This month I am recording from South Lido Beach. October is the last month of turtle nesting season on our beaches here in Sarasota. Turtles came ashore here during July and August to create nests and lay their eggs. Those hatchlings are going back out to sea during this month of October.
It’s the end of the third quarter, July through September of 2023. Many of us always joke that we live in a bubble known as paradise here in Sarasota. However, the tumult of the world is always around us and sometimes we’re not impervious to it. How does this relate to our local real estate market?
I want to reflect back to 2021. Sales were very healthy that year on a month to month basis. In 2022, sales were actually lower compared to the corresponding month in 2021. This has happened once again here in 2023. Sales were lower month to month than in 2022 and 2021. Real estate sales this third quarter of 2023 have been kind of low and anemic- with one bright spot. That’s been the most recent month, September.
Let’s talk specifically about the numbers:
- Sales were up 2.7% from the third quarter of 2023 compared to the third quarter of 2022. This was buoyed extremely well by September of 2023, whereas July and August were not as strong.
- The luxury market (those properties selling for a 1.5M dollars or more) is basically flat. It represents about 5.5% of our market. It hasn’t changed since last year.
- 81% of our total market is less than $750,000. This segment too is pretty flat. The most interesting thing is that despite all the changes, inventory has gone up about 10% in the last couple of months, and yet buyers in certain geographies and price point still can’t find anything.
What’s this going to do for our market going forward? I think it’s going to continue to be a little bit more tumultuous and it’s going to be challenging for both buyers and sellers over the next six months depending upon the geography and/or price point. What this means going forward is we expect to see storm clouds. Whether those clouds pass over us or we end up with an isolated or scattered thunderstorm, we just don’t know.
For a private consultation on your own specific situation, please give me a call @ 941.587.0740.
