Sarasota & Manatee County Real Estate Market Update - May 2023

Are you curious about the latest trends in the Sarasota and Manatee County real estate market? Look no further than this informative video, which provides a comprehensive overview of the market trends for May 2023 in popular areas such as Sarasota, Bradenton, Lakewood Ranch and the surrounding areas on the Gulf Coast of Florida.

Housing Market in Sarasota and Manatee Counties

According to data from the REALTOR® Association of Sarasota and Manatee (RASM), the housing market in Sarasota and Manatee counties reported nearly 50 percent more sales in March than the month immediately prior, with a total of 2,271 sales combined for both property types. Inventory continues to grow while home values hold steady, making for a strong market.

For single-family homes, Manatee County closed sales increased year-over-year by 4.4 percent to 756 sales while Sarasota County sales decreased by 3.8 percent to 826 sales. Condo sales decreased by 7.7 percent to 275 sales in Manatee County and by 11.7 percent to 414 sales in Sarasota.

Year over year price increase chart Sarasota and Manatee County

Despite the year-over-year declines in pending sales, this figure has grown steadily for all markets in the two-county region since the start of the year, indicating the strength of Sarasota and Manatee’s housing market this season. Home values are holding steady while the growing inventory provides more options to buyers.

Prices in the North Port-Sarasota-Bradenton MSA have increased this month when compared to March 2022. However, in Manatee County single-family homes decreased by 6.3 percent to $491,988. For Sarasota County, the median price for single-family homes increased by 8.3 percent to $528,013, the second-highest median price recorded in the county.

At the end of the month, there were 5,541 active listings in the North Port-Sarasota-Bradenton MSA, a 247.6 percent increase from the same time last year. When compared to last month, the total inventory for both property types increased by 5.7 percent.

Overall, the real estate market in Sarasota and Manatee counties is showing signs of strength and stability, making it an excellent time for buyers and sellers to get involved in the market. For more detailed insights and analysis, check out the video above.

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