Celebrate Spring !

by Gina Larouche

Welcome Spring!

As we bid farewell to winter’s chill and embrace the vibrant energy of spring, it’s the perfect time to refresh our homes and immerse ourselves in the lively events Sarasota has to offer. Whether you’re considering selling your home or simply wish to rejuvenate its exterior, enhancing curb appeal can make a significant impact.

Spring into Curb Appeal: Simple Tips to Refresh Your Home

First impressions are crucial, especially in real estate. A well-maintained exterior not only attracts potential buyers but also boosts your home’s perceived value. But even if you’re not planning to sell, refreshing your home’s exterior can give it a much-needed glow-up, making it more inviting and enjoyable for you and your guests. Here are some budget-friendly ways to enhance your home’s curb appeal this spring:

Refresh Your Front Door – Applying a fresh coat of paint in a bold yet tasteful color can make your entryway stand out. Upgrading hardware like handles and house numbers adds a polished touch.
Illuminate Your Exterior – Installing or updating exterior lighting enhances both safety and aesthetic appeal. Consider adding pathway lights or accent lighting to highlight landscaping features.
Revitalize Your Landscaping – Trimming overgrown shrubs, planting seasonal flowers, and maintaining a lush lawn can transform your yard into an inviting space.
Clean and Tidy – Power washing driveways, and walkways removes dirt and grime, giving your home a fresh look. Don’t forget to clean gutters and windows for added brightness.

According to the National Association of Realtors, 92% of agents recommend improving curb appeal before listing a home, as it significantly attracts buyers and can lead to higher offers.

Celebrate Spring: Upcoming Sarasota Events

Sarasota blossoms in spring with a variety of events that cater to all interests.Here are a few noteworthy happenings in April:

La Musica International Chamber Music Festival (April 1–April 21, 2025)
Experience world-class chamber music performances
at the Sarasota Opera House. (More Info)

Sarasota Film Festival (April 4–April 13, 2025)
Celebrating its 27th year, this festival showcases independent films, documentaries,
and shorts from around the globe. (More Info)

Spring Market with the Easter Bunny (April 13, 2025)
Enjoy a family-friendly market featuring local vendors, food stalls, Easter egg hunt, and a special appearance by the Easter Bunny at the Meadows Farmers Market. (More Info)

Hunsader Farms Spring Flower Festival (April 6-7 & 13-14, 2025)
Celebrate the beauty of spring with vibrant flower fields, live music, food vendors, and
family-friendly activities. Stroll through breathtaking floral displays,
shop from local craft vendors, and enjoy a fun-filled day on the farm. (More Info)

The highly-anticipated Sugar Champagne Bar is now accepting reservations. Downtown commuters have watched as the bar’s historic building on the corner of Pineapple and Lemon Avenue received a facelift in preparation for the new space, which includes a bubbly pink exterior that carries through into the Art Nouveau dining room via lush curtains, upholstery, and other pink flourishes. Reservations for Sugar Champagne Bar are split into patio dining or interior dining, each with its own set of requirements—but all guests must be 21 years or older. Interior dining reservations from 6 p.m. to 10 p.m. encourage cocktail attire and require a $150 per person minimum spend and a 36-hour minimum cancellation window before dining to avoid a $150 per person cancellation charge.

Farmers markets are essential to any community. They give residents access to locally grown produce, meat, seafood and unique products crafted by dedicated makers, while also providing vendors a platform to reach a broad audience and sell their specialized products. Thanks to Florida’s unique growing season, you’ll find the best produce from fall to spring, with a smaller selection in the summer months when it’s too hot to grow much of anything. Because of this, some of our markets operate seasonally, opening up in October and running through the end of April, while others are available year-round. Whatever you’re hungry for, you’ll find it at a local market. Click here for the full guide!

Outdoor retailer L.L. Bean announced it will open a 17,000-square-foot store at 111 N. Cattlemen Road this spring. The store — near the town center’s Target, Best Buy and Old Navy — plans to hire more than 30 employees as it nears opening, and its Bootmobile will make stops around the area from March 29 to April 5, according to a news release. The University Town Center location is L.L. Bean’s first in Florida and the southeast U.S., with stores predominantly located in northeastern states like Maine, Massachusetts and New Hampshire. The 111 N. Cattlemen Road unit was previously a Bed Bath & Beyond. L.L. Bean’s Bootmobile — its signature boot-shaped vehicle — will make stops around Sarasota in the lead-up to a future opening date.

