June 2024 Market Update for Sarasota and Manatee Counties: A Balanced Market Emerges

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

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Welcome to the June 2024 market update for Sarasota and Manatee counties! I'm Mike Renick, and I'm here to provide you with an in-depth analysis of the latest real estate trends. Our data, accurate through May 31st, reveals significant changes that are shaping a balanced market for both buyers and sellers.

 

Key Highlights:

Inventory Levels: Listings have surged by 83%, providing buyers with more choices. This significant rise suggests more sellers are entering the market, likely to capitalize on favorable conditions.

Sales Trends: Despite a 4% decrease in sales from last year, the market remains robust with steady demand. Pending sales are up by 4%, indicating strong buyer activity and confidence in the market.

Price Trends: The average price per square foot has decreased by 2%, reflecting a stabilization in the market. This trend is beneficial for buyers looking for better deals.

Days on Market: With increased inventory, homes are taking longer to sell, up 38%. This suggests a more deliberate approach by buyers, taking their time to make informed decisions.

Months of Inventory: The months of inventory have increased by 87%, indicating a balanced market where both buyers and sellers can achieve favorable outcomes with the right strategies.

Understanding these trends is crucial for navigating the market effectively. Whether you're looking to buy or sell, it's essential to have a customized approach tailored to your unique needs. At Team Renick, we provide personalized strategies to help you get the best possible deal.

 

For more details and personalized advice, feel free to reach out to me directly at 941-400-8735. Let's discuss your goals and how we can achieve the best outcome for you.

 

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