Are More Homes Coming onto the Market?

An important factor shaping today’s market is the number of homes for sale. And, if you’re considering whether or not to list your house, that’s one of the biggest advantages you have right now. When housing inventory is this low, your house will stand out, especially if it’s priced right.

But there are some early signs that more listings are coming. According to the latest data, new listings (homeowners who just put their house up for sale) are trending up. Here’s a look at why this is noteworthy and what it may mean for you.

More Homes Are Coming onto the Market than Usual

It’s well known that the busiest time in the housing market each year is the spring buying season. That’s why there’s a predictable increase in the volume of newly listed homes throughout the first half of the year. Sellers are anticipating this and ramping up for the months when buyers are most active. But, as the school year kicks off and as the holidays approach, the market cools. It’s what’s expected.

But here’s what’s surprising. Based on the latest data from Realtor.com, there’s an increase in the number of sellers listing their houses later this year than usual. A peak this late in the year isn’t typical. You can see both the normal seasonal trend and the unusual August in the graph below:As Realtor.com explains:

“While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .”

While this is only one month of data, it’s unusual enough to note. It’s still too early to say for sure if this trend will continue, but it’s something you’ll want to stay ahead of if it does.

What This Means for You

If you’ve been putting off selling your house, now may be the sweet spot to make your move. That’s because, if this trend continues, you’ll have more competition the longer you wait. And if your neighbor puts their house up for sale too, it means you may have to share buyers’ attention with that other homeowner. If you sell now, you can beat your neighbors to the punch.

But, even with more homes coming onto the market, the market is still well below normal supply levels. And, that inventory deficit isn’t going to be reversed overnight. The graph below helps put this into context, so you can see the opportunity you still have now: 

Bottom Line

Even though inventory is still low, you don’t want to wait for more competition to pop up in your neighborhood. You still have an incredible opportunity if you sell your house today. Let’s connect to explore the benefits of selling now before more homes come to the market.

September 18th, 2023 Posted by Matt

Why Is Housing Inventory So Low?

One question that’s top of mind if you’re thinking about making a move today is: Why is it so hard to find a house to buy? And while it may be tempting to wait it out until you have more options, that’s probably not the best strategy. Here’s why.

There aren’t enough homes available for sale, but that shortage isn’t just a today problem. It’s been a challenge for years. Let’s take a look at some of the long-term and short-term factors that have contributed to this limited supply.

Underbuilding Is a Long-Standing Problem

One of the big reasons inventory is low is because builders haven’t been building enough homes in recent years. The graph below shows new construction for single-family homes over the past five decades, including the long-term average for housing units completed:

For 14 straight years, builders didn’t construct enough homes to meet the historical average (shown in red). That underbuilding created a significant inventory deficit. And while new home construction is back on track and meeting the historical average right now, the long-term inventory problem isn’t going to be solved overnight.

Today’s Mortgage Rates Create a Lock-In Effect

There are also a few factors at play in today’s market adding to the inventory challenge. The first is the mortgage rate lock-in effect. Basically, some homeowners are reluctant to sell because of where mortgage rates are right now. They don’t want to move and take on a rate that’s higher than the one they have on their current home. The chart below helps illustrate just how many homeowners may find themselves in this situation:

Those homeowners need to remember their needs may matter just as much as the financial aspects of their move.

Misinformation in the Media Is Creating Unnecessary Fear

Another thing that’s limiting inventory right now is the fear that’s been created by the media. You’ve likely seen the negative headlines calling for a housing crash, or the ones saying home prices would fall by 20%. While neither of those things happened, the stories may have dinged your confidence enough for you to think it’s better to hold off and wait for things to calm down. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

That’s further limiting inventory because people who would make a move otherwise now feel hesitant to do so. But the market isn’t doom and gloom, even if the headlines are. An agent can help you separate fact from fiction.

How This Impacts You

If you’re wondering how today’s low inventory affects you, it depends on if you’re selling or buying a home, or both.

