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Buyers were waiting for a market correction following pandemic-era home grabs and escalating prices—but as of today, it hasn’t yet arrived. Inventory is up compared to the last couple of years, but it’s still low overall. And, while there's been an increase in price reductions recently, this doesn't mean overall home values are declining. Instead, it’s a sign that demand is moderating. As a result, sellers are adjusting their expectations to align with today's market reality.

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.

We’re experts in the Sarasota luxury real estate market and are available to share our wealth of knowledge, experience, and personalized approach to assure you of a successful real estate transaction. Thank you for your trust, and your referrals.

MARKET REPORT

• New Listings have remained at the same level month over month and have increased year over year.

• Active Listings inventory levels increased from the previous month and are up 59% compared to last year.

• The number of units sold increased by 7% from the previous month but decreased by 1% year over year.

• Inventory increased by 59% for the same time frame.

• Total Sales Volume increased by 7% month over month but has increased by 6% year over year.

• Average Days on Market have remained the same month over month and has increased since the previous year.

This report represents all residential listings in the Stellar MLS coverage area for May 2024.

FEATURED PROPERTIES

MIRA MAR - ANNA MARIA ISLAND

111 9th St. N. Bradenton Beach, FL

2BR/1.5BA | 806 SF | $1,250,000

Welcome to your dream beach bungalow on World Renowned Anna Maria Island! You'll be able to hear the waves crashing from this charming home which offers the perfect blend of comfort and convenience, making it an ideal winter getaway or a lucrative Airbnb investment. With NO rental restrictions, this would make an ideal INVESTMENT OPPORTUNITY for an income producing rental.

CALL US FOR YOUR PRIVATE TOUR!

This is our 'WHY'!

"Kate and Ed were fantastic. I instantly connected with both of them and trusted them implicitly. They made selling my home easy: handling anything and everything. I really appreciated that they were there at every showing ensuring the right information was conveyed to buyers and always looking out for my interests. Always positive and always professional. You couldn’t wish for a better team to represent you in selling your home." ... Ed Failace



Sarasota County is looking for volunteers for the Liberty Litter Cleanup. Volunteers will focuses on area beaches hit hardest by July 4th. Cleanup efforts will take place from

7 a.m. - 9 a.m. Click here to learn more and register.

Florida Highwaymen Exhibit Extended

The Cultural Heritage exhibit in the City Hall atrium will be refreshed with 20-24 new Florida Highwaymen paintings on Thursday, June 27. “The Florida Highwaymen exhibit here at City Hall has been more successful than we could have ever imagined,” said Public Art Manager Mary Davis Wallace. “We’re thrilled to see how much our residents and visitors have enjoyed these beautifully captured views of the untouched Florida landscape and learned about the inspiring personal stories of these remarkably talented artists.” Along with refreshing the current artwork, exhibitor Lightle will hold a lecture and two education days with local schools in the fall. The exhibit is free and open to the public Monday–Friday 8 a.m. to 5 p.m..

Big Step Forward to Protect Marine Life

Governor DeSantis recently signed HB-321 - Release of Balloons into law. The intentional release of balloons is now banned in Florida, protecting important wildlife habitat, and the economy that depends on our waterways. Although many Floridians participate in balloon releases as part of a celebration or to honor a loved one, once balloons are released, they can travel thousands of miles before landing. When a balloon bursts and lands in the ocean, sea turtles and other marine wildlife often consume it because of its resemblance to jellyfish. Sea turtles are unable to regurgitate, so once the balloon enters the digestive tract, it can cause an impaction that can lead to death. This bill re-classified balloons as litter, which triggers a $150 fine penalty for citizens who intentionally released balloons.

Parking Regulations Change

Following extensive public engagement, new public parking policies took effect Monday, July 15 to increase turnover and efficiency of City of Sarasota public parking spaces:

Electric vehicle charging: A $1 per hour fee will begin for the use of electric vehicle charging stations in public parking spaces citywide.

Garage parking: The complimentary parking period at the State Street, Palm Avenue, and 2nd Street garages will be reduced from 2 hours to 1 hour. The cost of parking for the second hour will be $2 and the cost for each hour after the second will be $1. The daily maximum will remain $23.

Benjamin Franklin Drive: Paid parking will be implemented for 80 premium spaces along Benjamin Franklin Drive on Lido Key. The rate will be $1 per hour.

Centennial Park: Paid parking will begin at the Centennial Park Boat Ramp. Fees will be $5 for a single vehicle all day and $10 for a vehicle with a trailer all day.