[ad_1]
September data for the Sarasota and Manatee housing markets continues the trend of declining sales and rising inventories, along with several delayed closures caused by Hurricane Ian. After Ian landed at the end of his September, some sales that were due to end by the end of the month he was postponed or shelved until October. But overall, local realtors don’t expect a Category 4 storm to have a lasting impact on the market.
Adam Hancock, owner and founder of The Sunshine State Company, said: Price, they are still going fast. But I have no intention of fixing it in 2019. Whatever that new median is, it will level off, but it won’t go back to where it was three years or more ago. “
Median prices in Sarasota and Manatee counties continue to rise year-over-year, but not as high as earlier this year.
For single-family homes, Manatee County’s median sales price increased 20.3% year-over-year to $517,193, while Sarasota County’s median price increased 22.2% to $497,275. According to the Sarasota and Manatee Association of Realtors, the median selling price of a Manatee County condo rose 18.2% to $337,000, and in Sarasota it is now $399,999, up 23.1% from last year.
After Covid calms down, the frenzy of home acquisition seen in the region has left buyers in less of a rush due to external factors such as rising mortgage rates and talk of a possible recession on the horizon. I’m not here.
“There are still a lot of buyers, but scarcity buyers have lost momentum and are now more on the sidelines,” says Hancock.
The region as a whole closed 1,263 deals in September, down 39% from last year.
Manatee County single-family home sales were down 37.5% year-over-year to 422 units, while Sarasota County single-family home sales were down 45.1% to 458 units. Among condominiums, Manatee closed sales decreased 35.9% to 148 units and Sarasota sales decreased 29% to 235 units.
Also, the median time from listing date to trade date has increased since June. The median time to close a single-family home contract in September was 20 days in Sarasota County and 19 days in Manatee County, compared with 7 days in both counties at the same time last year.
But it’s still a seller’s market.
“Prices continue to be very high, but inventories are still low, so it’s still a great opportunity to sell,” says Hancock.
Monthly supply of inventory has more than doubled from last year, but remains low. Generally, a balanced market is somewhere between four and six months of supply. Anything less than 4 favors the seller.
Manatee County monthly supply increased to 2.7 monthly supply. In Sarasota, the supply of single-family homes increased to his 2.1-month supply. Manatee County condo supply increased 1.9 months and Sarasota condo supply increased 1.6 months.
“By the end of next March, that will tell,” says Hancock. “People still want to buy here, but there is no incentive to move so fast. I’m waiting to see if there’s one. The baseline may look like this, but I probably won’t take action until the holidays are over.”
Cash buyers still make up the majority of transactions, with 42% of single-family homes sold for cash. He was 45% in the same period last year.
“Sarasota is unique in its economy because of its massive net migration from outside and the contrast between hospitality-based and working-class markets,” says Hancock. “Money often comes from other places and they still see an advantage here.”
[ad_2]
Source link