• For buyers: A limited number of homes for sale means you’ll want to seriously consider all of your options, including various areas and housing types. A skilled professional will help you explore all of what’s available and find the home that best fits your needs. They can even coach you through casting a broader net if you need to expand your search.
• For sellers: Today’s low inventory actually offers incredible benefits because your house will stand out. A real estate agent can walk you through why it’s especially worthwhile to sell with these conditions. And since many sellers are also buyers, that agent is also an essential resource to help you stay up to date on the latest homes available for sale in your area so you can find your next dream home.

Bottom Line

The low supply of homes for sale isn’t a new challenge. There are a number of long-term and short-term factors leading to the current inventory deficit. If you’re looking to make a move, let’s connect. That way you’ll have an expert on your side to explain how this impacts you and what’s happening with housing inventory in our area.

September 17th, 2023 Posted by Matt

Planning to Retire? Your Equity Can Help You Make a Move

Reaching retirement is a significant milestone in life, bringing with it a lot of change and new opportunities. As the door to this exciting chapter opens, one thing you may be considering is selling your house and finding a home better suited for your evolving needs.

Fortunately, you may be in a better position to make a move than you realize. Here are a few reasons why.

Consider How Long You’ve Been in Your Home

From 1985 to 2009, the average length of time homeowners stayed in their homes was roughly six years. But according to the National Association of Realtors (NAR), that number is higher today. Since 2010, the average home tenure is just over nine years (see graph below):

This means many homeowners have been living in their houses even longer in recent years. When you live in a home for such a significant amount of time, it’s natural for you to experience changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.

Consider the Equity You’ve Gained

And, if you’ve been in your home for more than a few years, you’ve likely built-up substantial equity that can fuel your next move. That’s because you gain equity as you pay down your loan and as home prices appreciate. And, the longer you’ve been in your home, the more you may have gained. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):

While home prices vary by area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.

Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to friends or loved ones, that equity can help. Whatever your home goals are, a trusted real estate agent can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.

Bottom Line

As you plan for your retirement, let’s connect so we can find out how much equity you’ve built up over the years and plan how you can use it toward the purchase of a home that fits your changing needs.

September 16th, 2023 Posted by Matt

Foxfire Condo Pending Sale

Another Foxfire Condo Pending Sale! Congratulations to our clients from Massachusetts who just went to contract on this golf condo in an excellent Naples bundled golf community.

Foxfire Condo Pending Sale – 5351 Fox Hollow Dr. Unit 301 Naples, FL

More About this Naples Florida Foxfire Condo:

This highly sought after end unit overlooking the golf course in Foxfire Country Club is light and bright. Gleaming hardwood floors, updated kitchen with quartz counter tops and stainless steel appliances.

• Bedrooms: 2 plus den
• Bathrooms: 2
• Square ft.: 1,663
• Year Built: 1984

Are you considering buying or selling a home in Foxfire? Contact us today!

More About Foxfire Country Club

Foxfire Country Club is a gated community of condos, villas and single family homes with equity membership and home purchase. There are 27 holes of golf on 385 acres designed by Arthur Hills.

Each of the six associations in Foxfire offers a swimming pool and tennis courts. The club is in the midst of significant renovations of the main clubhouse, bar and grill, and fitness center. In addition the club offers Bocce Ball, plus a wide array of social amenities.

Naples Florida Foxfire Country Club single family homes start at $485,000 and condos start at $267,000.  Learn more about Foxfire Country Club…

Not sure which golf community is right for you? Let us be your guide. Call or text us today at 239.370.0892.

September 11th, 2023 Posted by Matt

Matthew J. Klinowski has been Inducted into the Prestigious Marquis Who’s Who Biographical Registry

Matthew J. Klinowski is recognized for his expertise as the lead real estate agent for the Naples Golf Guy Team at Downing-Frye Realty, Inc.

New Azure Home for Sale in Naples FL

This new Azure home for sale was recently completed and has never been lived in! A spectacular COASTAL CONTEMPORARY Sandhill Model LOADED WITH UPGRADES!

9040 Mayreau Way Naples, FL 34114 – List Price $729,900

 

New Azure Home in Hacienda Lakes:

Move right into this spacious 2023 villa that was just completed. Upgrades include engineered hardwood and tile throughout.

A Chef’s Style Kitchen with a NATURAL GAS stove, Kitchen Aid Stainless Steel Appliances, QUARTZ Countertops and Large Center Island which opens up to the main living area. Large walk-in Pantry for plenty of storage.

