Q1 2024 Market Report

Page 1

Market Report

Q1 | 2024

Market Report

Q1 | 2024

EXECUTIVE SUMMARY

by Chip Murphy, Vice President of Business Development

The first quarter is often a time of both reflections and forecasts. Leading our narrative is the notable rise in inventory, setting the stage for what could be a transformative year. As we dive into the data and trends, it’s clear that 2024 is shaping up to be a year defined by strategic decisions and market resilience.

The rise in inventory across all property types seems to be a sustainable trend that underscores the longterm potential for both buyers and sellers in the market. Our data confirms that despite the increased supply, there has been healthy absorption which reflects a continued strong buyer interest and market vitality. The persistent presence of high interest rates continues to play a significant role in market dynamics.

For sellers, the current market scenario offers a stable platform. While setting the right price remains crucial, the environment is conducive to attracting serious offers, provided the properties are priced appropriately. This speaks volumes about the market’s resilience and the opportunities for sellers to capitalize on.

Regarding purchasing, interest rates continue to exert significant influence on buyer decisions and market tone. While many markets across the country are experiencing severe stress related to interest rates, we are somewhat insulated in our markets as our contracts continue to hover around 65-70% cash transactions. Despite hopes for stabilization, rates remain elevated, affecting local and national affordability and buyer sentiment. However, it’s important to recognize that these conditions are now a familiar element of the market landscape, factored into strategies by both buyers and sellers.

Looking to the months ahead, the forecast suggests a healthy market that will require strategy and confidence. While the market may demand adjustments and careful pricing, the outlook for the upcoming months is positive. Expect a dynamic market environment where well-informed decisions and thoughtful pricing will be the key to capitalizing on the opportunities that lie ahead.

Q1 | 2024

SINGLE FAMILY HOME OVERVIEW

• Sa rasota County

• Ma natee County

• Ch arlotte County

• Tri -County

CONDOMINIUM OVERVIEW

• Sa rasota County

• Ma natee County

• Ch arlotte County

• Tri -County

MICHAELSAUNDERS.COM
Contents
Manatee County Sarasota County Charlotte County

Q1 | 2024

single family homes | sarasota county

MICHAELSAUNDERS.COM Overview
YTDYTD 2023YTD 2024 Percentage Change Sold 1,769 1,813 2.49 Avg. Sold Price $687,000 $770,667 12.18 Sold/Orig LP Diff. % 92% 92% 0.00 Avg Days on Market 47.67 64.33 34.97 Median Active Price $620,000 $575,000 -7.26 QuarterlyQ1 2023Q1 2024 Percentage Change Sold 1,769 1,813 2.49 Avg. Sold Price $687,000 $770,667 12.18 Sold/Orig LP Diff. % 92% 92% 0.00 Avg Days on Market 47.67 64.33 34.97 Median Active Price $620,000 $575,000 -7.26 Sarasota
* Source Trendgraphix Number of Units Sold $390,000 $395,000 $395,000 $399,000 $407,000 $440,000 $560,000 $600,000 $589,000 $575,000 8,428 7,846 7,926 7,943 8,503 9,348 10,222 7,778 7,645 1,813 1,888 1,796 1,781 1,867 1,774 1,952 2,620 2,053 1,769 1,813 0 2,000 4,000 6,000 8,000 10,000 12,000 2015 2016 2017 2018 2019 2020 2021 2022 20232024* $$100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 Ten-Year Market History Median Active Price Sold | Full Year Sold | Year-to-Date
County

