Market Report Q3 | 2023
Market Report Q3 | 2023
EXECUTIVE SUMMARY As we race into the final months of 2023, I’m pleased to present our third-quarter market summary. As you dig into the report, I want to highlight some of the big-picture trends driving the local market. First, let’s talk about days on market. You will notice it is taking longer to sell a property compared to a year ago. This trend is consistent across all three counties for both single-family homes and condominiums. The second major trend is a wider gap between the original list price and the ultimate sales price of a home. The percentages vary depending on the area and property category, but as a whole, we are seeing a return to more historical averages. The third noteworthy trend is the year-over-year comparison of the average sold price. The average price of all properties sold remained remarkably consistent. However, when shifting our focus to active properties on the market, it is important for buyers and sellers to note a bigger dip in the median price of all active properties for sale this year compared to last year. One of the strongest data trends in the third-quarter activity is the number of properties that sold in Q3 2023 versus Q3 2022. Arguably, the third quarter of 2022 marked the beginning of a process we now can describe as a return to a more normalized market. The year-over-year comparison indicates a recovering market, where the lag in summer/fall activity last year is being replaced by a more confident buyer, even in the face of higher interest rates. Considering these data trends together, it is clear the market dynamics have shifted for buyers and sellers. Buyers now have a greater selection of inventory to explore and more room for negotiation. At the same time, sellers are still benefiting from strong overall demand and a backlog of eager buyers who finally have more options to choose from. As you look at these trends, it’s essential not to lose sight of the most important point. Every part of our local market is unique. Inventory and demand evolve dynamically in real time. If you want a deeper dive into how these trends impact your buying or selling decision, please take advantage of our experts to dig deeper into what they are seeing at a neighborhood level.
Contents Q3 | 2023 S I N G L E FA M I LY H O M E O V E R V I E W • Sarasota County • Manatee County • Charlotte County • Tri-County
CONDOMINIUM OVERVIEW • Sarasota County • Manatee County • Charlotte County • Tri-County
Manatee County
Sarasota County Charlotte County
MICHAELSAUNDERS.COM
Overview
Q3 | 2023 single family homes | sarasota county YTD 2022
YTD 2023
Percentage Change
Sold
6,350
6,023
-5.15
Avg. Sold Price
$690,111
$698,222
1.18
Sold/Orig LP Diff. %
97%
92%
-5.36
Avg. Days on Market
22.56
51.11
126.60
Median Active Price
$650,000
$610,000
-6.15
Quarterly
Q3 2022
Q3 2023
Percentage Change
Sold
1,826
1,906
4.4
Avg. Sold Price
$690,000
$709,000
2.75
Sold/Orig LP Diff. %
94%
92%
-2.13
Avg. Days on Market
26
56.33
116.67
Median Active Price
$598,000
$560,000
-6.35
YTD
Sarasota County
Ten-Year Market History $700,000
12,000
$600,000
10,222
10,000 9,348 8,000
4,000
Number of units sold
Number of Units Sold
