SARASOTA, FL – While home sales in Sarasota and Manatee counties have lessened overall year-over-year, a new report indicates that sales in February 2023 showed an uptick over those of January, showing that the real estate market in the region is slowly growing more buyer friendly. In addition, the amount of available inventory continues to swell from one year ago as well, as have the number of days from listing to contract – 27 days in February 2023, a significant increase from just 6 days one year prior.
According to reports, there were 5,240 listings available in the North Port-Sarasota-Bradenton metropolitan statistical area (MSA) at the end of February 2023, which represents a whopping 307.2 per cent increase year over year; sales of single-family homes dropped 24.7 percent during that same time span, with 520 sales in Sarasota County and 503 sales in Manatee County.
Sales of condominiums also decreased year-over-year, with February 2023 seeing sales dropping by 5.4 percent in Sarasota – to 297 units – and 21.1 percent in Manatee County, to 195.
But despite the drop in sales when compared to last year, February 2023 saw a jump in real estate activity from the prior month, with a 29.7 percent increase – amounting to 1168 sales – among both single-family homes and condominiums combined in the Sarasota-Manatee region.
The monthly inventory for both single family homes and condos in February 2023 in the North Port-Sarasota-Bradenton MSA increased to a three-month supply compared to the mere one month supply the region possessed one year prior.
While prices overall remain high for the region – and inventory remains below the five-to-six-month level that indicates a balanced market – the increase in both sales and inventory have experts predicting the situation in Sarasota and Manatee counties is slowly improving for buyers, although for the time being it currently remains very much a seller’s market.
In Sarasota County, in February 2023 the medium sale price for a single-family home increased 10 percent to $495,000; in Manatee County that amount increased by 2.5 percent to $490,000.
As far as condo prices go, they increased 4.4 percent to $395,000 and 13.8 percent to $369,900 in Sarasota and Manatee, respectively.
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.