Embrace the season by enhancing your home’s exterior and participating in the vibrant events our community offers. Wishing you a joyful and prosperous spring!

Market Update:

As Sarasota and Manatee Counties approach the end of the peak tourist season, traditionally culminating around Easter, the real estate market is experiencing noticeable shifts that you most likely have seen or heard from local friends and/or the news. Historically, this period sees heightened activity as seasonal residents consider property investments before returning north. However, consistent current trends suggest a move toward a more balanced market, influenced by increased inventory and evolving buyer leverage.

In Sarasota County, the real estate market in February 2025 reflected a modest 2.1% increase in single-family home sales YoY with a total of 589 transactions. While sales activity saw an uptick, the average sale price experienced a slight decline of 1.5%, settling at $499,990. Single-family Inventory levels have grown substantially, with active listings rising by 30.8% to 4,292—equating to a 6.8-month supply. This increase in available inventory is providing buyers with more choices, and the median time to contract has extended to 46 days, signaling a more measured and thoughtful pace in buyer activity. The condominium and townhouse segment, however, experienced a decline in sales activity. Transactions dropped by 12.2% YoY, accompanied by a 12.3% decrease in the median sales price, which now stands at $342,000. The shift can be attributed to an increase in market time, with properties averaging 44 days before going under contract, as well as a notable 35.8% rise in inventory levels. Currently, the condo and townhouse market reflect a 9.1-month supply, indicating a buyer’s market.

Manatee County presents a mixed picture during the same period as single-family home sales declined by 8.6% to 500 homes, with the average sale price decreasing by 4.8% to $475,995. Conversely, townhouse and condo sales surged by 28.1%, totaling 251 units, although the average price fell by 8.4% to $319,990. Inventory for single-family homes increased, providing a 4.9-month supply, while townhouses and condos had an 8.3-month supply, offering buyers a wider selection. The median time to contract for single-family homes decreased to 46 days, suggesting that well-priced properties continue to attract timely offers.

As the season winds down, the market dynamics in both counties reflect a transition toward equilibrium. Rising inventory levels and extended time on the market suggest that buyers have more negotiating power, while sellers may need to adjust pricing strategies to align with current conditions. This evolving landscape offers opportunities for informed participants to navigate the market effectively.

Mortgage Market Update:

Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction. This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year.

Real Estate Local Market • February 4, 2025

Florida Chamber Foundation’s 2025 forecast

by Gina Larouche

The Florida Chamber Foundation presented its virtual 2025 Florida Economic Outlook & Jobs Solution Summit Jan. 30, with forecasts for the coming year ranging from population growth to tourism trends.

Highlights include:

Residential real estate: In 2025 in Florida, analysts expect to see a “little bit more inventory” with “more demand than there is housing,” according to Jennifer Warner, economist and director of development for Florida Realtors. There were about 170,000 active listings in 2024, which is a lot compared with 2023 but in line with historical averages, according to Warner. “We’re moving toward balance now,” she says. Demand coupled with a lack of affordability is likely to tip people into Florida’s rental market. “You’re going to see a lot of fewer first-time buyers,” Warner says, noting the median age of first-time home buyers nationally is 38 due to high costs and interest rates. “We’re expecting a lot more repeat buyers — people who already own selling and then buying — because they’re able to use equity to offset those higher lending costs. And we expect to see a lot of older and wealthier people transacting.” Baby boomers, she notes, have been aging in place, resulting in their homes staying off the market while others struggle to find larger houses.

Multifamily: “We are expecting to see more than 55,000 apartment homes be delivered to the market” in 2025, says Amanda White, vice president of government relations and research for the Florida Apartment Association. That is a slight “cooling” from 2024, when more than 77,000 apartments were delivered. Still, “Demand is really strong in the state of Florida,” White says, due to population growth and challenges facing single-family home buyers. “As soon as these apartments are delivered to the market, they’re being absorbed very quickly.” Rising costs, elevated borrowing rates and limited access to capital have caused a slowdown in new construction starts, she says. About 78% of developers surveyed said they experienced delays with permitting, and 81% of those say their deals were repriced during the construction process. “Construction costs have exploded” faster than the rate of inflation, according to White, who says this “will be a problem” as Florida’s housing stock ages; she notes 30% of Florida apartments were built before the 1980s, so they will need refurbishment.