Southwest Florida’s Current Golf Community Trends

Your go-to resource for SWFL’s current golf community trends for Naples, Bonita Springs, Estero, Fort Myers, Bradenton, Lakewood Ranch, and Sarasota.

Once again, inventory remained the same or decreased in almost every golf community. There were a handful of exceptions where there was a slight increase compared to this same time last month.

In addition to inventory challenges, depending on the type of community, there may be a waitlist for membership. In some cases, it is less than a year and in other cases, it is as long as 10 years.

Despite the waitlists, there are options for immediate golf privileges in many communities. It is important to have an experienced golf community expert help you navigate your options to ensure you find the lifestyle, community, and golf course of your dreams.

With more than 150 golf communities in the area, it is a challenge to navigate all the various options for golf membership. That’s where we come in. Our vast relationships with all the golf communities from Naples to Sarasota allow us to serve our clients by making the home-buying or selling process an easy and enjoyable one.

While it may seem overwhelming at first, once we know how often you play, other desired club amenities, property type, and price range we can help you narrow the list of clubs down to a handful that will potentially offer you the Florida golf lifestyle you are looking for.

Below you will find highlights for the latest real estate statistics for single-family golf homes and golf condos in our area for the past 12 months.

SWFL Current Golf Community Trends – Single Family Homes

 

 

NAPLES FL Current Golf Golf Community Trends – Single Family Homes

Audubon Country Club – 5 properties for sale, 22 properties closed over the past 12 months and average sales price $2,448,160

Collier’s Reserve – 1 property for sale, 14 properties closed over the past 12 months and average sales price $2,525,000

Greyhawk at GC of the Everglades – 13 properties for sale, 38 properties closed over the past 12 months and average sales price $1,193,129

Grey Oaks – 11 properties for sale, 34 properties closed over the past 12 months and average sales price $4,206,926

Kensington – 1 property for sale, 20 properties closed over the past 12 months and average sales price $1,670,825

Lely Resort – 13 properties for sale, 92 properties closed over the past 12 months and average sales price $1,417,699

Mediterra – 6 properties for sale, 24 properties closed over the past 12 months and average sales price $4,112,945

Olde Cypress – 5 properties for sale, 31 properties closed over the past 12 months and average sales price $1,571,142

Pelican Bay – 13 properties for sale, 26 properties closed over the past 12 months and average sales price $4,666,832

Pelican Bay (Estates at Bay Colony) – 2 properties for sale, 0 properties closed over the past 12 months

Pelican Marsh –9 properties for sale, 32 properties closed over the past 12 months and average sales price $2,198,016

Quail Creek – 6 properties for sale, 18 properties closed over the past 12 months and average sales price $2,314,100

Quail West – 10 properties for sale, 37 properties closed over the past 12 months and average sales price $4,250,313

Talis Park – 3 properties for sale, 14 properties closed over the past 12 months and average sales price $3,663,071

Tiburon – 2 properties for sale, 7 properties closed over the past 12 months and average sales price $4,052,857

Treviso Bay – 1 property for sale, 17 properties closed over the past 12 months and average sales price $1,947,353

Vineyards – 8 properties for sale, 67 properties closed over the past 12 months and average sales price $1,343,336

 

BONITA SPRINGS FL Current Golf Community Trends – Single Family Homes

Bonita Bay – 10 properties for sale, 32 properties closed over the past 12 months and average sales price $2,448,160

Palmira – 7 properties for sale, 26 properties closed over the past 12 months and average sales price $1,050,654

Pelican Landing – 10 properties for sale, 44 properties closed over the past 12 months and average sales price $1,448,409

Pelican Landing (The Colony) – 1 property for sale, 9 properties closed over the past 12 months and average sales price $2,540,556

 

 

ESTERO FL Current Golf Community Trends – Single Family Luxury Homes

Miromar Lakes – 14 properties for sale, 35 properties closed over the past 12 months and average sales price $2,227,532

Pelican Sound –  1 property for sale, 8 properties closed over the past 12 months and average sales price $1,066,664

Shadow Wood – 3 properties for sale, 41 properties closed over the past 12 months and average sales price $1,644,232