Q1 | 2024

single family homes | sarasota county

MICHAELSAUNDERS.COM Overview
* Source Stellar MLS SupplyDemandAnalysis Sold Listings PriceRange<2Beds3Beds4+BedsTotalActivePendingExpiredOffMarket $100,000-$199,99912 4 0 16 9 8 2 0 $200,000-$249,999 34 8 1 43 23 18 2 3 $250,000-$299,999 44 51 4 99 119 67 5 9 $300,000-$399,999100 242 25 367 662 230 40 14 $400,000-$499,999 66 190 32 288 698 192 41 24 $500,000-$599,999 42 159 32 233 531 156 27 16 $600,000-$699,999 17 97 32 146 335 122 20 7 $700,000-$799,99910 51 27 88 271 89 11 9 $800,000-$899,999 9 51 31 91 169 59 11 5
2 16 24 42 109 40 3 1 $1,000,000 & over 7 112 120 239 728 196 36 14 Total Units 343 981 328 1,652 3,654 1,177 198 102 730 313 224 141 95 58 25 65 0 100 200 300 400 500 600 700 800 0-3031-6061-9091-120121-150151-180181-210211 & Over Number of Sold Listings Number of Days on Market Days on Market | 01.01.2024 -03.31.2024
$900,000-$999,999

Q1 | 2024 condominiums | sarasota county

MICHAELSAUNDERS.COM YTD YTD 2023YTD 2024 Percentage Change Sold 583 569 -2.40 Avg. Sold Price $771,667 $785,333 1.77 Sold/Orig LP Diff. % 95% 92% -2.81 Avg Days on Market 45.33 68.67 51.47 Median Active Price $574,000 $479,000 -16.55 QuarterlyQ1 2023Q1 2024 Percentage Change Sold 583 569 -2.40 Avg. Sold Price $771,667 $785,333 1.77 Sold/Orig LP Diff. % 95% 92% -2.81 Avg Days on Market 45.33 68.67 51.47 Median Active Price $574,000 $479,000 -16.55 Overview
Sarasota
* Source Trendgraphix Number of Units Sold $365,000 $375,000 $379,000 $360,000 $375,000 $400,000 $599,000 $675,000 $550,000 $479,000 2,619 2,451 2,604 2,725 2,653 3,014 3,934 2,820 2,401 569 603 583 649 754 550 783 1,212 784 583 569 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 20152016201720182019202020212022 $$100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 Ten-Year Market History Median Active Price Sold | Full Year Sold | Year-to-Date 2023 2024*
County

Q1 | 2024

condominiums | sarasota county

MICHAELSAUNDERS.COM
Overview
* Source Stellar MLS SupplyDemandAnalysis Sold Listings PriceRange<2Beds3Beds4+BedsTotalActivePendingExpiredOffMarket $100,000-$199,99935 2 0 37 69 27 7 1 $200,000-$249,999 37 2 0 39 134 36 7 2 $250,000-$299,999 58 15 1 74 203 52 17 4 $300,000-$399,99981 28 0 109 292 61 12 5 $400,000-$499,999 26 15 0 41 126 46 4 4 $500,000-$599,999 29 6 0 35 101 38 7 1 $600,000-$699,999 21 7 0 28 93 39 7 3 $700,000-$799,99926 5 0 31 86 35 2 0 $800,000-$899,999 18 1 0 19 63 34 2 4 $900,000-$999,999 7 2 0 9 48 31 1 1 $1,000,000 & over 53 65 8 126 342 165 12 16 Total Units 391 148 9 548 1557 564 78 41 251 83 54 60 43 21 13 27 0 50 100 150 200 250 300 0-30 31-60 61-90 91-120120-150 151-180181-210 211 & Over Number of Sold Listings Number of Days on Market Days on Market | 01.01.2024 -03.31.2024

| 2024 single family homes | manatee county

MICHAELSAUNDERS.COM YTD YTD 2023YTD 2024 Percentage Change Sold 1,644 1,707 3.83 Avg. Sold Price $644,667 $701,667 8.84 Sold/Orig LP Diff. % 93% 93% 0.36 Avg Days on Market 59.00 69.67 18.08 Median Active Price $569,000 $597,000 4.92 QuarterlyQ1 2023Q1 2024 Percentage Change Sold 1,644 1,707 3.83 Avg. Sold Price $644,667 $701,667 8.84 Sold/Orig LP Diff. % 93% 93% 0.36 Avg Days on Market 59.00 69.67 18.08 Median Active Price $569,000 $597,000 4.92 Overview
Number of Units Sold $390,000 $409,000 $405,000 $415,000 $425,000 $430,000 $530,000 $591,000 $587,000 $597,000 6,163 6,083 6,096 6,464 6,625 7,516 7,893 6,783 7,526 1,707 1,379 1,278 1,355 1,425 1,377 1,483 1,897 1,641 1,644 1,707 $$100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Ten-Year Market History Median Active Price Sold | Full Year Sold | Year-to-Date
Q1
Manatee County * Source Trendgraphix