Workforce: One in 14 jobs in the country is created in Florida, according to Mark Wilson, president of the Florida Chamber of Commerce and Foundation, who says there are more openings than people to fill them. Consistently, workforce participation in Florida has been lower than other states due to demographic trends, which could become a concern if untapped workforces are not prioritized, analysts say. People ages 20 to 29 years old have been leaving Florida in greater numbers, notes Sheridan Morby, senior research economist for the Florida Chamber Foundation. Some untapped workforce opportunities, according to Morby, are people ages 16 to 24 neither in school nor employed; 1.8 million Floridians without a high school diploma or GED who “require a little bit of upskilling,” she says; and 15% of parents with young children who left the workforce in the past six months due to challenges accessing child care.

Employers: Top concerns among employers are workforce development/talent; lack of affordable housing; runaway litigation and insurance costs; and infrastructure. Hiring will likely slow in 2025, while Florida’s unemployment rate is expected to stay low, about 3.6 to 3.8%, analysts say. The chamber foundation projects the state’s annual job growth will be 1 to 1.25%.

Population growth: Florida leads the nation in net income migration, with a gain of $36.1 billion from 2021 to 2022, with the most money coming from New York, New Jersey, Illinois, California and Pennsylvania. The only state Florida was losing money to was Tennessee. More people are moving to Florida than any other state; however, Florida also has the second highest outflow and was losing people to 19 states in 2023 versus 14 states in 2022. “When we look at a very important age bracket, 20 to 29, we do see an uptick in the amount of people who are leaving Florida,” Wilson says. “The top two reasons that they give us are the cost of homeownership and job opportunities in other states. That’s an interesting one, because remember, we have more open jobs in Florida than people looking for work. So we need to really double down … and make sure that we’re doing the right training for the right future jobs in Florida.” Florida Chamber Foundation analysts expect the state’s population to grow 1.7% in 2025 to about 23.75 million. In the next five years, more than 80% of Florida’s growth is expected to be in 10 counties: Miami-Dade, Orange, Hillsborough, Broward, Palm Beach, Duval, Lee, Polk, Osceola and Pasco.

Tourism: Florida had 140.6 million visitors in 2023, according to Brett Laiken, chief marketing officer for Visit Florida. Tourism added $127.7 billion to the economy and saved each Florida taxpayer $1,910 in 2023, Laiken says. Visitors spent $131 billion in 2023, a 4.9% increase, with about $14.9 billion coming from international visitors. Domestic visitors spent an average of $977 per trip to Florida, while international visitors stayed longer and spent more, totaling $1,436 per trip, Laiken says. About 2.1 million jobs statewide are supported by tourism.

Economic growth: Florida had the fourth highest gross domestic product (GDP) in the country, based on data from the second quarter of 2024. The state ranks behind California, Texas and New York. Florida’s GDP was $1.72 trillion, according to the Florida Chamber Foundation. The top industries for growth from the third quarter of 2020 to 2024 were transportation and warehousing (106.4%); arts, entertainment and recreation (103.2%); and accommodation and food services (97%). Florida Chamber Foundation analysts expect 2.5 to 3% annual real GDP growth in 2025.

Source: Elizabeth King Elizabeth is a business news reporter with the Business Observer, covering primarily Sarasota-Bradenton, in addition to other parts of the region. A graduate of Johns Hopkins University, she previously covered hyperlocal news in Maryland for Patch for 12 years. Now she lives in Sarasota County.

