What the Heck is Happening in Lakewood Ranch?

by Adam Miller, PLLC

What the Heck is Happening in Lakewood Ranch?

Real Estate Market Update for Sarasota and Manatee Counties - April 2024

The real estate statistics for Sarasota and Manatee Counties for April 2024 have just been released, and there are several important numbers you should be aware of. In this blog post, we'll focus on single-family homes only.

Sarasota County

Positive News:

The median sell price and the average sell price in Sarasota are both up.

Concerning Trends:

  • The list price-to-sell price ratio is down to 94.6%. This means that homes are selling for 94.6% of their asking price.
  • The median time to contract (the number of days from listing to going into escrow) is now 40 days, up 90.5% compared to the same time last year, when it was 21 days.
  • The median time to sell (from listing to closing) is 81 days, up 28.6%.
  • The monthly supply of inventory is now 5.1 months, a 75.9% increase from 2.9 months last year. This indicates that if no new homes were listed, it would take 5.1 months to sell all current listings.

Manatee County

Concerning Trends:

  • Both the median price and the average price are down.
  • The list price-to-sell price ratio is down to 95.7%.
  • The median time to contract is 44 days, up 57.1%.
  • The median time to sell is 88 days, up 15.8%.
  • Pending inventory (homes currently in escrow) is about 1,100, down 15.2%.

The 941 Lifestyle Group in Lakewood Ranch

Analysis and Professional Opinion

Adam Miller, a real estate agent and lifestyle matchmaker with the 941 Lifestyle Group, shares his professional opinion on these statistics. The main reason for the longer market times is overpricing. Overpriced homes don't sell; they sit on the market. In the last week alone, 377 properties were listed for sale in Sarasota and Manatee Counties, but 739 properties had to lower their prices. This indicates that the market is rejecting the initial pricing.

Key Points:

  • Real estate agents have a responsibility to advise sellers accurately. Overpricing a home can lead to it sitting on the market longer and eventually selling for less.
  • Buyers have access to market data and know what homes should sell for. Overpriced homes can lead to negative perceptions and lower offers.
  • The statistics are clear: overpriced homes sell for less in the long run and take longer to sell.

Real-Life Example

Adam shares a conversation with a friend who had their property listed for 439 days, overpriced by about $150,000. They made several small price adjustments over that time, but the prolonged market time led to additional costs in taxes, HOA fees, insurance, and utilities.

We are the 941 Lifestyle Group, and our goal is to become your go-to Real Estate Team in West Florida. Beyond homes, we match lifestyles. If you'd like to work with us to help you with your real estate needs in Sarasota, Lakewood Ranch, or the Gulf Beach Areas, you can connect with us through the links provided in the video description.

If you have any questions about the real estate market in Sarasota or Manatee Counties, feel free to contact Adam Miller at the 941 Lifestyle Group. Their contact information is available in the video description. Thank you for watching, and we'll see you next month for another update.

For more detailed guides on relocating, retiring, buying, or selling a home in Lakewood Ranch, visit the links provided in the video description.

Adam Miller, PLLC 941-233-9722 Adam@the941lifestylegroup.com www.the941lifestylegroup.com

Beyond Homes - We Match Lifestyles

the 941 lifestyle group

Thank you for taking the time to read our blog.  We are excited you found us.  

 

We are the 941 Lifestyle Group.  

We are real estate agents in Lakewood Ranch and would love to be your go-to real estate team in the 941 area.  

 

We service all of Manatee and Sarasota Counties.

 

Specializing in Lifestyle Real Estate.

From the beautiful Gulf Beaches, Downtown Sarasota, and Lakewood Ranch.



Please reach out anytime.

941-233-9722

www.The941LifestyleGroup.com

 

Adam Miller

Info@the941LifestyleGroup.com

Real Broker, LLC





*Some of our blogs were written with the assistance of AI.

 

#lakewoodranch #lakewoodranchrealestate #the941lifestylegroup

advisor-avatar

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

GET MORE INFORMATION

Name
Phone*
Message

No, I do not agree to receive text messages from The 941 Lifestyle Group sent from 941-233-9722.