6,000
7,927
8,428
6,622 6,043
7,846
7,926
7,943
6,068
6,128
6,266
$500,000
8,503 7,915 6,510
6,521
7,778 6,350
$400,000 6,023 $300,000
$330,000
$390,000
$395,000
$395,000
$399,000
$407,000
$440,000
$560,000
$600,000
$599,000
2,000
0
$200,000
$100,000
2014
2015
2016
2017
2018
Median Active Price
2019 Sold | Full Year
2020
2021
Sold | Year-to-Date
* Source Trendgraphix
MICHAELSAUNDERS.COM
2022
2023*
$-
Overview
Q3 | 2023 single family homes | sarasota county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
12
10
0
22
9
3
1
2
$200,000-$249,999
23
24
3
50
22
16
0
2
$250,000-$299,999
35
37
4
76
52
49
1
4
$300,000-$399,999
50
195
28
273
428
189
22
16
$400,000-$499,999
128
251
38
417
498
135
36
21
$500,000-$599,999
30
196
49
275
295
119
21
7
$600,000-$699,999
17
117
56
190
214
66
19
15
$700,000-$799,999
3
74
41
118
151
56
19
8
$800,000-$899,999
4
39
35
78
106
46
7
4
$900,000-$999,999
1
21
14
36
73
19
5
4
$1,000,000 & over
10
82
120
212
459
109
47
22
Total Units
313
1046
388
1747
2307
807
178
105
Days on Market | 07.01.2023 - 09.30.2023 1000
942
900
Number of Sold Listings
800 700 600 500 400
309
300
177
200
123
100
65
38
25
120-150
151-180
181-210
68
0 0-30
31-60
61-90
91-120
Number of Days on Market
* Source Stellar MLS
MICHAELSAUNDERS.COM
211 & Over
Overview
Q3 | 2023 condominiums | sarasota county YTD 2022
YTD 2023
Percentage Change
Sold
2,326
6,295
170.64
Avg. Sold Price
$642,889
$685,556
6.64
Sold/Orig LP Diff. %
98%
94%
-4.43
Avg Days on Market
26.44
49.89
88.66
Median Active Price
$750,000
$574,000
-23.47
Quarterly
Q3 2022
Q3 2023
Percentage Change
544
4,953
810.48
$616,667
$630,000
2.16
Sold/Orig LP Diff. %
95%
93%
-2.45
Avg. Days on Market
28.33
59.00
108.24
Median Active Price
$603,000
$515,000
-14.59
YTD
Sarasota County Sold Avg. Sold Price
Ten-Year Market History $800,000
4,500 4,000
$700,000
3,934
3,500
$600,000 3,014
Number of units sold
Number of Units Sold
3,000 2,500 2,000 1,500 1,000
2,461
2,619
2,451
2,725
2,604
2,751
2,653
1,572
$325,000
$365,000
1,548 $375,000
$500,000 $400,000
1,976
1,864 1,655
2,820
1,661
$379,000
1,584
$360,000
$375,000
1,838
1,576 $400,000
$599,000
$675,000
$585,000
$200,000 $100,000
500 0
$300,000
2014
2015
2016
2017
2018
Median Active Price
2019 Sold | Full Year
2020
2021
Sold | Year-to-Date
* Source Trendgraphix
MICHAELSAUNDERS.COM
2022
2023*
$-
Overview
Q3 | 2023 condominiums | sarasota county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
33
2
0
35
29
19
2
2
$200,000-$249,999
50
2
0
52
72
18
2
0
$250,000-$299,999
58
7
0
65
117
17
4
1
$300,000-$399,999
77
23
0
100
170
29
12
6
$400,000-$499,999
26
15
0
41
73
34
15
3
$500,000-$599,999
25
8
0
33
65
27
4
1
$600,000-$699,999
21
5
0
26
56
26
2
6
$700,000-$799,999
18
3
0
21
58
28
3
0
$800,000-$899,999
13
7
0
20
41
30
2
0
$900,000-$999,999
7
7
1
15
21
17
0
1
$1,000,000 & over
38
31
1
70
254
163
10
21
Total Units
366
110
2
478
956
408
56
41
Days on Market | 07.01.2023 - 09.30.2023 250 211
Number of Sold Listings
200
150 99
100
81
50
41 21
16
5
6
181-210
211 & Over
0 0-30
31-60
61-90
91-120
120-150
Number of Days on Market * Source Stellar MLS
MICHAELSAUNDERS.COM
151-180
Overview
Q3 | 2023 single family homes | manatee county YTD 2022
YTD 2023
Percentage Change