Real Estate Local Market • February 1, 2025

YEAR-END 2024 REAL ESTATE REPORT: SARASOTA & MANATEE COUNTIES

by Gina Larouche

SARASOTA, Fla. (January 24, 2024) – The REALTOR® Association of Sarasota and Manatee (RASM) has published its Year-End 2024 real estate market report, offering an in-depth analysis of key trends across both counties. Based on data from Florida REALTORS®, the report highlights a market transitioning toward balance following the significant disruptions of the pandemic years. Increased time on the market and higher inventory levels signal a normalization, similar to the pre-pandemic market of 2019. However, challenges such as rising insurance costs and the impact of hurricanes on transactions have added new layers of complexity. Nevertheless, median sale prices remain well above 2019 levels, reflecting the lasting effects of heightened demand and limited supply during the pandemic. Despite these stabilizing trends, sellers who bought their homes before 2019 may still have a great chance to benefit from significant increases in home values, showing that the market continues to offer opportunities for both buyers and sellers.

Key Trends in Sarasota/Manatee 2024:

• Price Trends: Both counties experienced price declines across all property types from 2023, with townhouses/condos showing sharper declines compared to single-family homes. However, all prices remain significantly higher than they were during the pre-COVID boom in 2019.

• Market Speed: Transaction speeds slowed across the board, with both time to sale and time to contract increasing significantly year-over-year. These extended timelines haven’t been seen since 2019, marking a return to pre-pandemic market conditions.

• Inventory and Supply: Inventory and months’ supply increased across all segments, reflecting a market shift toward more balanced or buyer-favorable conditions.

Single-Family Homes

In Sarasota County, there were 7,486 single-family home sales in 2024, a 1.6 percent decrease from the previous year. The median sale price saw a slight drop from $515,000 in 2023 to $505,000 in 2024 but has increased 74.1 percent since the pre-COVID boom in 2019.

Months supply of inventory in Sarasota County increased 25 percent year-over-year to a balanced 5.5- month supply, compared to 4.4 in 2023, meaning 2024 brought us to a balanced market that favors neither the buyer nor seller for Sarasota single-family homes. The median time to contract increased 81.5 percent to 49 days and median time to sale increased 30 percent to 91 days year-over-year, timelines that haven’t been seen since 2019.

In Manatee County, there were 7,485 single-family home sales in 2024, a 0.1 percent increase from the previous year. The median sale price saw a slight decrease of 1.8 percent year-over-year to $499,875 but has increased 57.2 percent since the pre-COVID boom in 2019.

Inventory in Manatee County ended the year with 2,518 active listings and a 4-month supply. The median time to contract increased 57.6 percent to 52 days and median time to sale increased 20 percent to 102 days year-over-year, timelines that haven’t been seen since 2019.

“The single-family home market in Sarasota and Manatee counties continues to provide stability and opportunity,” said Debi Reynolds, 2025 RASM President and Managing Broker of SaraBay Real Estate. “While we’re seeing a normalization in the market, sellers who purchased before the pandemic can still capitalize on significant equity gains. These trends show the strength of our local market as it evolves toward balance.”

Townhomes and Condos

The townhouse and condo market in Sarasota County experienced a 10.1 percent decline in closed sales year-over-year, with 3,444 transactions in 2024. The median sale price dropped 6.5 percent to $383,500, but was up 62.5 percent since 2019.

Sarasota ended the year with 1,987 active listings and a 6.9-month supply, favoring buyers. The median time to contract increased 114.3 percent to 60 days and median time to sale increased 47.9 percent to 105 days year-over-year.

In Manatee County, townhouse and condo sales decreased 8.9 percent year-over-year to 2,594 transactions in 2024. The median sale price decreased 6.8 percent to $338,990, but still up 69.2 percent since 2019.

Manatee County ended the year with 1,483 active listings and a 6.9-month supply, favoring buyers. The median time to contract increased 80.6 percent to 65 days and median time to sale increased 39.2 percent to 110 days year-over-year.

“The townhouse and condo market in Sarasota and Manatee counties is undergoing a shift toward more buyer-friendly conditions, with increased inventory and longer time on the market creating opportunities for those looking to purchase. These conditions provide buyers with more options and negotiating power than in recent years,” added Reynolds. “However, the complexity of navigating this segment of the market has grown. New condominium laws, the intricacies of homeowners’ and condominium associations, and rising insurance costs require careful consideration. Having a trusted REALTOR® on your side is essential to successfully navigate these challenges.”

