August 2024 Market Insights: Balancing Opportunities for Buyers and Sellers in Sarasota & Manatee Counties

Who wins; Buyers or sellers? Watch as Mike breaks it all down for you!

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As we step into the latter part of 2024, the real estate market in Sarasota and Manatee counties is showing signs of a significant shift. The market, once heavily tilted towards sellers, is now approaching a more balanced state. This shift presents both challenges and opportunities, whether you're considering buying or selling a home.

 

Understanding the Current Market Dynamics

 

Year-over-year, we’ve seen a 67% increase in listings. This surge means more options for buyers, while sellers face more competition. However, despite the rise in inventory, sold properties have only increased by 1%, suggesting that demand remains steady even as the market changes.

 

Recent Trends to Watch

 

Over the past four months, there has been a noticeable decline in new listings, signaling that sellers may be holding back due to the evolving market conditions. This cooling off could mean a more stable environment for buyers, with prices beginning to adjust downward. As of August, prices per square foot have seen a slight 0.3% decrease year-over-year, but recent months indicate a sharper decline, emphasizing the need for sellers to be flexible with their pricing strategies.

 

What This Means for You

 

For buyers, this is an opportune time to explore the market. With more choices and decreasing prices, the conditions are ripe for finding the perfect home. Sellers, on the other hand, need to focus on differentiating their properties in a crowded market. A well-presented home, priced correctly, can still attract serious buyers.

 

Conclusion

 

No matter where you stand—buyer or seller—having the right plan in place is crucial. As a real estate professional deeply invested in this community, I can help you navigate these changes with confidence. Let’s craft a strategy that works for you. Call me at 941.400.8735, and let’s discuss how to make the most of this balanced market.