Sold
4,894
5,702
16.51
Avg. Sold Price
$685,889
$672,889
-1.90
Sold/Orig LP Diff. %
97%
93%
-4.34
Avg. Days on Market
21.22
62.11
192.67
Median Active Price
$663,000
$593,000
-10.56
Quarterly
Q3 2022
Q3 2023
Percentage Change
Sold
1,583
1,851
16.93
Avg. Sold Price
$656,333
$673,667
2.64
Sold/Orig LP Diff. %
94%
94%
-0.71
Avg. Days on Market
23.67
61.67
160.56
Median Active Price
$571,000
$585,000
2.45
YTD
Manatee County
Ten-Year Market History $700,000
9,000
7,516
6,163
$300,000
Number of Units Sold
5,803
6,464 6,083
7,000
6,783
6,625
6,096 5,726
5,000
4,764
3,743 3,323
3,618
3,660
3,932
4,178
3,934
6,000
4,000
3,771
3,000
$200,000 2,000 $100,000
$-
$349,000
$390,000
$409,000
$405,000
$415,000
$425,000
$430,000
$530,000
$591,000
$586,000 1,000
2014
2015
2016
2017 Median Active Price
2018
2019
Sold | Full Year
2020
2021
Sold | Year-to-Date
* Source Trendgraphix
MICHAELSAUNDERS.COM
2022
2023*
0
Number of units sold
$500,000
$400,000
8,000
7,893
$600,000
Overview
Q3 | 2023 single family homes | manatee county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
11
2
0
14
4
5
1
0
$200,000-$249,999
11
4
2
17
4
6
0
1
$250,000-$299,999
7
21
3
31
22
16
0
1
$300,000-$399,999
35
215
85
335
230
165
4
9
$400,000-$499,999
34
204
213
451
507
243
15
15
$500,000-$599,999
30
103
112
245
263
118
9
16
$600,000-$699,999
18
96
117
231
154
70
9
11
$700,000-$799,999
7
41
66
113
135
42
9
10
$800,000-$899,999
2
23
37
62
90
32
5
6
$900,000-$999,999
2
20
16
38
72
19
2
4
$1,000,000 & over
6
73
88
167
450
86
33
11
Total Units
163
802
739
1,704
1931
802
87
84
Days on Market | 07.01.2023 - 09.30.2023 900
856
800
Number of Sold Listings
700 600 500 400 296
300
183
200
107
109
100
66
49
38
151-180
181-210
0
0-30
31-60
61-90
91-120
120-150
Number of Days on Market * Source Stellar MLS
MICHAELSAUNDERS.COM
211 & Over
Overview
Q3 | 2023 condominiums | manatee county YTD 2022
YTD 2023
Percentage Change
Sold
1,553
1,337
-13.91
Avg. Sold Price
YTD
Manatee County
$396,444
$461,111
16.31
Sold/Orig LP Diff. %
99%
94%
-5.05
Avg. Days on Market
18.67
51.00
173.21
Median Active Price
$435,000
$379,000
-12.87
Quarterly
Q3 2022
Q3 2023
Percentage Change
366
394
7.65
$412,000
$404,000
-1.94
Sold/Orig LP Diff. %
97%
92%
-5.15
Avg. Days on Market
24.00
60.67
152.78
Median Active Price
$392,000
$355,000
-9.44
Sold Avg. Sold Price
Ten-Year Market History
3000
$450,000 $400,000
2,587
2500
$350,000
2000
1500
1000
NumberofofUnits units sold Number Sold
2,217
1,611
995 $200,000
1,722
1,095
$240,000
1,820
1,146
$255,000
1,940 1,729
1,693
1,195
1,064 $250,000
$300,000
1,899
1,865
$249,000
$250,000 1,313
1,151
$250,000
1,339
1,110 $249,000
$200,000 $150,000
$300,000
$420,000
$379,000
$100,000
500 $50,000 0
2014
2015
2016
2017
2018
Median Active Price
2019 Sold | Full Year
2020
2021
Sold | Year-to-Date
* Source Trendgraphix
MICHAELSAUNDERS.COM
2022
2023*
$-
Overview
Q3 | 2023 condominiums | manatee county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
78
2
0
80
78
27
4
2
$200,000-$249,999
42
4
0
46
59
9
5
4
$250,000-$299,999
47
8
0
55
71
20
7
1
$300,000-$399,999
65
15
1
81
116
35
9
3
$400,000-$499,999
24
12
0
36
50
17
4
6
$500,000-$599,999
11
12
0
23
49
19
0
2
$600,000-$699,999
7
18
0
25
28
15
