March Madness is here in Southwest Florida and along the stunning Gulf of [Insert Your Name Choice]! Local restaurants are bustling, beaches are packed with colorful umbrellas, and people are soaking up their daily dose of Vitamin Sea. And of course, the real estate market is in full swing! But this year, March Madness is playing out a little differently. The new MVP? “The Buyer!”
With a strong inventory of homes, buyers have plenty of options to choose from. Take this past weekend, for example: Ray and I had customers who made the trip to the Venice area on a house-hunting adventure. We’ve been working with them for several months leading up to this moment, and we were ready. Over the course of a day and a half, we toured 17 homes that matched their criteria. They narrowed it down to two and, with the help of the numbers we crunched and the HOA documents we gathered, they were able to confidently make the best choice for them.
This is the beauty of the current market for buyers—they have options! It’s like putting together your own March Madness Bracket and going for the win. But don’t worry, sellers aren’t losing out either. In fact, in most markets, sellers are still getting 96-97% of their list price. Just a few years ago, we were in a strong seller’s market, and now we’re seeing a shift into a buyer’s market. But like all good things, this buyer’s market won’t last forever, just as the seller’s market didn’t.
Exciting times all around! Let’s make this March Madness one to remember!
March Madness Stats and Data
As we hit the peak of Snowbird season this March, with every available condo booked and families and visitors flocking to the Sunshine State for Spring Break, it’s the perfect time to take a closer look at the condo market. There’s been a lot of buzz in the news lately about the Florida condo market—some of it spot on, and some of it, well, a bit overhyped. The reality? If you're in the market for a condo, there's no shortage of options to choose from right now. Let’s dive into what’s really happening!
As we dive in we will look at the basic type condo a 2 bedroom, 2 bath, and offering at least a community pool. We will look at the data in a few specific cities.
Sarasota:
Active on the market : 603 price range $140,000 to over $4million
Pending sales: 97
Sold in the last 90 days: 148 Sold price range: $141k to $2.5 Million
Last year in this same time frame there were 305 sold.
Lakewood Ranch:
Active on the market : 29 price range $229,000- $695,000
Pending sales: 7
Sold in the last 90 days: 5 Sold price range: $210,0000 $679,000
Last year in this same time frame there were 17 sold.
Venice:
Active on the market :289 price range $139,000-to over $1million
Pending sales: 33
Sold in the last 90 days: 70 Sold price range: $147,000 to over $2million
Last year in this same time frame there were 116 sold.
Punta Gorda:
Active on the market :308 price range $100,000- $865,000
Pending sales: 40
Sold in the last 90 days: 41 Sold price range: $90,000- $450,000
Last year in this same time frame there were 90 sold.
What did you notice in the numbers? Yes, there are many condos to choose from, it is a strong Buyers market for condos. Since December a good number of condos have sold but the number of condos sold is about 1/2 what it was a year ago. I am sure you have seen news stories about cost involved in condo ownership, "the fees". Association fees have gone up mostly because insurance has increased, &/or it was time to replace roofs, or carports, or the pools needed work. And there is the Milestone Inspection report that had to be completed on any condo building three stories or higher.
Below are three articles about Milestone, insurance, and what the Florida Legislature is proposing in regards to condo ownership.
The Milestone Inspection and what it is
Condo fees and why they have increased
Florida Legislature plans to help ease condo ownership
It's not all negative news. It's just the cost of condo ownership has had to make some adjustments. The new normal will in time feel normal. Condos and the simple freedom of the lock-and-leave lifestyle will never loose its appeal.
Hope your March is filled with fun
memory making March Madness!
Now for the giggle :
Thanks for reading! Call/text/ email us with any real estate questions! You know we are always here for you!
Mary & Ray