Summary

As 2024 comes to an end, the real estate market in Sarasota and Manatee counties has shown strength but also faced some challenges. While the market is becoming more balanced with homes taking longer to sell and more listings available, other factors have made this year tough for Florida real estate. The effects of hurricanes and severe weather caused delays in transactions, particularly in flood-prone areas, adding to the market’s complexity. Rising insurance costs and changing needs from buyers have added to the difficulties. Looking ahead, working together as a community, along with the support of trusted REALTOR® professionals will be important to overcome these challenges and keep the housing market strong and fair for everyone. Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

Real Estate Local Market • December 27, 2024

Restaurant Guide for Longboat (LBK) from North to South.

by Gina Larouche

Gorgeous Longboat Key is a destination in of itself in Sarasota. The 12 mile barrier island is relaxed sophistication personified. The south end offers a proximity to St Armands and Downtown Sarasota. Almost midway the Central Village has multiple banks, pharmacies and groceries. The tranquil north end has some lovely destination dining choices in Longboats little north village and along its gentle route around the 5-6000 blocks, Zota hotel and Whitney beach, which lead to the north-end bridge crossing to Holmes beach, Cortez fishing village and further north to lovely Anna Maria island for more “day trip” type explorations.

LBK: Public Beach Access

LBK: Restaurant Guide

Longboat Town

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North end: Old Longboat Village at 6000-7000 blocks:

Shore bayfront

Mar Vista bayfront

Longboat Cafe: in small shopping plaza

Whitneys

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Close to North end: 5000-6000 blocks

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Central Village for multiple banks, pharmacies and groceries.

Private Club: The Resort at Longboat Key Club 5 restaurants: The Tavern & Whisky Bar at Longboat Key Club, Portofino Ristorante & Bar, Latitudes, Spike n Tees and the Banyan Poolside Lounge in central & south LBK locations, three golf courses and a marina.

Close to Central Village:

Maison Blanche

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St Regis: 1600 Block

flagship billion dollar resort opened in Sept 2024, offers membership and 6 different dining venues open to public with valet parking and hotel amenities (also private full-service condo’s)

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Very South end of LBK: 0-1000 Block, just before bridge to Lido Shores

Dry Dock

Chart House

Private Club: The Resort at Longboat Key Club 5 restaurants in central & south LBK locations, three golf courses and marina.

City Island:

The Old Salty Dog

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Lido Key has St Armands Circle, with many dozens of Shopping and Dining Choices

https://starmandscircleassoc.com

https://www.sarasotafl.gov/our-city/st-armands-circle

https://www.tripadvisor.com/Attraction_Review-g34618-d109809-Reviews-St_Armands_Circle-Sarasota_Florida.html

https://www.heraldtribune.com/story/news/2024/10/19/st-armands-circle-entering-peak-tourist-season-with-new-challenges/75732026007/

Real Estate Local Market • December 25, 2024

November 2024 Real Estate Market Report (October Recap)

by Gina Larouche

Trends in Sarasota and Manatee Counties

SARASOTA, Fla. (December 19, 2024) – The REALTOR® Association of Sarasota and Manatee (RASM) has released its November 2024 real estate market report, detailing key trends across Sarasota and Manatee Counties. Based on data compiled by Florida Realtors®, the housing market in Manatee and Sarasota Counties shows a clear slowdown, with fewer sales, lower prices, and longer times to sell. There are more homes for sale, and buyers aren’t competing as much, shown by sellers getting lower offers compared to their original asking prices. This change is partly due to high mortgage rates, inflation, and homes becoming less affordable, which has made buyers more cautious. The usual seasonal slowdown in real estate, along with the market adjusting after the pandemic boom, is also playing a role. Sellers now have to wait longer to find buyers, but buyers have more options and slightly better prices. These changes mark an important shift toward a different phase in the local housing market. In this evolving market, working with a REALTOR® is essential to navigating these complexities, whether you’re buying or selling, to ensure you make informed decisions and achieve the best possible outcome.

Key Trends in Sarasota/Manatee November 2024:

Decreased Closed Sales: Both Sarasota and Manatee counties observed a year-over-year decrease in closed sales except for Manatee County single family homes.
Declining Median Sale Prices: Median sale prices have dropped across all property types, especially for townhomes and condos.
Longer Time to Sale: Median time to sale has extended year-over-year, signaling a slower market.
Growing Inventory: Inventory levels have grown in all segments, accompanied by an increase in the months’ supply of inventory

“The current trends show the market is finding its footing after the pandemic-driven surge,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “We’re seeing a return to more balanced conditions, similar to what we experienced before 2020, where buyers and sellers had equal opportunities to navigate the market successfully.”