West Bay Club – 4 properties for sale, 27 properties closed over the past 12 months and average sales price $1,351,352

 

 

FORT MYERS FL Current Golf Community Trends – Single Family Luxury Homes

Gulf Harbour Yacht and Country Club – 6 properties for sale, 24 properties closed over the past 12 months and average sales price $1,970,963

The Forest – 5 properties for sale, 31 properties closed over the past 12 months and average sales price $675,242

BRADENTON Florida Current Golf Community Trends – Single Family Luxury Homes

Concession – 9 properties for sale, 13 properties closed over the past 12 months and average sales price $3,401,397

Founders Club – 2 properties for sale, 15 properties closed over the past 12 months and average sales price $2,333,327

Esplanade at Lakewood Ranch – 9 properties for sale, 54 properties closed over the past 12 months and average sales price $977,443

Esplanade at Azario – 2 properties for sale, 69 properties closed over the past 12 months and average sales price $1,052,734

 

 

 

 

 

 

 

SARASOTA FL Current Golf Community Trends – Single Family Luxury Homes

TPC Prestancia – 2 properties for sale, 7 properties closed over the past 12 months and average sales price $1,553,571

 

 

Southwest Florida Current Golf Community Trends – Condos

 

 

 

NAPLES FL Current Golf Community Trends –  Condos

Audubon Country Club – 0 properties for sale, 2 properties closed over the past 12 months and average sales price $1,412,500

Grey Oaks –  1 property for sale, 14 properties closed over the past 12 months and average sales price $2,424,571

Hammock Bay – 12 properties for sale, 42 properties closed over the past 12 months and average sales price $770,069

Kensington – 2 properties for sale, 18 properties closed over the past 12 months and average sales price $791,806

Lely Resort – 24 properties for sale, 129 properties closed over the past 12 months and average sales price $575,434

Mediterra – 8 properties for sale, 18 properties closed over the past 12 months and average sales price $2,081,056

Pelican Bay – 62 properties for sale, 262 properties closed over the past 12 months and average sales price $1,992,803

Pelican Marsh – 8 properties for sale, 61 properties closed over the past 12 months and average sales price $807,246

Talis Park – 12 properties for sale, 34 properties closed over the past 12 months and average sales price $1,666,938

Tiburon – 5 properties for sale, 27 properties closed over the past 12 months and average sales price $1,589,037

Treviso Bay – 11 properties for sale, 56 properties closed over the past 12 months and average sales price $580,425

Vineyards – 17 properties for sale, 89 properties closed the over past 12 months and average sales price $677,843

 

 

 

 

BONITA SPRINGS FL Current Golf Community Trends – Condos

Bonita Bay – 30 properties for sale, 137 properties closed over the past 12 months and average sales price $1,957,147

Palmira – 4 properties for sale, 16 properties closed over the past 12 months and average sales price $667,619

Pelican Landing – 5 properties for sale, 63 properties closed over the past 12 months and average sales price $588,978

Pelican Landing (The Colony) – 22 properties for sale, 57 properties closed over the past 12 months and average sales price $1,503,399

 

 

 

 

 

ESTERO FL Current Golf Community Trends – Condos

Miromar Lakes – 13 properties for sale, 25 properties closed over the past 12 months and average sales price $1,142,360

Pelican Sound – 2 properties for sale, 25 properties closed over the past 12 months and average sales price $587,862

Shadow Wood – 3 properties for sale, 22 properties closed over the past 12 months and average sales price $644,359

West Bay Club – 8 properties for sale, 25 properties closed over the past 12 months and average sales price $893,076

 

 

 

 

 

FORT MYERS FL Current Golf Community Trends – Condos

Gulf Harbour Yacht and Country Club – 35 properties for sale, 86 properties closed over the past 12 months and average sales price $899,841

The Forest – 12 properties for sale, 37 properties closed over the past 12 months and average sales price $257,849

 

 

 

 

 

 

BRADENTON FL Current Golf Community Trends – Condos

Esplanade at Lakewood Ranch – 1 property for sale, 8 properties closed over the past 12 months and average sales price $500,875

Esplanade at Azario – 1 property for sale, 25 properties closed over the past 12 months and average sales price $513,049

SARASOTA FL Current Golf Community Trends – Condos

TPC Prestancia – 5 properties for sale, 3 properties closed over the past 12 months and average sales price $540,000

More Southwest Florida Current Golf Community Trends

Overall, inventory for Luxury golf properties in our area remains historically low. Even though it is above this time last year, it has fallen compared to the prior month.

