October 28, 2024
The combination of stormy weather (Hurricanes Helene and Milton) and a half percentage point rise in mortgage rates have temporarily stalled new listings and pending sales in Sarasota County. Month over month, new listings of existing single-family homes are down 26%, pending sales (homes under contract) down 36%. The stall will be temporary because the demands of the natural trajectory of life will create forward movement as we approach our “in-season” market.
Prices in Sarasota County fell over 10% this past year, and inventory grew to a balanced 5-month supply. However, recent data indicates prices are beginning to move in a positive direction. In September, the median sold price was $485,000, up 3.6% from August 2024. Further, as I write this commentary on October 28th, through yesterday the 27th, at $499,000, the median sold price in October is 2.9% higher than September.
The median list price of new weekly pending sales further supports the proposition that prices have bottomed out. According to Altos Research, from the week ending March 5, 2023, through August 30, 2024, the median list price of weekly pending sales went from a high of $514,900, to an uninterrupted, weekly slowly dragging low of $450,000, a 12.6% drop. This closely correlates with the 10% plus drop in sold prices, referenced in the paragraph above. However, commencing with the week ending September 6, 2024, and for the next seven consecutive weeks, the median list price of new weekly pending sales has been in the $460,000 range. Last week, the week ending October 25, 2024, it was $461,597. Overall, sold, and pending sales data points to the floor in prices. Home prices in Sarasota County are looking up.
Most buyers and sellers in our market are securing an asset for personal use. This makes the purchase of your home different from other “investment’ vehicles. If buying, this is an excellent opportunity to enter the market, and selling depends on your personal circumstances. As to the perennial question, how is the market? The market is always open.
These are all concerns that I or an experienced REALTOR® can guide you through. And know that Florida will always flower and flourish under any market conditions.
