February 10th, 2023 2:33 PM by Linda Holley
The bar chart below shows real estate activity for February 10, 2023, for our MLS area. Here's a summary:
New Listings: 687; Price Decreases : 484; Pending: 624; Sold : 381 (Pending are homes under contract.)
These statistics indicate that 70 percent of the sellers are overpricing their homes! Last year was a buying frenzy with multiple offers, and often people paid too much for their homes in bidding wars. By the law of supply and demand, low inventory drove up prices last year so we are in a market that is correcting itself. Because a home on a particular street sold for $1 million in 2022, sellers need to understand that's not going to happen in 2023. Overpricing homes means more time on the market, fewer offers, and price reductions.
More people are buying single family homes than condos or townhomes. Here's the numbers for single family sales the past 30 days:
- Sarasota = 182; North Port = 97; Nokomis = 21; Venice and North Venice = 81; Englewood = 23. Who's not moving to Sarasota? 121% of the buyers are choosing to live in North Port, Venice, Englewood, and Nokomis.
- Popular zip codes: 34231, 34232, 34233, 34241 for Sarasota; Nokomis 34275; North Port 34283; Venice 34293; Englewood 34223
Call me if you have real estate questions for Sarasota and Manatee Counties. I'm busy but not to busy to help new buyers.
Linda Holley, Realtor, GRI, SRES, Fine Properties, 941-914-4914 www.LindaHRealtor.com
Email: LindaHRealtor@Gmail.com
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