Some golf communities have more inventory than others. If you are considering buying a luxury golf home, we will help you find the community and home to fit your lifestyle.

If you are considering selling, it is still a seller’s market and you have time to catch the top of the market. Call us today to learn your home’s value and how we can help you sell it for maximum value. What is my home worth…

If are planning to buy a home we can help you identify which golf community or communities will fit your lifestyle and match your criteria for amenities in your price range. With the various fees associated with each golf community, it can be a challenge to determine what your total obligation will be for membership initiation fees as well as the annual membership dues, capital improvements and home owners association fees.

Since each community varies we recommend you use a professional real estate agent with experience in golf communities to navigate your way through your options. We’ve been helping connect buyers and sellers in golf communities for more than 20 years.

If you do not see a snapshot of the southwest Florida luxury private golf club community you are interested in, contact us for complete market analysis. Call, email or text us today for all of your real estate needs – 239.370.0892.

July 2023 Naples Area Housing Market Stats

The latest Naples area housing market stats showed 600 properties sold for just over $516 Million. The highest-priced sale was for a single-family home for $15 million in Aqualane Shores. Additionally, 186 of the real estate transactions for the month were at or above $1 Million.

Overall inventory ended the month with 2,583 properties for sale which represents just a 1 percent increase over the same time last year. However, similar to other Southwest Florida cities, the numbers are very misleading. In July of 2019, before the pandemic, Naples had 5200 properties for sale. Inventory ended the month at 50 percent of what we normally have during this time of year.

Additionally, from month to month, we’ve seen our 4th straight decline in inventory. At the end of June, we had 2,659 properties for sale. By the end of July, we had 76 fewer properties for sale. Although we do keep adding new listings to our inventory, it’s just not at the pace we need to keep up with demand let alone return to a balanced market of 6-7 months’ worth of supply.

Overall, Florida remains a prime destination for retirees and others looking for a vacation home. Further evidence Naples remains a top destination for people relocating or buying a second home is the addition of more new direct flights to Fort Myers International Airport (RSW). As more people travel to Southwest Florida, airlines continue to make it even easier to get to Naples. For example, Porter Airlines just announced a new direct flight from Toronto to RSW starting in November.

Bottom line, the Naples area continues to be a prime location for retirees and those who own vacation homes.

Naples Area Housing Market Statistics – July 2023

July 2023 versus July 2022 Highlights

• Closed sales decreased 12 percent compared to July of last year.
• Overall pending sales increased 6 percent versus the same time in 2022.
• Inventory increased 1 percent up from 2,429 homes to 2,583 homes for sale.
• Average days on market increased 115 percent up to 56 days compared to July of 2022.

In all, there were 336 single-family homes and 264 condos sold for a total of 555 sales during the month, which was a 34 percent decrease compared to the same time last year and 34 percent fewer sales than the prior month.

The median single family price increased slightly up to $735,000 compared to the same time last year. However, it was down compared to the prior month when it was $760,000 in June.

Similarly, the median condo sale price was $445,000 which was up from $428,500 from June of 2022. And, similar to single-family homes it was down from the previous month when the median condo sales price was $480,000.

Additionally, even though the number of days it took for a property increased significantly over this time last year (115% increase), it only increased from 50 to 56 days compared to the prior month. The typical number of days on market during a healthy market is 120 days which is well above the levels at the end of July.

Finally, the latest stats continued to show there was more room for negotiation from the list price during July. The percent of list price received decreased 1.9 percent to 95.9 percent, down from 97.4 percent in July of last year.

Bottom line, it remains a Seller’s market for BOTH condos and single-family homes. You still have time to cash in on the high buyer demand. What is my home worth…

With low inventory of existing homes for sale, there’s been a notable increase in buyers turning toward new construction. From ultra-luxury waterfront condos at The Kalea Bay to bundled golf communities such as coach homes in Talis Park there are a wide array of options available.  Should I use a Realtor if I’m buying New Construction?