Q1 | 2024

single family homes | manatee county

MICHAELSAUNDERS.COM Overview
* Source Stellar MLS SupplyDemandAnalysis Sold Listings PriceRange<2Beds3Beds4+BedsTotalActivePendingExpiredOffMarket $100,000-$199,99910 1 0 11 2 1 0 0 $200,000-$249,999 11 8 0 19 11 10 1 0 $250,000-$299,999 11 23 2 36 34 33 5 2 $300,000-$399,99952 190 90 332 373 217 12 12 $400,000-$499,999 38 154 197 389 764 271 19 25 $500,000-$599,999 17 115 105 237 442 166 19 14 $600,000-$699,999 10 53 63 126 296 120 11 10 $700,000-$799,99910 42 37 89 199 76 9 8 $800,000-$899,999 5 33 22 60 135 49 13 7
2 29 21 52 104 34 9 4 $1,000,000 & over 3 80 86 169 648 158 36 9 Total Units 169 728 623 1,520 3008 1135 134 91 587 251 226 167 92 85 49 64 0 100 200 300 400 500 600 700 0-30 31-60 61-90 91-120 121-150151-180181-210 211 & Over Number of Sold Listings Number of Days on Market Days on Market | 01.01.2024 -03.31.2024
$900,000-$999,999

$$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 Ten-Year Market History

MICHAELSAUNDERS.COM YTD YTD 2023YTD 2024 Percentage Change Sold 412 385 -6.55 Avg. Sold Price $407,333 $415,000 1.88 Sold/Orig LP Diff. % 95% 92% -3.51 Avg Days on Market 43.00 69.67 62.02 Median Active Price $399,000 $350,000 -12.28 QuarterlyQ1 2023Q1 2024 Percentage Change Sold 412 385 -6.55 Avg. Sold Price $407,333 $415,000 1.88 Sold/Orig LP Diff. % 95% 92% -3.51 Avg Days on Market 43.00 69.67 62.02 Median Active Price $399,000 $350,000 -12.28 Overview
condominiums
Manatee County * Source Trendgraphix Number of Units Sold $240,000 $255,000 $250,000 $249,000 $250,000 $249,000 $300,000 $420,000 $365,000 $350,000 1,722 1,820 1,729 1,940 1,865 2,217 2,587 1,899 1,657 385 420 419 429 459 422 516 756 552 412 385 0 500 1000 1500 2000 2500 3000 201520162017201820192020202120222023
Median Active Price Sold | Full Year Sold | Year-to-Date 2024*
Q1 | 2024
| manatee county

Overview Q1 | 2024

condominiums | manatee county

MICHAELSAUNDERS.COM SupplyDemandAnalysis Sold Listings PriceRange<2Beds3Beds4+BedsTotalActivePendingExpiredOffMarket $100,000-$199,99974 2 0 76 143 36 10 0 $200,000-$249,999 43 3 0 46 115 17 8 0 $250,000-$299,999 41 4 0 45 114 22 13 2 $300,000-$399,99952 14 0 66 222 38 10 6 $400,000-$499,999 28 14 0 42 99 23 5 7 $500,000-$599,999 17 13 0 30 104 24 2 1 $600,000-$699,999 11 9 0 20 45 14 1 2 $700,000-$799,9993 6 0 9 32 4 0 0 $800,000-$899,999 12 4 0 16 36 9 1 0 $900,000-$999,999 0 1 0 1 20 5 3 2 $1,000,000 & over 7 12 2 21 59 15 2 3 Total Units 288 82 2 372 989 207 55 23
* Source Stellar MLS 134 85 57 44 23 15 7 16 0 20 40 60 80 100 120 140 160 0-30 31-60 61-90 91-120 120-150 151-180 181-210 211 & Over Number of Sold Listings Number of Days on Market Days on Market | 01.01.2024 -03.31.2024

