Market Report Q4 | 2023
Market Report Q4 | 2023
EXECUTIVE SUMMARY The 4th quarter is often a story about beginnings and endings. And every good story has a lead protagonist. In 2023, this starring role was filled by the villain of rising interest rates. The rapid increases that began in the back half of 2022 continued to place a drag on the overall market throughout 2023. The cost of financing caused hesitancy in both buyers and sellers, and each group had to grapple with the reality of higher rates. Fourth-quarter data shows we are ending a period of maximum uncertainty in the mindset of buyers and sellers. Both groups have had to factor these into their strategy. The 4th quarter also handed off the lead role. You will be reading more about the inventory than you will about interest rates. The data underscores the beginning of this important trend, one that will drive 2024 market dynamics. Headlines will certainly be talking about the rise in inventory in our local market. As we ended the 4th quarter of 2023, months of supply of for-sale properties for both single-family homes and condominiums were up. Buyers clearly have more choices coming into 2024. In fact, buyers have the most choice they have had in over 4 years. That said, sellers are still seeing that well-priced properties are selling quickly, bolstering the confidence of many owners to finally take advantage of the significant equity that many homeowners have built over the last 4 years in the market. To peek into the early 2024 data, buyer demand is strong, and we are seeing healthy absorption of inventory even though months of supply is up. The local market historically sees inventory begin to build prior to the peak season activity, where sales are strongest in the first half of the year. Based on the dynamics of our market area for buyers, this means you have no better time than today to be surveying the market for that right property.
Contents Q4 | 2023 S I N G L E FA M I LY H O M E O V E R V I E W • Sarasota County • Manatee County • Charlotte County • Tri-County
CONDOMINIUM OVERVIEW • Sarasota County • Manatee County • Charlotte County • Tri-County
Manatee County
Sarasota County Charlotte County
MICHAELSAUNDERS.COM
Overview
Q4 | 2023 single family homes | sarasota county YTD 2022
YTD 2023
Percentage Change
Sold
7,778
7,639
-1.79
Avg. Sold Price
$688,083
$697,083
1.31
Sold/Orig LP Diff. %
97%
92%
-4.23
Avg Days on Market
26.83
52.92
97.20
Median Active Price
$617,000
$594,000
-3.73
Quarterly
Q4 2022
Q4 2023
Percentage Change
Sold
1,428
1,593
4.4
Avg. Sold Price
$682,000
$692,667
1.56
Sold/Orig LP Diff. %
94%
93%
-0.71
Avg Days on Market
40
59.00
48.74
Median Active Price
$571,000
$559,000
-2.10
YTD
Sarasota County
Ten-Year Market History 12,000
$700,000
$600,000
10,222
10,000 9,348 8,000
4,000
$500,000
8,503
8,428 7,846
7,926
7,943
7,778
Number of units sold
Number of Units Sold
6,000
7,927
7,639 $400,000
$300,000
$330,000
$390,000
$395,000
$395,000
$399,000
$407,000
$440,000