Whether you are buying or selling, let us help you navigate this complex market. The Naples Golf Guy team members are all REALTOR® professionals who have the expertise to provide you with timely and accurate market data. Call, email or text us today for all of your real estate needs – 239.370.0892.

Naples Florida Housing Market – Luxury Golf Home Sales in July

• $6,400,000 – 8041 Via Vecchia in Pelican Bay with 3,611 sq. ft. (93% of list price)
• $6,132,832 –4245 Brynwood Dr. in Quail West  with 5,991 sq. ft. (108% of list price)
• $5,300,000 – 1307 Little Blue Heron Ct. at Pelican Marsh with 4,010 sq. ft. (98% of list price)
• $4,250,000 – 16859 Caminetto Ct. in Mediterra with 4,670 sq. ft. (97% of list price)
• $4,000,000 – 713 Shadow Lake Ln. in Pelican Bay with 3,048 sq. ft. (93% of list price)
• $3,037,500 – 7020 Oakmont Pkwy. in Pelican Bay with 3,219 sq. ft. (87% of list price)
• $2,825,000 – 8694 Armour Ct. in Esplanade with 3,293 sq. ft. (97% of list price)
• $2,800,000 – 8665 Cavano St. in Esplanade with 3,346 sq. ft. (95% of list price)
• $2,775,000 – 1034 Spanish Moss Trl. in Pelican Marsh with 2,753 sq. ft. (96% of list price)
• $2,753,075 – 8201 Via Vecchia in Pelican Bay with 2,720 sq. ft. (92% of list price)

New Listings in Golf Communities

If you just want to keep an eye on the market, we can set up a custom property search that is fully automated or sign up for automatic property alerts.  Please feel free to call us any time to set up the alerts for you based on your criteria.

Fort Myers Beach Lot Relisted

Spectacular Ft. Myers Beach lot relisted! This lot is in a prime location just 150 YARDS FROM THE SANDY WHITE BEACHES OF THE GULF OF MEXICO! The lot offers partial Gulf views from the northern side of the property and a rear southern exposure.

116 Bayview Ave. Ft. Myers, FL 33931 – List Price $599,999

This beach lot offers easy access to the sandy white beaches of the Gulf of Mexico. This is your opportunity to own your own slice of paradise on Fort Myers Beach! You will be able to grab your umbrella and beach chair and walk directly to Fort Myers Beach.  And, tot only is this lot within walking distance of the beach, it is also within walking distance to the grocery store and restaurants.

Rebuilding efforts in the area are well under way on Fort Myers Beach. Businesses are opening every day! This is your opportunity to build your dream home and live the Florida lifestyle with beautiful sunsets every evening from the comfort of your own home.

From Gulf to Golf, we will help you find the perfect property to suit your lifestyle.

 

Results You Can Count On

September 27th, 2023 Posted by Matt

Sarasota Florida Real Estate Review

The latest Sarasota Florida Real Estate Review showed 899 properties sold for just over $578 Million during June in the North Port, Sarasota, and Bradenton areas.

The luxury market was strong, as evidenced by the 103 properties which sold at $1 Million and above. The highest-priced sale was for a single-family home in San Remo Estates overlooking the Gulf of Mexico for $6,950,000.

Overall, inventory ended the month at 2,956 properties for sale, up from 2,170 listings during the same time last year. Similar to the prior month, inventory increased slightly month-over-month. There was only a net increase of 56 properties for sale from June to July.

Although inventory has increased significantly over the last year, we’re still well below our historical norms. In June 2019, the area had 4,157 homes for sale which is 40 percent more than what we have now. So even though we’ve moved in the right direction, we still have just over a 3 months supply of homes for sale leaving us in a solid Seller’s market.

The Sarasota area continues to be a top destination for both people and businesses relocating. According to a recent report by Checkr – an employee background-check firm – Bradenton was among the top 25 Boomtowns in the U.S. Boomtowns are U.S. cities and metro areas attracting the most people – new business as well as movers looking for better jobs – that other areas of the country.

