New Listings are up by 57% from the previous month and have increased by 20% when compared to last year.
Active Listings inventory increased by 8% from the previous month and is up 29% compared to last year.
The number of units sold decreased from the previous month by 18% but has increased by 4% year over year.
Inventory increased by 29% for the same time frame.
Total Sales Volume decreased by 20% month over month but has increased by 10% year over year.
Average Days on Market have increased month over month and has increased since the previous year.
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The Trend Report, published by the Coldwell Banker Global Luxury® program, curates high-net-worth consumer insights generated from a Censuswide survey, along with supporting data from the Institute for Luxury Home Marketing, Wealth-X, and other top experts to uncover the latest luxury home trends driving the market now and in the future.
What’s inside The Trend Report 2024:
Shifting Out of Neutral. The luxury housing market got a boost at the end of 2023 as sales for luxury single-family properties and attached properties increased annually. Does this signal growth for 2024?
Have-It-All Properties. Today’s luxury consumers want it all. Which property types will likely check all the boxes for selective buyers this year?
The AI Revolution. What are Generative AI’s potential implications for the future of real estate?
America, the Investment Haven. Contrary to the news headlines, affluent international buyers have not cooled on American real estate, according to the latest stats from Wealth-X, an Altrata Company, and U.K.-based Barton Consulting. Will this trend continue in 2024?
The HENRY Factor. What will HENRYs – “High Earners Not Rich Yet” – do? This is one demographic to watch in 2024.
Smart Homes 2.0 – Consumer lifestyles are shifting and generative AI is taking off. What does this mean for the smart home market over the next few years?
CLICK HERE TO READ THE FULL REPORT |
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Sarasota Announces Next Plant a Tree Program
Now called the Neighborhood Canopy Program, the initiative encourages residents to plant and maintain large canopy trees. The City’s Tree Mitigation Fund pays up to $500 toward an approved canopy tree when the required $100 deposit is received. Reservations are now being taken for plantings in Spring 2024 with the following species available: Magnolia, Bald Cypress, Southern Red Cedar, Holly and Pink Tabebuia. Please note: Palm trees are not included in the program. Residents select their preferred species and each tree is planted by the City’s vendor, Mast Landscape Management, in coordination with the City’s arborists following the “right tree, right location” philosophy. The program is limited to one tree per residential property in a calendar year. Interested in participating? Reach out to Mast Landscape Management at 941-480-6387 or email us at NeighborhoodCanopyProgram@Saraotafl.gov |
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Breeze On Demand Expands Services
Manatee and Sarasota counties approved the expansion of Sarasota County’s OnDemand service to include all of Longboat Key beginning on Jan. 29. OnDemand is a “curb to curb” ride-share system, similar to Uber or Lyft. Through this system, riders pay a flat fee of $2 per rider. Children under 5 years old are free.
The service is a part of Breeze, Sarasota County’s public transit system. The four designated zones of the system are: Downtown Sarasota/Lido Key/Longboat Key, North Port Area, Venice/Englewood Area and Siesta Key. Up to four people can share one OnDemand vehicle, and riders are able to schedule a handicap-accessible vehicle. Grogg also said that the service has an average pickup time of about 20 minutes. |
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North Legacy Trail Expansion on SRQ Wishlist
At the Jan. 2 City Commission meeting, the city’s transportation staff presented a wide range of projects in the form of the 2024 Sarasota/Manatee Metropolitan Planning Organization draft transportation project priorities list, which included a transportation wish list of sorts for the city. Among the hundreds of funded, unfunded, and perhaps pie-in-the-sky projects on the city’s and MPO’s wish list was expansion of the Legacy Trail to encompass:
• Continue Legacy Trail through the city center from Payne Park and Fruitville Road north to the county limit with further connection into Manatee County.
• Preserve rail line for potential future light-rail connection. |
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New Construction at The Quay Sarasota
More construction is on the way in The Quay Sarasota as Palm Beach-based developer Kolter Urban is set to begin development of the second installment of Ritz-Carlton Residences on the marina-facing Blocks 7 and 8. The first of a planned three-tower project will add 78 luxury condominiums to The Quay. Of the three-tower campus planned, only the South Tower will be located within The Quay. The developer plans to build two more towers at the location of the Hyatt Regency hotel and its parking areas along Boulevard of the Arts. Kolter Hospitality acquired the property in May 2022 and will continue to operate it as a hotel until it begins redevelopment for its West and East towers. |
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