$560,000
$600,000
$589,000
2,000
$200,000
$100,000
$-
0 2014
2015
2016
2017
2018
2019
Median Active Price
2020
2021
Sold | Full Year
* Source Trendgraphix
MICHAELSAUNDERS.COM
2022
2023*
Overview
Q4 | 2023 single family homes | sarasota county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
12
2
0
19
9
6
1
0
$200,000-$249,999
22
13
1
36
23
10
1
2
$250,000-$299,999
40
44
9
93
64
48
2
5
$300,000-$399,999
64
217
27
308
500
171
38
18
$400,000-$499,999
58
184
30
272
537
125
36
26
$500,000-$599,999
37
122
26
185
385
90
20
13
$600,000-$699,999
12
87
33
132
293
63
21
7
$700,000-$799,999
9
59
20
88
189
39
8
3
$800,000-$899,999
5
37
35
77
155
35
5
4
$900,000-$999,999
2
24
15
41
84
21
5
4
$1,000,000 & over
5
76
87
168
569
109
36
12
Total Units
269
867
283
1419
2808
717
173
94
Days on Market | 10.01.2023 - 12.31.2023 800 703 700
Number of Sold Listings
600 500 400 271
300 200
165 101
100
51
42
121-150
151-180
27
57
0 0-30
31-60
61-90
91-120
Number of Days on Market * Source Stellar MLS
MICHAELSAUNDERS.COM
181-210
211 & Over
Overview
Q4 | 2023 condominiums | sarasota county YTD 2022
YTD 2023
Percentage Change
Sold
2,820
2,397
-15.00
Avg. Sold Price
$639,750
$739,500
15.59
Sold/Orig LP Diff. %
97%
94%
-3.43
Avg Days on Market
32.92
49.58
50.63
Median Active Price
$667,500
$575,000
-13.86
Quarterly
Q4 2022
Q4 2023
Percentage Change
494
562
13.77
$630,333
$899,667
42.73
Sold/Orig LP Diff. %
95%
96%
1.06
Avg Days on Market
52.33
51.67
-1.27
Median Active Price
$650,000
$499,000
-23.23
YTD
Sarasota County Sold Avg. Sold Price
Ten-Year Market History $800,000
4,500 4,000
$700,000
3,934
3,500
$600,000 3,014
2,500 2,000 1,500 1,000
Number of Units Sold Number of units sold
3,000 2,461
2,619
2,451
2,604
2,725
2,820
2,653
$500,000 2,402
$400,000 $300,000
$325,000
$365,000
$375,000
$379,000
$360,000
$375,000
$400,000
$599,000
$200,000
$675,000 $550,000
$100,000
500
$-
0 2014
2015
2016
2017
2018
2019
Median Active Price
2020 Sold | Full Year
* Source Trendgraphix
MICHAELSAUNDERS.COM
2021
2022
2023*
Overview
Q4 | 2023 condominiums | sarasota county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
23
1
2
26
10
6
1
1
$200,000-$249,999
50
4
0
54
18
16
1
0
$250,000-$299,999
40
2
0
42
57
50
2
4
$300,000-$399,999
45
14
0
59
489
184
38
8
$400,000-$499,999
24
11
2
37
537
131
36
1
$500,000-$599,999
17
8
0
25
381
91
20
2
$600,000-$699,999
22
3
0
25
287
70
21
4
$700,000-$799,999
21
4
0
25
187
40
7
3
$800,000-$899,999
16
2
0
18
155
39
5
1
$900,000-$999,999
20
3
0
23
81
20
5
1
$1,000,000 & over
155
52
2
209
561
122
36
19
Total Units
433
104
6
543
2763
769
172
44
Days on Market | 10.01.2023-12.31.2023 350 311
Number of Sold Listings
300 250 200 150 75
100
52 36
50
27
19
120-150
151-180
9
13
181-210
211 & Over
0 0-30
31-60
61-90
91-120
Number of Days on Market * Source Stellar MLS
MICHAELSAUNDERS.COM
Overview
Q4 | 2023 single family homes | manatee county YTD 2022
YTD 2023
Percentage Change
Sold
6,483
7,464
15.13
Avg. Sold Price
$678,667
$673,000
-0.83
Sold/Orig LP Diff. %