5
1
$700,000-$799,999
6
3
0
9
16
3
2
0
$800,000-$899,999
7
3
0
10
13
4
1
1
$900,000-$999,999
6
4
0
10
18
0
1
0
$1,000,000 & over
6
5
3
14
33
4
2
1
Total Units
258
74
4
336
531
153
40
21
Days on Market | 07.01.2023 - 09.30.2023 180 160
163
Number of Sold Listings
140 120 100
89
80 60
60 40
33
24
20
10
0 0-30
31-60
61-90
91-120
120-150
Number of Days on Market
* Source Stellar MLS
MICHAELSAUNDERS.COM
151-180
3
181-210
7
211 & Over
Overview
Q3 | 2023 single family homes | charlotte county YTD 2022
YTD 2023
Percentage Change
Sold
4,097
3,487
-14.89
Avg. Sold Price
$469,000
$446,778
-4.74
Sold/Orig LP Diff. %
97%
93%
-4.33
Avg. Days on Market
26.00
55.56
113.68
Median Active Price
$490,000
$450,000
-8.16
Quarterly
Q3 2022
Q3 2023
Percentage Change
Sold
1,176
1,196
1.70
Avg. Sold Price
$441,333
$439,000
-0.53
Sold/Orig LP Diff. %
95%
93%
-2.46
Avg. Days on Market
28
59.33
111.90
Median Active Price
$460,000
$440,000
-4.35
YTD
Charlotte County
Ten-Year Market History
$500,000
7,000
$450,000 6,000
6,005 $400,000 5,250 4,641 $300,000
$200,000
Number of Units Sold
$250,000
4,210
4,483
4,441
4,000 3,682 3,345 2,854
2,486
$150,000 $100,000
4,402
$230,000
5,000
4,782
4,673
$262,000
2,632 $285,000
2,757 $283,000
2,785
$285,000
2,820
$290,000
3,499 3,000
2,751 $299,000
$383,000
$464,000
449,000
2,000
1,000 $50,000 $-
2014
2015
2016
2017
Median Active Price
2018
2019
Sold | Full Year
2020
2021
Sold | Year-to-Date
* Source Trendgraphix
MICHAELSAUNDERS.COM
2022
2023*
0
Number of units sold
$350,000
Overview
Q3 | 2023 single family homes | charlotte county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
36
18
2
56
21
13
2
2
$200,000-$249,999
45
36
1
82
57
28
2
4
$250,000-$299,999
60
72
10
142
149
60
11
5
$300,000-$399,999
46
267
84
397
576
243
43
34
$400,000-$499,999
11
153
44
208
516
127
31
15
$500,000-$599,999
2
93
16
111
229
35
17
15
$600,000-$699,999
2
40
8
49
151
23
11
3
$700,000-$799,999
7
20
6
32
107
19
7
8
$800,000-$899,999
0
19
4
23
76
9
6
6
$900,000-$999,999
0
9
3
12
49
3
1
2
$1,000,000 & over
2
27
12
41
149
19
13
6
Total Units
211
754
190
1,153
2,080
579
144
100
43
28
17
33
120-150
151-180
181-210
211 & Over
Days on Market | 07.01.2023 - 09.30.2023 600
561
Number of Sold Listings
500 400 300
246
200
138 87
100 0 0-30
31-60
61-90
91-120
Number of Days on Market
* Source Stellar MLS
MICHAELSAUNDERS.COM
Overview
Q3 | 2023 condominiums | charlotte county YTD 2022
YTD 2023
Percentage Change
796
546
-31.41
$350,444
$354,000
1.01
Sold/Orig LP Diff. %
99%
94%
-4.28
Avg. Days on Market
26.22
51.22
95.34
Median Active Price
$350,000
$325,000
-7.14
Quarterly
Q3 2022
Q3 2023
Percentage Change
188
176
-6.38
$368,667
$328,667
-10.85
Sold/Orig LP Diff. %
96%
94%
-2.43
Avg. Days on Market
32.00
61.33
91.67
Median Active Price
$335,000
$315,000
-5.97
YTD Sold Avg. Sold Price
Charlotte County
Sold Avg. Sold Price
Ten-Year Market History 1400
$400,000 1,246
1200
$300,000
600
Numberof of units sold Number Units Sold
1000
800
$350,000
901
935
940
973
930
920
873
857
598
588
554
539
$150,000
482 422
400
200
0
$200,000
674
657 575
$250,000
858
$100,000 $205,000
$223,000
$215,000
2014
2015
2016
$215,000
2017
$235,000
$240,000
$240,000
$295,000
2018
2019
2020
2021
Median Active Price