Q1 | 2024

single family homes | charlotte county

MICHAELSAUNDERS.COM YTD YTD 2023YTD 2024 Percentage Change Sold 954 1,124 17.82 Avg. Sold Price $443,333 $470,333 6.09 Sold/Orig LP Diff. % 94% 92% -1.42 Avg Days on Market 53.67 88.67 65.22 Median Active Price $459,000 $449,000 -2.18 QuarterlyQ1 2023Q4 2024 Percentage Change Sold 954 1,124 17.82 Avg. Sold Price $443,333 $470,333 6.09 Sold/Orig LP Diff. % 94% 92% -1.42 Avg Days on Market 53.67 88.67 65.22 Median Active Price $459,000 $449,000 -2.18 Overview
Charlotte
*
Number of Units Sold Number of Units Sold $262,000 $285,000 $283,000 $285,000 $290,000 $299,000 $383,000 $464,000 $449,000 $449,000 4,641 4,402 4,483 4,441 4,673 5,250 6,005 4,782 4,536 1,124 1,091 930 1,049 1,064 991 1,126 1,435 1,306 954 1,124 $$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 2015201620172018201920202021202220232024* 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Ten-Year Market History Median Active Price Sold | Full Year Sold | Year-to-Date
County
Source Trendgraphix

Q1 | 2024

single family homes | charlotte county

MICHAELSAUNDERS.COM
Overview
* Source Stellar MLS SupplyDemandAnalysis Sold Listings PriceRange<2Beds3Beds4+BedsTotalActivePendingExpiredOffMarket $100,000-$199,99926 12 2 40 29 27 1 3 $200,000-$249,999 43 34 2 79 95 42 5 4 $250,000-$299,999 47 67 7 121 252 114 17 11 $300,000-$399,99938 239 92 369 890 249 87 27 $400,000-$499,999 18 140 39 197 605 146 61 17 $500,000-$599,999 9 67 11 87 305 69 16 12 $600,000-$699,999 3 37 19 59 222 39 15 3 $700,000-$799,9991 32 10 43 150 32 6 4 $800,000-$899,999 0 16 8 24 101 23 8 2
0 10 4 14 79 14 4 4 $1,000,000 & over 0 35 18 53 223 27 15 13 Total Units 185 689 212 1,086 2,951 782 235 100 393 172 154 135 79 47 26 80 0 50 100 150 200 250 300 350 400 450 0-30 31-60 61-90 91-120 120-150151-180181-210 211 & Over Number
Sold
Number of Days on Market Days on Market | 01.01.2024 -03.31.2024
$900,000-$999,999
of
Listings

Q1 | 2024 condominiums | charlotte county

MICHAELSAUNDERS.COM YTD YTD 2023YTD 2024 Percentage Change Sold 167 179 7.19 Avg. Sold Price $351,667 $392,667 11.66 Sold/Orig LP Diff. % 95% 91% -4.20 Avg Days on Market 50.33 77.00 52.98 Median Active Price $349,000 $309,000 -11.46 QuarterlyQ1 2023Q1 2024 Percentage Change Sold 167 179 7.19 Avg. Sold Price $351,667 $392,667 11.66 Sold/Orig LP Diff. % 95% 91% -4.20 Avg Days on Market 50.33 77.00 52.98 Median Active Price $349,000 $309,000 -11.46 Overview
Charlotte County * Source Trendgraphix Number of Units Sold $223,000 $215,000 $215,000 $235,000 $240,000 $240,000 $295,000 $349,000 325,000 309,000 935 940 857 930 873 973 1,246 920 704 179 230 221 226 258 198 221 355 264 167 179 0 200 400 600 800 1000 1200 1400 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 Ten-Year Market History Median Active Price Sold | Full Year Sold | Year-to-Date 2024*