96%
93%
-3.04
Avg Days on Market
26.67
60.83
128.13
Median Active Price
$616,000
$589,500
-4.30
Quarterly
Q4 2022
Q4 2023
Percentage Change
Sold
1,589
1,762
10.89
Avg. Sold Price
$657,000
$673,333
2.49
Sold/Orig LP Diff. %
93%
94%
1.08
Avg Days on Market
43.00
57.00
32.56
Median Active Price
$540,000
$586,000
8.52
YTD
Manatee County
Ten-Year Market History $700,000
9,000
7,516
$500,000
6,163
$300,000
6,464 6,083
7,507 7,000
6,783
6,625
6,096
6,000
Number of units sold
5,803 $400,000
8,000
7,893
$600,000
5,000
4,000
3,000 $200,000 2,000 $100,000
$349,000
$390,000
$409,000
$405,000
$415,000
$425,000
$430,000
$530,000
$591,000
$587,000 1,000
$-
0 2014
2015
2016
2017
2018 Median Active Price
2019
2020
Sold | Full Year
* Source Trendgraphix
MICHAELSAUNDERS.COM
2021
2022
2023*
Overview
Q4 | 2023 single family homes | manatee county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
11
3
0
14
10
6
1
0
$200,000-$249,999
8
8
3
19
18
16
1
1
$250,000-$299,999
14
20
5
39
57
50
2
2
$300,000-$399,999
55
218
75
348
489
184
38
13
$400,000-$499,999
38
171
229
438
538
130
36
25
$500,000-$599,999
27
80
101
208
381
91
20
10
$600,000-$699,999
12
70
59
141
287
70
21
8
$700,000-$799,999
6
39
41
86
187
40
7
8
$800,000-$899,999
6
33
23
62
155
39
5
8
$900,000-$999,999
2
14
13
29
81
20
5
7
$1,000,000 & over
3
77
96
176
561
122
36
13
Total Units
182
733
645
1560
2764
768
172
95
Days on Market | 10.01.2023 - 12.31.2023 800
756
700
Number of Sold Listings
600 500 400 300
282
200
192 94
100
75
72 57
32
151-180
181-210
0
0-30
31-60
61-90
91-120
121-150
Number of Days on Market * Source Stellar MLS
MICHAELSAUNDERS.COM
211 & Over
Overview
Q4 | 2023 condominiums | manatee county YTD 2022
YTD 2023
Percentage Change
Sold
1,899
1,652
-13.01
Avg. Sold Price
YTD
Manatee County
$394,500
$446,583
13.20
Sold/Orig LP Diff. %
98%
94%
-4.00
Avg Days on Market
23.08
53.50
131.77
Median Active Price
$419,500
$374,500
-10.73
Quarterly
Q4 2022
Q4 2023
Percentage Change
346
315
-8.96
$388,667
$403,000
3.69
Sold/Orig LP Diff. %
94%
94%
-0.71
Avg Days on Market
36.33
61.00
67.89
Median Active Price
$419,000
$341,000
-18.62
Sold Avg. Sold Price
Ten-Year Market History
3000
$450,000 $400,000
2,587
2500
$350,000
2,217
1500
Number of units sold
2000 1,611
1,722
1,820
1,940 1,729
$300,000
1,899
1,865
1,656
$200,000
1000
500
$250,000
$150,000 $249,000 $300,000 $420,000 $200,000 $240,000 $255,000 $250,000 $249,000 $250,000 $365,000
$100,000 $50,000
0
$2014
2015
2016
2017
2018
2019
Median Active Price
2020 Sold | Full Year
* Source Trendgraphix
MICHAELSAUNDERS.COM
2021
2022
2023*
Overview
Q4 | 2023 condominiums | manatee county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
60
2
0
62
10
6
1
3
$200,000-$249,999
28
3
0
31
18
16
1
1
$250,000-$299,999
39
3
0
42
57
50
2
2
$300,000-$399,999
55
16
0
71
489
184
38
7
$400,000-$499,999
15
13
0
28
537
131
36
8
$500,000-$599,999
22
9
0
31
381
91
20
1
$600,000-$699,999
8
5
0
13
287
70
21
1
$700,000-$799,999
4
1
0
5
187
40
7
0
$800,000-$899,999
3
2
