There is the desert heat of Arizona and there is the tropical heat of Florida, but no matter where you are, hot is hot. And this summer has been hot just like the real estate market! Oh, this isn’t going to be the same old thing I have been saying for the last 18 to 24 months, “It’s a hot seller’s market.” Nope, I have new information to share.
Do you remember what is needed for a balanced market? It is six months of inventory. (Inventory is measured by the time it would take to sell all the houses currently on the market). For months and months I have shared there was often only ONE week of inventory creating the intense seller’s market. The Inventory of homes on the market was unbelievably low. Buyers had little to choose from and homes were flying off the shelves. Now, drum roll please, we have 1.71 months of inventory (or you could say 7 weeks of inventory)! Woo-Hoo!!! Buyers, the heat is
moving a little in your favor. We are still a long way from a balanced market; after all, no matter how you review the numbers 1.71 is definitely lower than 6.
It is good for both buyers and sellers for things to be a bit more balanced. The current pricing numbers are settling in and the new pricing playing field is being laid out. Buyers, you have a bit of breathing room and a few options to choose from. For sellers Sellers, your house will probably not sell in the first few hours of being on the market and you might have to keep the house clean for a couple weeks.
Which has me reminiscing to a while back when I still had teenagers at home and our house was on the market. We lived outside of town and we had a Great Dane named Belle and a cat named Howey. It was summer time and we all had various job schedules. We came up with a plan to make sure our house was ready for showings. We made a list of all the things that needed to be done when a showing request came in and then we had to check and see which one of us could get home and take care of getting the house ready for the showing. The list had things like; put Belle in her pen, put the dog and cat feeding dishes away, make sure toilet lids were down, curtains open, and the last item on the list was – HIDE THIS LIST.
Quick reads sharing what the experts are saying...
Enjoy the Said Yes to the Address: one families reason to move to Florida.
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Market stats and Data August 2022
What has the heat done to the real estate market? Here On the west coast of Florida we are seeing more folks from the west coast of the US moving this way. Ray and I have worked with more folks from Oregon and California and even from the mountain of Colorado. Many of these folks are saying they want away from the wildfires and they want the sunshine. It used to be the folks moving to Florida were from the mid-west or the north east. That has certainly changed.
As I shared the market is making small heat adjustments. As I do every month, let's break it down and see the recent trends.
The data I used is the basic 3 bedroom, 2 bath, 2 car garage with a pool home with 1400-2100 square feet of living space. Check out the breakdown for the three counties we serve.
Manatee County:
*56 active listings with the lowest priced home at $440,000
*45 are pending
*44 SOLD in the last 0-30 days with an average SOLD price of $405,000. The seller got 100% of their list price and it went under contract in 12 days.
*Watch the change that happened...
*44 SOLD in the last 31-60 days with the lowest sold price was $385,000 and the seller sold for 102% of list price and it went under contract in 8 days.
Sarasota County:
*87 active listings with the lowest priced home at $387,000
*72 are pending
*61 SOLD in the last 0-30 days with an average SOLD price of $335,000. The seller got 99% of their list price and it went under contract in 17 days.
*Watch the change that happened...
*67 SOLD in the last 31-60 days with the lowest sold price was $335,000 and the seller sold for 101% of list price and it went under contract in 14 days.
Charlotte County:
*97 active listings with the lowest priced home at $338,000
*94 are pending
*73 SOLD in the last 0-30 days with an average SOLD price of $280,000. The seller got 99% of their list price and it went under contract in 15 days.
*Watch the change that happened...
*67 SOLD in the last 31-60 days with the lowest sold price was $329,000 and the seller sold for 100% of list price and it went under contract in 14 days.
Ok, so what do you see in those numbers? Did you catch active listing prices have increased over the sold prices? The SOLD price went up in 30 days except in Charlotte County. The days on the market went up a smidgen. And the list to sold price percent went down in the last 30 days compared to 31-60 days ago. Which shows the market is becoming more buyer friendly and it's still good for sellers. YAY!!!!
For more in-depth info for each county click below. Remember we can customize this type of report for you. You will receive the data in your inbox on a regular basis.
Manatee County Data
Sarasota County Data
Charlotte County Data
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