Q1 | 2024 condominiums | charlotte county

MICHAELSAUNDERS.COM SupplyDemandAnalysis Sold Listings PriceRange<2Beds3Beds4+BedsTotalActivePendingExpiredOffMarket $100,000-$199,99946 0 0 46 10 6 1 3 $200,000-$249,999 26 2 0 28 18 16 1 0 $250,000-$299,999 17 4 0 21 57 50 2 1 $300,000-$399,99924 7 0 31 489 184 38 3 $400,000-$499,999 7 11 0 18 537 131 36 0 $500,000-$599,999 4 2 0 6 381 91 20 2 $600,000-$699,999 4 5 0 9 287 70 21 2 $700,000-$799,9995 1 0 6 187 40 7 0 $800,000-$899,999 0 1 0 1 155 39 5 0 $900,000-$999,999 0 0 0 0 81 20 5 0
& over 5 2 1 8 561 122 36 0 Total Units 138 35 1 174 2763 769 172 11 * Source Stellar MLS
$1,000,000
Overview
68 26 26 21 14 7 3 12 0 10 20 30 40 50 60 70 80 0-30 31-60 61-90 91-120 120-150151-180181-210 211 & Over Number of Sold Listings Number of Days on Market Days on Market | 01.01.2024 -03.31.2024

Q1 | 2024 single family homes | tri-county

MICHAELSAUNDERS.COM YTD YTD 2023YTD 2024 Percentage Change Sold 4,367 4,604 5.43 Avg. Sold Price $617,333 $672,000 8.86 Sold/Orig LP Diff. % 93% 92% -1.08 Avg Days on Market 53.33 72.33 35.63 Median Active Price $549,000 $529,000 -3.64 QuarterlyQ1 2023Q1 2024 Percentage Change Sold 4,367 4,604 5.43 Avg. Sold Price $617,333 $672,000 8.86 Sold/Orig LP Diff. % 93% 92% -1.08 Avg Days on Market 53.33 72.33 35.63 Median Active Price $549,000 $529,000 -3.64 Overview
Manatee County Sarasota County Charlotte County * Source Trendgraphix Number of Units Sold $350,000 $370,000 $370,000 $375,000 $380,000 $390,000 $485,000 $552,000 $530,000 $529,000 19,232 18,331 18,505 18,848 19,801 22,114 24,120 19,343 19,707 4,604 4,358 4,004 4,185 4,356 4,142 4,561 5,952 5,000 4,367 4,604 $$100,000 $200,000 $300,000 $400,000 $500,000 $600,000 2015 2016 2017 2018 2019 2020 2021 2022 20232024* 0 5,000 10,000 15,000 20,000 25,000 30,000 Ten-Year Market History Median Active Price Sold | Full Year Sold | Year-to-Date

Q1 | 2024 condominiums | tri-county

MICHAELSAUNDERS.COM YTD YTD 2023YTD 2024 Percentage Change Sold 1,162 1,134 -2.41 Avg. Sold Price $583,000 $597,667 2.52 Sold/Orig LP Diff. % 95% 92% -2.81 Avg Days on Market 45.00 70.00 55.56 Median Active Price $440,000 $375,000 -14.77 QuarterlyQ1 2023Q1 2024 Percentage Change Sold 1,162 1,134 -2.41 Avg. Sold Price $583,000 $597,667 2.52 Sold/Orig LP Diff. % 95% 92% -2.81 Avg Days on Market 45.00 70.00 55.56 Median Active Price $440,000 $375,000 -14.77 Overview
Manatee County Sarasota County Charlotte County * Source Trendgraphix Number of Units Sold $279,000 $290,000 $290,000 $290,000 $300,000 $310,000 $430,000 $465,000 $410,000 $375,000 5,276 5,211 5,190 5,595 5,391 6,204 7,767 5,639 4,762 1,134 1,253 1,223 1,304 1,471 1,170 1,520 2,323 1,600 1,162 1,134 $$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 2015201620172018201920202021202220232024* 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Ten-Year Market History Median Active Price Sold | Full Year Sold | Year-to-Date
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