0
5
155
39
5
2
$900,000-$999,999
2
3
0
5
81
20
5
0
$1,000,000 & over
5
11
1
17
561
122
36
1
Total Units
245
68
1
314
2763
769
172
26
Days on Market | 10.01.2023 - 12.30.2023 180 160
164
Number of Sold Listings
140 120 100 80
52
60 31 40
24
17
20
6
8
151-180
181-210
12
0 0-30
31-60
61-90
91-120
120-150
Number of Days on Market
* Source Stellar MLS
MICHAELSAUNDERS.COM
211 & Over
Overview
Q4 | 2023 single family homes | charlotte county YTD 2022
YTD 2023
Percentage Change
Sold
4,782
4,516
-5.56
Avg. Sold Price
$462,833
$444,583
-3.94
Sold/Orig LP Diff. %
96%
93%
-3.46
Avg Days on Market
30.67
60.50
97.28
Median Active Price
$460,000
$448,000
-2.61
Quarterly
Q4 2022
Q4 2023
Percentage Change
685
1,029
50.22
$444,333
$438,000
-1.43
Sold/Orig LP Diff. %
93%
93%
-0.71
Avg Days on Market
44.66666667
75.33
68.66
Median Active Price
$450,000
$447,000
-0.67
YTD
Charlotte County
Sold Avg. Sold Price
Ten-Year Market History
$500,000
7,000
$450,000 6,000
6,005 $400,000 5,250 $350,000 4,641 $300,000
$200,000
4,441
4,673
4,533 4,000
3,000
$150,000 $100,000
4,483
Number Sold Numberof of Units units sold
$250,000
4,210
4,402
5,000
4,782
$230,000
$262,000
$285,000
$283,000
$285,000
$290,000
$299,000
$383,000
$464,000
$449,000
2,000
1,000 $50,000 $-
0 2014
2015
2016
2017
2018
Median Active Price
2019
2020
Sold | Full Year
* Source Trendgraphix
MICHAELSAUNDERS.COM
2021
2022
2023*
Overview
Q4 | 2023 single family homes | charlotte county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
31
16
2
49
10
6
1
4
$200,000-$249,999
30
26
3
59
18
16
1
1
$250,000-$299,999
33
57
10
100
57
50
2
11
$300,000-$399,999
45
230
108
383
489
184
38
26
$400,000-$499,999
13
106
47
166
537
131
36
16
$500,000-$599,999
5
48
15
68
381
91
20
15
$600,000-$699,999
5
36
9
50
287
70
21
3
$700,000-$799,999
2
35
6
43
187
40
7
4
$800,000-$899,999
0
16
2
18
155
39
5
5
$900,000-$999,999
0
7
4
11
81
20
5
3
$1,000,000 & over
1
30
9
40
561
122
36
6
Total Units
165
607
215
987
2,763
769
172
94
26
32
151-180
181-210
Days on Market | 10.01.2023 - 12.31.2023 450
414
Number of Sold Listings
400 350 300 250 202
200
145
150
87
100 50
37
44
0 0-30
31-60
61-90
91-120
Number of Days on Market
120-150
* Source Stellar MLS
MICHAELSAUNDERS.COM
211 & Over
Overview
Q4 | 2023 condominiums | charlotte county YTD 2022
YTD 2023
Percentage Change
920
703
-23.59
$341,917
$348,333
1.88
Sold/Orig LP Diff. %
98%
94%
-4.09
Avg Days on Market
28.25
57.33
102.95
Median Active Price
$350,000
$325,000
-7.14
Quarterly
Q4 2022
Q4 2023
Percentage Change
124
157
26.61
$316,333
$331,333
4.74
Sold/Orig LP Diff. %
95%
92%
-3.50
Avg Days on Market
34.33
75.67
120.39
Median Active Price
$350,000
$327,000
-6.57
YTD Sold Avg. Sold Price
Charlotte County
Sold Avg. Sold Price
Ten-Year Market History 1400
$400,000 1,246
1200
$300,000
600
Number of units sold Number of Units Sold
1000
800
$350,000
901
935
940
973
930
920
873
857
$250,000 704
$150,000
400
200
$200,000
$100,000 $205,000
$223,000
$215,000
$215,000
$235,000
$240,000
$240,000
