Southwest Florida Real Estate and Community News

March 26, 2024

Navigating the Shifting Southwest Florida Real Estate Market: Insights for Buyers and Sellers

Sarasota Real Estate Market Trends

The Southwest Florida real estate market is experiencing significant changes, as evidenced by the latest housing data from February 2024. As a potential homebuyer or seller, it's crucial to understand these evolving dynamics to make informed decisions. In this blog post, we'll explore the key findings from the REALTOR® Association of Sarasota and Manatee's  report and provide practical advice for navigating the current market.

Increasing Inventory Levels

One of the most notable trends in the Southwest Florida housing market is the substantial increase in inventory levels across Sarasota and Manatee Counties. Single-family homes and townhouses/condos in both counties have seen year-over-year increases in active listings, ranging from 52.5% to 128.1%. This shift indicates a more balanced market, with more options available for buyers.

Advice for Buyers

With rising inventory levels, buyers now have more choices and potentially more negotiating power. Take advantage of this opportunity by:

- Exploring a wider range of properties that fit your criteria

- Taking time to compare options and make informed decisions

- Negotiating with sellers, as they may be more willing to compromise in a less competitive market

Advice for Sellers

As a seller, it's essential to recognize that the market is shifting. To stand out and attract buyers, consider:

- Pricing your property competitively based on current market conditions

- Enhancing your home's appeal through staging, decluttering, and making necessary repairs

- Working with an experienced real estate agent who can effectively market your property and negotiate on your behalf

 

Increasing Months Supply of Inventory

The months supply of inventory, which indicates how long it would take to sell all current listings at the current sales pace, has increased significantly in both counties. This trend suggests a more balanced market, moving away from the strong seller's market seen in previous years.

Advice for Buyers

With a more balanced market, buyers may have more time to make decisions and negotiate terms. However, it's still important to:

- Get pre-approved for a mortgage to demonstrate your serious intent to sellers

- Act quickly when you find a property that meets your needs, as desirable homes may still attract multiple offers

Advice for Sellers

In a market with increasing inventory, sellers need to be proactive and strategic. To maximize your chances of a successful sale:

- Ensure your property is in top condition and priced appropriately

- Be prepared to negotiate with buyers and consider offering incentives, such as closing cost assistance

- Choose a real estate agent with a proven track record of success in your local market

Longer Time to Contract

The median time to contract, which represents the number of days between listing and going under contract, has increased significantly in both counties. This increase indicates that properties are taking longer to sell compared to the previous year.

Advice for Buyers

While properties may be on the market longer, it's still essential for buyers to:

- Have their financing in order and be prepared to move quickly when the right opportunity arises

- Work with a knowledgeable real estate agent who can alert you to new listings and help you craft competitive offers

Advice for Sellers

To minimize the time your property spends on the market:

- Ensure your home is priced correctly from the start, based on current market conditions and comparable properties

- Invest in high-quality photography and marketing materials to showcase your home's best features

- Be flexible with showings and open to feedback from potential buyers

Navigating the shifting Southwest Florida real estate market requires understanding, adaptability, and the guidance of experienced professionals. By staying informed about market trends and working closely with a trusted real estate agent, both buyers and sellers can make the most of the opportunities available in this evolving landscape.

At Keys of Southwest Florida Group, our team of knowledgeable agents is dedicated to helping you achieve your real estate goals, whether you're buying or selling. Contact us today to discuss your unique needs and learn how we can assist you in navigating the Southwest Florida housing market with confidence.

OUR TEAM IS READY TO ANSWER ANY QUESTIONS

 

Victoria Iraheta    Erick Iraheta 

         VICTORIA                            ERICK

CALL NOW:  (941) 837-8312

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Are you considering a move to a place where the sun kisses your skin, the sea breeze invigorates your soul, and the arts enrich your life? Look no further than Sarasota, Florida—a city where culture and comfort converge, creating the perfect backdrop for your new home. Sarasota is not just a beach town; it's a vibrant cultural hub that offers an unparalleled lifestyle for those who appreciate the finer things in life. Here is why you should consider making Sarasota your forever home:

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Palmer Ranch Sarasota

 

Welcome to Palmer Ranch, the quintessence of Floridian splendor nestled in the vibrant city of Sarasota. This master-planned community isn't just a place to live; it's a canvas where life paints its most colorful strokes. With the Keys of Southwest Florida Group as your guide, let's embark on a journey through the lush landscapes and luxurious living spaces that make Palmer Ranch a real estate treasure.

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Shrouded in mystery, the lyrical name Sarasota first appeared on 18th century maps, though its exact origin remains uncertain. One charming clue suggests the name derives from a Spanish phrase meaning “a place of dancing”—an elegant allusion to the city’s reputation today as a thriving hub of arts and culture. The poetic tale of Sarasota's naming evokes the creative spirit that still pulses through this coastal paradise.

 

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Sarasota Keys Graphic

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Sarasota Coastline

For those seeking resort-style luxury, Longboat Key features upscale hotels and beach cottages nestled between the Gulf and the intracoastal waterways. Downtown bustles with shops and restaurants, while canal-front homes provide serene seclusion.

 

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Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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Posted in Market Updates