More homes went on the market in Sarasota-Manatee in October than any other time this year, and in some neighborhoods more than any time since the beginning of 2020, according to statistics maintained by the Sarasota-Manatee Association of Realtors. Sold.
The slowdown in the national real estate market is believed to be due to the Federal Reserve’s anti-inflation measures. The Federal Reserve has repeatedly raised interest rates, raising borrowing costs and reducing demand in the housing market by causing fewer people to take out mortgages. Mortgage interest rates also reached their highest level in more than 20 years this fall.
Despite the national market slowing down, a local real estate agent in Sarasota said the increased inventory of homes for sale is actually creating a healthier market than in years past.
“Inventories have been steadily increasing since 2022 and, although they hit the highest levels of the year, they have not yet fully returned to pre-pandemic levels,” said William Rabeis, 2023 RASM President and Vice President of Operations. said Brian Tresidder. The real estate industry said so. “The good news is that we are trending upwards and getting closer to the equilibrium market benchmark of 5.5 months’ supply.”
Real estate agents calculate months of supply by dividing the total number of properties by the total number of sales closed to calculate how long it will take for the existing inventory of homes for sale to be exhausted.
Currently, the Sarasota-Manatee single-family home market has a 3.5-month supply. In 2021 and 2022, supply was less than a month.
There were 6,710 single-family homes, condos or townhomes sold in Sarasota and Manatee counties in October, and 4,568 residential properties sold in October 2022, according to RASM data.
Median prices have fallen slightly compared to 2022 as more properties are on the market.
The median sales price for single-family homes sold in Sarasota and Manatee counties in October was $490,000, down 10% from the median home sales price in October 2022 of $544,343.
Like much of the U.S. real estate market, inventory is increasing, but the total number of sales closed in October also increased compared to last year. According to data from the National Association of Realtors, home sales nationwide fell 4.4% in terms of closings in October.
“Our housing market tells a different picture compared to other regions where home sales are down in most markets,” Tresidder said. “This month’s data shows rising sales, an increase in new listings, a flattening of the time from listing to contract, and a significant increase in inventory. These are all signs pointing to a more balanced market in the future. is.”
The region is dealing with the effects of Hurricane Ian, which could push some closed sales into November or December, potentially skewing real estate statistics for October 2022.
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