$295,000
$349,000
$325,000
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023*
$50,000 $0
0 Median Active Price
Sold | Full Year
* Source Trendgraphix
MICHAELSAUNDERS.COM
Overview
Q4 | 2023 condominiums | charlotte county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
52
2
0
54
10
6
1
3
$200,000-$249,999
17
1
0
18
18
16
1
0
$250,000-$299,999
16
3
0
19
57
50
2
1
$300,000-$399,999
16
5
0
21
489
184
38
3
$400,000-$499,999
4
6
0
10
537
131
36
0
$500,000-$599,999
6
3
0
9
381
91
20
2
$600,000-$699,999
1
1
0
2
287
70
21
2
$700,000-$799,999
2
1
0
3
187
40
7
0
$800,000-$899,999
1
0
0
1
155
39
5
0
$900,000-$999,999
0
0
0
0
81
20
5
0
$1,000,000 & over
2
2
0
4
561
122
36
0
Total Units
123
24
0
147
2763
769
172
11
Days on Market | 10.01.2023 - 12.31.2023 70 62
Number of Sold Listings
60 50 40 30
24
20
16 12
10
9
9
120-150
151-180
7
8
0
0-30
31-60
61-90
91-120
Number of Days on Market * Source Stellar MLS
MICHAELSAUNDERS.COM
181-210
211 & Over
Overview
Q4 | 2023 single family homes | tri-county YTD 2022
YTD 2023
Percentage Change
Sold
19,343
19,628
1.47
Avg. Sold Price
$630,000
$629,333
-0.11
Sold/Orig LP Diff. %
96%
93%
-3.37
Avg Days on Market
27.75
57.58
107.51
Median Active Price
$569,500
$536,000
-5.88
Quarterly
Q4 2022
Q4 2023
Percentage Change
Sold
3,702
4,384
18.42
Avg. Sold Price
$627,333
$625,000
-0.37
Sold/Orig LP Diff. %
93%
93%
0.36
Avg Days on Market
42.00
62.00
47.62
Median Active Price
$525,000
$520,000
-0.95
YTD
Manatee County
Sarasota County Charlotte County
Ten-Year Market History
$600,000
30,000
$500,000
25,000
24,120 22,114
$400,000 Number of Units Sold
$300,000
19,232 17,940
18,331
18,505
18,848
19,801
19,343
19,679
20,000
15,000
10,000
$200,000
$300,000
$350,000
$370,000
$370,000
$375,000
$380,000
$390,000
$485,000
$100,000
$552,000
$530,000
2022
2023*
5,000
0
$2014
2015
2016
2017
2018 Median Active Price
2019
2020
Sold | Full Year
* Source Trendgraphix
MICHAELSAUNDERS.COM
2021
Overview
Q4 | 2023 condominiums | tri-county YTD 2022
YTD 2023
Percentage Change
Sold
5,639
4,752
-15.73
Avg. Sold Price
$509,000
$584,417
14.82
Sold/Orig LP Diff. %
97%
94%
-3.59
Avg Days on Market
29.08
51.92
78.51
Median Active Price
$462,000
$419,500
-9.20
Quarterly
Q4 2022
Q4 2023
Percentage Change
Sold
1,098
1,034
-5.83
Avg. Sold Price
YTD
Manatee County
Sarasota County Charlotte County
$507,333
$669,333
31.93
Sold/Orig LP Diff. %
96%
95%
-1.04
Avg Days on Market
27.67
57.67
108.43
Median Active Price
$454,000
$389,000
-14.32
Ten-Year Market History $500,000
9,000
$450,000
8,000
7,767
$400,000
$300,000 $250,000 $200,000
7,000 6,204
Number of units sold
$350,000
4,973
5,276
5,211
5,190
5,595
6,000
5,639
5,391
4,762
4,000 3,000
$150,000 $100,000
5,000
$250,000
$279,000
$290,000
$290,000
$290,000
$300,000
$310,000
2,000 $430,000
$465,000
$410,000 1,000
$50,000 $-
0 2014
2015
2016
2017
Median Active Price
2018
2019
2020 Sold | Full Year
* Source Trendgraphix
MICHAELSAUNDERS.COM
2021
2022
2023*
Nowhere but here.
888.552.5228
|
MICHAELSAUNDERS.COM