Single-Family Homes

In Sarasota County, there were 439 single-family home sales in November 2024, an 18.9 percent decrease from the previous year. The median sale price remained stable at $490,000 compared to last month but decreased 2 percent year-over-year. The average sale price increased 7.3 percent to $708,439, reflecting continued strength in the luxury market.

Inventory in Sarasota County increased 18.9 percent year-over-year to 3,220 active listings, with a 5.2-month supply. The median time to contract rose to 53 days, an increase of 112 percent year-over-year, while the median time to sale remained steady from the previous month at 94 days.

In Manatee County, single-family home sales increased 15.5 percent year-over-year, with 635 homes sold. The median sale price dropped 11.5 percent to $430,000, while cash sales accounted for 29.1 percent of closed transactions.

Inventory in Manatee County rose 15.5 percent to 2,442 active listings, with a 3.9-month supply. The median time to contract increased 87.5 percent year-over-year to 45 days, though it was 25 percent shorter than in October 2024. The median time to sale rose 24.4 percent year-over-year to 102 days.

Townhomes and Condos

The townhouse and condo market in Sarasota County experienced a 19.7 percent decline in closed sales year-over-year, with 236 transactions. The median sale price dropped significantly by 31.8 percent to $373,700, while 60.2 percent of sales were cash transactions, signaling continued investor interest.

Inventory grew by 18 percent to 1,843 active listings, with a 6.3-month supply. The median time to contract increased 209.5 percent year-over-year to 65 days, and the median time to sale doubled to 118 days.

In Manatee County, townhouse and condo sales decreased 17.7 percent year-over-year to 163 transactions. The median sale price fell 11.8 percent to $309,900, with cash sales accounting for 48.5 percent of transactions.

Inventory in Manatee County increased 32.2 percent to 1,400 active listings, with a 6.6-month supply. The median time to contract rose 71 percent year-over-year to 53 days, while the median time to sale increased 13.3 percent to 94 days.

“For buyers, the townhouse and condo market has become more accessible,” added Barrett. “Rising inventory and softened pricing mean there’s less pressure and more room for choice, making this a promising time to consider purchasing in this segment.”

Summary

The housing market in Manatee and Sarasota Counties is showing signs of becoming more balanced, especially when compared to the rapid pace during the pandemic. While it may seem concerning to see fewer sales and longer times to sell, these changes bring the market closer to the steadier patterns we saw before 2020. Back then, prices grew more slowly, and there was less competition, making it fairer for both buyers and sellers. The cooling market today—with more homes for sale and prices leveling out—means buyers have more options and less pressure, while sellers still have opportunities to make good deals. This shift is a step toward a healthier and more stable housing market, where both sides can benefit in the long run.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

OCTOBER 2024 MARKET REVIEW

New Listings have decreased by 8% month over month and have decreased year over year.
Active Listing levels have remained the same from the previous month and are up by 28% compared to last year.
The number of units sold decreased from the previous month and is down by 12% year over year.
Inventory increased by 28% over the same time frame.
Total Sales Volume decreased by 4% month over month and decreased by 12% year over year.
Average Days on Market have increased month over month and are up 51% compared to the previous year.

Real Estate Local Market • August 1, 2024

June ’24 – Inventory Up, Prices too, but Low YOY …

by Gina Larouche

According to The REALTOR® Association of Sarasota and Manatee (RASM) the data highlights a trend towards a more balanced market across both counties, with increasing inventory levels and more moderate price changes. The shift in inventory suggests that buyers may find more opportunities, while sellers may need to adjust expectations in light of the growing competition.

Even with more price reductions, home values are still growing on an annual basis, as they do nearly every year in the housing market. According to the Federal Housing Finance Agency (FHFA), home prices in Florida went up over 6% over the last year. For buyers, more realistic asking prices mean you enter the market with more confidence, knowing prices are stabilizing rather than continuing to skyrocket. For sellers, understanding the need to adjust your asking price can lead to faster sales and fewer price negotiations. Setting a realistic price from the start can attract more serious buyers and lead to smoother transactions.