Further evidence Sarasota remains a top destination for people relocating is the addition of more new direct flights to Sarasota-Bradenton Airport. Starting in November, Avelo Airlines will add direct flights to Wilmington, Delaware. Avelo also flies to New Haven, Connecticut, and Raleigh-Durham, North Carolina, from SRQ.

So, between low supply and high demand, prices are expected to rise. Just not at the same pace as the past couple of years.

Sarasota Florida Real Estate Review – Single-Family Homes

July 2023 versus July 2022 Single Family Home Highlights:

• Closed sales decreased 6.6 percent going from 678 transactions down to 633 sales.
• Pending sales fell from 641 last July compared to 604 this July, a 5.8 percent reduction.
• Inventory increased 24.1 percent up to 1,923 homes for sale compared to this same time last year when 1,550 homes were for sale.
• New listings decreased from 959 down to 738 which was a 23 percent decline.
• Median days on market increased to 25 days which was a 150 percent increase versus July of 2022.
• Available inventory of single-family homes ended July with a 3.2 months’ supply of homes available for sale which was up from 2 month’s supply during July of 2022.

Single-family home inventory rose year-over-year, and unlike the previous month it decreased month-to-month. Sarasota single-family homes for sale end June at 1,943 compared to 1,923 at the end of July. The median sales price increased 1.9 percent over the same time last year up to $535,000. It also rose compared to the prior month when it was $522,500.

Additionally, unlike last month days on market increased up to 25 days. However, the number of days a property was listed until it went under contract was only 2 more days than the prior month.

Bottom line: It remains a Seller’s market for Sarasota single-family homes.

So, if you are thinking about selling your property in the Sarasota area, call, email, or text us today – at 239.370.0892 for a complimentary market analysis.

On the other hand, since real estate is truly local, it could vary from neighborhood to neighborhood. Some neighborhoods have plenty of inventory and there are multiple options to choose from.  Whether you are just beginning your search or you want to stay up to date on the latest trends in a particular neighborhood, now may be a good time to start watching for properties that meet your criteria. New listings are hitting the market every day, so if you want to stay up to date we can help you with automatic property alerts.

Or, if you’re not sure which community is right for you, contact us and we’ll help you identify the communities which will match the lifestyle you are seeking.

Sarasota Florida Real Estate Review – Condos and Townhomes

 

July 2023 versus July 2022 Condo Highlights:

• Condo sales decreased .8 percent going from 289 real estate transactions down to 266 sales.
• Pending sales increased 2.9 percent up from 280 last July to 288 this July.
• Inventory increased 65 percent up to 1,033 condos for sale compared to last July when there were only 626 units for sale.
• New listings fell from 377 down to 331 or a 12.2 percent decline.
• Median days to contract was 36 days which was up from 10 days last year.
• Available inventory of condos ended July with a 3.4 months’ supply of properties available for sale which was a 112.5 percent increase.

Similar to single-family homes, condo inventory increased significantly over last year. However, it actually fell for the third straight month down to 1,033 units for sale compared to 1,069 condos in June.

Similar to the last two months, we ended with just a 3.4 months’ supply of condos for sale. We’re still only halfway to a balanced market which is traditionally a 6-7 months’ supply of units for sale.

Additionally, days to contract increased to 36 days up from 35 days in June and up from 10 days during July of 2022. Finally, the percentage of cash sales was 55.6 percent of all condo sales which was down from 60 percent during the prior month. With low inventory, low days on market, and high buyer demand, the condo market remains a strong Seller’s market.

Bottom Line

It remains a Seller’s market for BOTH condos and single-family homes. You still have time to cash in on the high buyer demand. What is my home worth…

With low inventory of existing homes for sale, there’s been a notable increase in buyers turning toward new construction. In fact, Florida was ranked as the number one state for new home listings in the country.  Should I use a Realtor if I’m buying New Construction?

Whether you are buying or selling we have real estate specialists who cover Florida’s Gulf Coast from Sarasota to Naples, so if you are considering moving to the area, contact us for more information.

Sarasota Real Estate Market Reports

July 2023 Sarasota County Single Family Home Sales

July 2023 Sarasota County Condo Sales

New Listings in Southwest Florida Golf Communities