Sold | Full Year
MICHAELSAUNDERS.COM
$325,000
$50,000
Sold | Year-to-Date
* Source Trendgraphix
$349,000
2022
2023*
$0
Overview
Q3 | 2023 condominiums | charlotte county Supply Demand Analysis Sold Listings Price Range
<2 Beds
3 Beds
4+Beds
Total
Active
Pending
Expired
Off Market
$100,000-$199,999
56
0
0
56
66
24
7
3
$200,000-$249,999
24
0
0
24
60
7
6
1
$250,000-$299,999
17
3
0
20
36
5
3
1
$300,000-$399,999
26
6
0
34
83
10
5
3
$400,000-$499,999
7
9
0
16
55
3
4
3
$500,000-$599,999
2
4
0
6
26
4
2
1
$600,000-$699,999
4
1
0
5
16
0
2
3
$700,000-$799,999
2
2
0
4
14
1
1
0
$800,000-$899,999
0
0
0
0
4
0
0
0
$900,000-$999,999
0
1
0
1
2
0
0
0
$1,000,000 & over
3
3
0
6
15
3
2
1
Total Units
141
29
0
172
377
57
32
16
Days on Market | 07.01.2023 - 09.30.2023 90 81
80
Number of Sold Listings
70 60 50 40 30
25 20
20
17
15
10
5
3
3
181-210
211 & Over
0
0-30
31-60
61-90
91-120
120-150
Number of Days on Market * Source Stellar MLS
MICHAELSAUNDERS.COM
151-180
Overview
Q3 | 2023 single family homes | tri-county YTD 2022
YTD 2023
Percentage Change
Sold
15,641
15,197
-2.84
Avg. Sold Price
$630,889
$630,333
-0.09
Sold/Orig LP Diff. %
97%
93%
-4.56
Avg. Days on Market
23.00
56.22
144.44
Median Active Price
$600,000
$545,000
-9.17
Quarterly
Q3 2022
Q3 2023
Percentage Change
Sold
4,585
4,953
8.03
Avg. Sold Price
$614,667
$630,000
2.49
Sold/Orig LP Diff. %
95%
93%
-1.76
Avg. Days on Market
25.67
59.00
129.87
Median Active Price
$550,000
$515,000
-6.36
YTD
Manatee County
Sarasota County Charlotte County
Ten-Year Market History
$600,000
30,000
$500,000
25,000
24,120
$300,000
$200,000
19,232 17,940
18,331
18,505
18,848
19,801
15,000
14,840
11,792 10,454
$300,000
$350,000
11,011
$370,000
11,280
11,720
11,876
12,727 11,304
2014
2015
2016
11,904
10,000 $370,000
$375,000
$380,000
$390,000
$485,000
$100,000
$-
20,000
19,343
2017 Median Active Price
2018
2019 Sold | Full Year
2020 Sold | Year-to-Date
* Source Trendgraphix
MICHAELSAUNDERS.COM
2021
$552,000
$549,000
2022
2023*
5,000
0
Number of Units Sold
$400,000
Number of Units Sold
22,114
Overview
Q3 | 2023 condominiums | tri-county YTD 2022
YTD 2023
Percentage Change
Sold
4,675
3,718
-20.47
Avg. Sold Price
$511,222
$556,111
8.78
Sold/Orig LP Diff. %
98%
94%
-4.86
Avg. Days on Market
23.89
50.00
109.30
Median Active Price
$500,000
$428,000
-14.40
Quarterly
Q3 2022
Q3 2023
Percentage Change
Sold
1,098
1,063
-3.19
Avg. Sold Price
$507,333
$497,000
-2.04
Sold/Orig LP Diff. %
96%
92%
-4.17
Avg. Days on Market
27.67
58.67
112.05
Median Active Price
$454,000
$414,000
-8.81
YTD
Manatee County
Sarasota County Charlotte County
Ten-Year Market History $500,000
9,000
$450,000
8,000
7,767
$400,000
7,000
$250,000 $200,000 $150,000 $100,000
Number of Units Sold
$300,000
6,204 4,973
3,142
$250,000
5,276
5,211
3,348
$279,000
3,282
$290,000
5,190
3,279
$290,000
5,595
3,716
$290,000
5,391
6,000
5,639
5,302
5,000 4,000
3,963 3,274
$300,000
3,168
$310,000
2,998 3,000
$430,000
$465,000
$430,000
1,000
$50,000 $-
2,000
2014
2015 Median Active Price
2016
2017
2018
2019
2020
Sold | Full Year
* Source Trendgraphix
MICHAELSAUNDERS.COM
2021 Sold | Year-to-Date
2022
2023*
0
Number of units sold
$350,000
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