It’s February so love is in the air. Love for football (either you love the big game or you love that the season has ended). There is even an entire holiday created just to remind us to say, “I love you”. With love in mind, Ray and I want to say we love selling real estate. We love walking people through the process, the negotiations, and the fun of sitting at the closing table as they receive the keys to their new home or as they receive the proceeds from their sale. Being a Realtor is an interesting profession. We work for people who are in the process of making one of the biggest financial decisions of their life. It is considered one of the most stressful things they will ever do because most people only buy and sell a home a few times in their lifetime.
Right now, the market has “picked up” meaning we have not had this many houses on the market since 2020. Finally, Buyers have more options to choose from, which is a good thing. When people are making a huge financial investment, they should have time to look at their options and time to fall in love with a house. Overall, in the southwest Gulf of Mexico region of Florida, the inventory of properties for sale is about 5 months. The interesting thing is that there are still hot spots and certain homes are still creating multiple offers.
When Sellers decide to sell their home, they do not want Buyers to fall in love with their home. Yes, you read that right. Sellers want the Buyers to fall in love with the HOUSE. I have seen it time and time again when the Seller’s home is still very much all about them which is distracting the Buyers from the house itself. The Buyer leaves and doesn’t remember if they liked the house but they do remember the art. The buying frenzy is behind us, and we are back to good ol’real estate selling strategies. Sellers will now need to make a little more effort to get the house ready for Buyers. Coldwell Banker Realty offers an absolutely amazing selling tool called RealVitalize. RealVitalize will allow the Seller to hire professionals to do all types of work on the house; from staging, painting interior and exterior, plumbing repairs, power washing, and more. The Seller doesn’t pay for the services, Coldwell Banker Realty pays for the services. Then at closing the Seller simply repays Coldwell Banker back out of their net proceeds. The Seller gets needed things done and makes the house look its best so that they can confidently market the house. Buyers see it is clean and fresh and they write offers. Next thing you know the Buyer is being given the keys at the closing table and the Seller is receiving a check. RealVitalize is a game changer for Sellers and Buyers. Who wouldn’t love that! Click the link and read the blog I wrote: Tequila Art vs Staging
From the precious book " The Boy, The Mole, The Fox and the Horse" by Charlie Mackesy
There is a contest with this newsletter. The first person to text me correctly stating how many times the word LOVE was used in the newsletter will win a $10 Starbucks Gift Card.
For the LOVE of Market Stats and Data February 2023
The infographic below is a very broad look from our Steller MLS which covers most of the state. This gives a good illustration of the Year over Year data.
Have you wondered what "MLS" stands for and what it does? The MLS: Multiple Listing Service is where all property listings are entered and the data is stored. The MLS has a lengthy detailed process for entering the data on the properties. And to ensure real estate professionals take this seriously there are hefty fines if a Realtor is found to be out of compliance.
Let’s look a little more closely at the Year over Year stats for our tri-county area. I am specifically using what I will refer to as an “average” home. This being a 3 bedroom, 2 bath, with garage and pool home with 1300-2200 square feet. Comparing last January stats with this year it clearly shows the change from the hot seller’s market to the balanced Seller/Buyer market.
Looking at the stats and data in my January 2022 newsletter "Joy + Sunshine" there were ONLY 32 homes on the market in Sarasota County fitting my "average" description. Today there are 117 ! Average SOLD price then $534,000. Today the median sold price is $549,000.
What about Charlotte County? January 2022 there were 65 homes on the market. Today there are 168 homes. Average SOLD price was $489,000 and today the median price is $474,000.
How does Manatee County look? January 2022 there were 24 homes. Today there are 76 homes. The Average SOLD price in January 2022 was $551,000 and today the median price is $581,000
Did you catch the interesting part? The median prices for this year are above the average prices from last year in both Sarasota and Manatee Counties. Prices are not falling. Gotta love that! Charlotte County is down a little but remember Charlotte County was hit hard by the punk Ian and recovery is still under way in many parts of the county. Sellers in all three counties are getting an average of 97% of their list price as opposed to last years 105% of list price.
For a more in-depth look at the market for each county click on the county names below to see their Area Market Report.
Don't forget if you want a customized report for a specific neighborhood you love or area in one of these counties we can create that for you. Take a look at the one we created for the Island of Venice. Click the link to see the homes on the market on Venice Island. Island Life The Market Report for Venice Island
Your customized Market Report will be sent to your email inbox. How often you receive the Market Report can even be customized. So if you would like it weekly, bi-monthly or monthly we can make it happen. Just let us know by calling, texting, or emailing us what area you want your Market Report to cover.
Here are a couple articles that you might find to be good quick reads... Are Delinquencies Up ?
