Q4 2023 Market Report

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.

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