Another positive sign for all home owners is AM Best, the largest credit rating agency in the world specializing in the insurance industry, announced it is “cautiously optimistic” about the Florida insurance market. The Florida Office of Insurance Regulation reports that at least eight carriers had filed for rate decreases in 2024, while 10 had filed to keep rates flat. It was not clear how many of the more than 7.4 million residential policies in the state would be affected by the decreases, but clearly things are going in the right direction.

The market for single-family homes in Sarasota County showed a decrease in demand, with 692 closed sales, a 10 percent decrease compared to June 2023. The median sale price also decreased by 5.3 percent to $495,000. The total dollar volume decreased to $477 million, reflecting a 16 percent year-over-year decline.

The townhouse and condo market in Sarasota County experienced a decline in demand, with closed sales dropping by 25.7 percent to 283. The median sale price slightly decreased by 1.5 percent to $384,060.

Inventory for townhouses and condos increased by 81.6 percent to 1,941 active listings, resulting in a months supply of inventory of 6.3 months. The median time to contract increased by 68.6 percent to 59 days.

Manatee County’s single-family homes market also saw a decrease in demand, with 728 closed sales, showing a decrease of 4.1 percent compared to June 2023. The median sale price slightly decreased by 1.2 percent to $518,950.

The townhouses and condos market in Manatee County also experienced a decline in demand, with closed sales dropping by 17.2 percent to 246. The median sale price decreased by 6.9 percent to $344,495.

Real Estate Local Market • July 2, 2024

May 2024 Real Estate Market Report: Trends in Sarasota & Manatee Counties

by Gina Larouche

Key Trends in May 2024:

• Sarasota County: Single-family homes are seeing stable sales and rising prices with increasing inventory, suggesting a shift towards a buyer’s market. The condo/townhouse market is showing a decrease in sales, with decreasing prices and increasing inventory, indicating a potential buyer’s market as well.

• Manatee County: Both single-family homes and condos/townhouses are experiencing fewer sales and increasing inventory, indicating a potential shift towards a buyer’s market. Prices for single- family homes are stable, but condos/townhouses are seeing slight decreases.

Complete Report: https://www.myrasm.com/clientuploads/Market_Statistics_PDFs/2024/May/May-2024-Press-Release-and-Statistics.pdf

BUYERS & SELLERS • Real Estate Local Market • June 1, 2024

Understanding Assignability of Contract

by Gina Larouche

Understanding Assignability of Contract

By Meredith Caruso

Many real estate contracts allow buyers to “assign” their rights and obligations under the contract, and sellers can suddenly find themselves working with Joe rather than Sally. What’s a Realtor to do? Ask the right questions – and don’t give legal advice.

ORLANDO, Fla. – Florida Realtors® Legal Hotline fields many calls from members, and some topics come in waves. Currently, one of those waves is made up of Realtors® perplexed by contract paragraphs about assignability. Most callers want to know how it should be completed and whether it applies to their current transaction.

Since Realtors rather than actual buyers or sellers complete form contracts, it’s important to understand the legal concept of assignment, as well as the agent’s role when a customer has an assignable contract.

In the Florida Realtors/Florida Bar contracts (FR/Bar), assignability of contract is addressed in paragraph 7. For the purposes of this article, the examples are based on the FR/Bar residential contracts – but always refer to the contract used in your transaction since it varies.

In paragraph 7, the parties check one box to indicate if the buyer is able to assign the contract (or not), and whether the buyer would be released from liability if the buyer is allowed to assign it (or not).
First, the concept of assigning a contract: If an assignment of contract occurs, it means that one party to an existing contract (the “assignor”) has handed off the contract’s obligations and benefits to another party (the “assignee”). In the context of the FR/Bar contracts, the assignor is the buyer in the contract and the assignee is a non-party, i.e. another buyer not currently part of the contract.
The next step is addressing the release of liability. The assignor may want the assignee to step in and assume all of the contractual obligations and rights, releasing the original buyer from further liability under the contract. This means that if a buyer assigns the contract, that buyer essentially walks away from the transaction, with the assignee taking on all further obligations currently within the contract. It also means that the seller’s recourse, should the assignee fail to comply with the contract, is solely against the assignee and not the initial buyer.

