MANATEE COUNTY, Fla. (SNN TV) – Sarasota-Manatee had more homes on the market in October than at any other time this year.
That’s according to statistics maintained by the Realtor Association of Sarasota and Manatee. According to the Herald-Tribune, Sarasota real estate agents said the rising number of homes for sale is actually creating a healthier market than what occurred over the past few years.
More homes are being built, and while the Suncoast isn’t at pre-pandemic levels yet, the area’s been trending closer to a balanced market.
A balanced market has a 5.5 month supply; Sarasota-Manatee is currently at a 3.5 month supply. Over the past two years, Sarasota-Manatee has had less than a month of supply.
With more homes on the market, home prices are ticking down, going from over $544,343 in October 2022 to $490,000 this year.
Realtors calculate months of supply by dividing the total number of listings by the total number of closed sales to get how long it would take to exhaust the existing inventory of homes for sale.
