Sarasota-Manatee County Real Estate Market Update: March 2024

Hey there, it's time for your March market update, where we're gonna chat about what's been happening in the real estate scene in Sarasota and Manatee County. Whether you're thinking of buying or selling, we've got the scoop you need.

More Houses Hitting the Market

So, first things first, let's talk about inventory. You might have heard that there are more houses up for grabs now compared to the last couple of years. And it's true! In Sarasota and Manatee County, the number of houses available has shot up by about 69% from this time last year. The months supply of inventory has also gone up from 3 months last year to 4.7 months. That's good news for buyers because with more options out there, you're not all fighting over the same house, which could mean prices might start to chill out a bit.

Sales are Up

Closed sales have also been on the rise. Nationally, more houses are selling, and it's no different here. In fact, we've seen a 10% increase in closed sales compared to last year. Plus, cash deals are also up by 16%, showing that folks are feeling pretty confident about investing in property.

Prices and Offers

Now, let's talk money. The median sale price is up by 2%, hitting $500,000. But it's dipped a bit from January, so we'll have to keep an eye on that. And sellers are still getting around 95.4% of what they originally asked for their house, which is pretty steady.

Taking a Little Longer to Sell

Here's the thing, though – it's taking a bit longer for houses to find new owners. The time it takes to go from listing to getting a contract has jumped by 74% compared to last year. That's because there are more houses to choose from, so buyers are taking their time.

*Statistics from* *https://www.floridarealtors.org/*

New Listings and Pending Sales

More houses are coming onto the market too, with a 40% increase compared to last year. But even with all these new listings, the number of pending sales – houses that are under contract – has only gone up by about 1.1%.

What's Next?

So, what's on the horizon? Well, we're heading into an election year, so there might be some changes in policies that could affect the market. Also, keep an eye on interest rates – they went up a bit in February, but who knows what'll happen next?

What Does This Mean for You?

If you're thinking of buying, now might be a good time to start looking. With more houses on the market and less competition, you might just find your dream home. And if you're selling, make sure you're pricing your house right and making it look its best to stand out from the crowd.

View Full Market Report