In applying these concepts to language in the FR/Bar contract, a buyer’s agent should ask the buyer if they have any intention of assigning their interests in the contract to another party. If yes, does the buyer want to remain potentially liable under the contract should the assignee fail to perform?

If a seller’s agent receives an offer that is assignable, they should ask the seller if they’re willing to allow the buyer to assign the contract to a third party. If yes, is the seller okay with allowing the initial buyer to just walk away, or do they want to hold the initial buyer to the contract terms as far as liability is concerned?

Please note: These are all questions your customers should answer. A Realtor shouldn’t give legal advice, explain the concept of assignability, or describe potential outcomes or issues that could arise with an assignable contract. If your questions cause customers to ask even more questions about assignability, you should advise customers to seek legal advice from their attorney.

Lastly, understand that this article covers the contract portion of assignability. Assuming the parties agree the contract is assignable, a buyer who later wants to assign the contract still needs to sign a separate legal document assigning their rights/interests in the contract over to the assignee, aka “the new buyer.”

The initial buyer/assignor may need their attorney to assist with drafting this document, which covers their agreement. In other words, paragraph 7 only covers whether the seller and initial buyer agree to the initial buyer being able to assign the contract. A separate assignment document would cover the assignor and assignee’s agreement.

Meredith Caruso is Associate General Counsel for Florida Realtors

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April 2024 Real Estate Market Report: Sarasota and Manatee Counties

by Gina Larouche

April 2024 Real Estate Market Report: Trends in Sarasota and Manatee Counties

Posted by: Communications Department on Wednesday, May 22, 2024

The REALTOR® Association of Sarasota and Manatee (RASM) today released its monthly market report detailing the real estate trends for April 2024. The data reveals a significant shift in the market dynamics of both counties, marked by rising inventory levels, extended time on the market, and varying price trends.

Key Trends in April 2024:

Inventory Surge: The increase in active listings for both single-family homes and condos suggests a growing supply, which could lead to more competitive pricing and longer times on the market.
Sales Activity: Despite the higher inventory, closed sales for both single-family homes and condos have risen, indicating sustained buyer interest.
Market Shift: The substantial increase in the median time to contract and sale times indicates a market shift towards longer selling periods, likely due to the increased inventory and possibly more selective buyers.

Inventory continues to be a topic of discussion in April 2024. In Sarasota County, inventory increased year-over-year by 81.2 percent to 3,305 for single-family homes and 91 percent to 2,124 for condos. In Manatee County, inventory increased by 60 percent to 2,450 for single-family homes and 92.4 percent to 1,512 for condos.

“The significant rise in inventory across both counties is a clear indication of a shifting market dynamic. Buyers now have more options to choose from, which is reflected in the extended time properties are staying on the market,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty.

In April, the months’ supply of inventory (MSI) for single-family homes decreased from one month ago from 5.3 months to 5.1 months in Sarasota County and from 4.1 months to 3.9 months in Manatee County. For townhomes and condos, the MSI decreased from 6.8 months to 6.7 months in Sarasota County and from 6.4 months to 6.3 months in Manatee County.

There was a total of 1,496 closed sales for single-family homes in Sarasota and Manatee, a 6.2 percent increase from the same time last year. Closed sales for condos increased by 10.6 percent to 707 sales across both counties.

“It’s encouraging to see closed sales increase, even with the higher inventory levels. This indicates that buyers are still actively engaging with the market, taking advantage of the increased options available to them,” added Barrett.

The median time to contract in Sarasota County is 40 days for single-family homes and 48 days for condos, a year-over-year increase of 90.5 percent and 118.2 percent respectively. In Manatee County, the median time to contract increased by 57.1 percent to 44 days for single-family homes and by 63 percent to 44 days for townhomes and condos.

The median sales price for single-family homes in Sarasota County increased year-over-year by 3.8 percent to $540,000 and remained steady at $399,000 for townhomes and condos. In Manatee County, condo prices decreased by 7.5 percent to $352,420, and single-family home prices decreased by 7 percent to $530,000.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

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