Market Snapshot for Sarasota, Manatee & Charlotte Counties: Q3 2017

Curious how the real estate market is doing along Florida’s Gulf Coast? We are bringing you a look at all the big picture trends from the third quarter of 2017. Breaking it down for us and comparing the current market to that of our second quarter and first quarter market report, Drayton Saunders, President of Michael Saunders & Company, reveals all the details in the below video.  Then, read on for key takeaways by county and a luxury sales spotlight. https://youtu.be/49SqNdedxZ8  

For a comprehensive review of the 3rd quarter market, click for PDF. 

 

A Look at the Numbers

Feeder Markets:

In our last market update video, we promised a look into our feeder markets, or in other words, areas from which we see a significant amount of baby-boomer retirees selling their homes in order to use the equity to downsize or buy a second home in our area. The overall message from our fellow LeadingRE members like Sibcy Cline in Cincinnati and @Properties in Chicago is that inventory is tight, therefore prices are rising and it is a seller’s market to the north.  This is good news for retirees looking to sell their northern home to downsize or move to warmer climates. They should be able to sell their home quickly and for increased prices.  What these same individuals may not realize is that buying a home in our area of Florida is not as constrained as what they may be seeing at home. Across our region, it is largely a balanced market.  There is inventory to choose from - especially in new construction options.  But buyer traffic is strong, so acting swiftly to put a home under contract is highly advisable to ensure buyers get exactly what they are looking for, when they want.  While there are also a significant number of new home communities to build in, there is little “ready” inventory, so if a buyer can wait for their dream home, then building is a great alternative. If they are looking to move in quickly, then resale options will work best.

A More Local Look

Each quarter, we urge you to take a look at the local statistics for your area.  It’s important to know the difference by county, but also to drill down to your specific neighborhood.  For instance, in Sarasota County, we saw a 10% increase in overall days on market – yet in Manatee County, there were no increases. In Charlotte County, we are seeing a more constrained inventory situation with only a 3.6% increase in total homes for sale, yet in Sarasota County, we saw an over 8% increase.  Be curious when listening to macro trends and have a licensed real estate professional provide you a closer look at your community.

An Interesting Luxury Market

Across all three counties, we have seen more inventory coming on the market over $1 million, however, in order to get it sold, we are seeing significant price reductions.  The average days on market has gone up and the median sales price has remained relatively flat or even down in some areas -  which shows it is a buyer’s market in the upper end.

View our luxury sales spotlight from the 3rd quarter of 2017 for a look at significant sales.

The Mother Nature Effect

Certainly, one of the things out of our control is mother nature.  She has proven once again that every part of the country is vulnerable in some way – whether it be hurricanes, wild fires, tornadoes or early-season snow storms.  We are relieved to see that our area came away largely unharmed from Hurricane Irma – with mostly just some debris clean up and living without power for several days.  While it did slow us down for a bit, the recovery has been notable.  We see traffic in our offices back up, showings are strong, listings under contract are up, and sales are back on track.   We look forward to a strong year-end report in the next update!