What a Difference a Year Makes
Sales are steady, but inventory is up 64%
Our managing broker, Craig Cerreta, just released hise February 2024 Market Snapshot in which he thoroughly reviews local housing data to report on what’s really happening in the Sarasota-Manatee luxury real estate market.
Highlights include:
- Inventory is no longer undersupplied — up approximately 60% year over year
- Demand is solid — nearly identical to 2019 and 2023 (but not growing with inventory growth)
- Prices are flat for single family homes and price reductions are on the rise, especially older condos
- Mortgage rates are bumping up slightly due to increased economic growth
- The spread between asking price and offer price is growing
- Buyers do not want to do updates or repairs when paying top dollar
Watch the Luxury Real Estate Market Snapshot Video:
