October 2022
Dear Friends and Clients,
I hope this issue of my newsletter finds you and your families safe and well.
While I'm thankful that Sarasota and Manatee County were largely spared from Hurricane Ian, our neighbors to the south were not as fortunate. One of my Assistants rode out the storm on Lemon Bay in Englewood, Florida and she saw firsthand the significant damage to many homes and businesses. As the clean-up and rebuilding efforts continue, I'm sharing links to a few worthwhile organizations that I am supporting that are great options to assist with the recovery:
Transitioning to review the current real estate market, I wanted to share a well written and comprehensive article that was recently published on the Realtor Association of Sarasota and Manatee website. It details much of what I am seeing first hand within our local markets.
As always, please reach out to just say hello or to discuss the current market.
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Sarasota-Manatee Housing Market Continues to Cool in September |
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SARASOTA, Fla. (October 20, 2022) – The latest data for the Sarasota and Manatee housing market continues to follow the same trend of fewer sales and rising inventory in September, alongside a few closing delays caused by Hurricane Ian’s arrival at the end of the month. According to the data from Florida REALTORS®, the median prices for both Sarasota County and Manatee County continue to show year-over-year increases but are not as high as prices recorded earlier this year.
The total number of closed sales across the region was 1,263 in September, a 39 percent decrease from last year. When compared to August of 2022, closed sales for both property types in the two-county region decreased by 29.6 percent.
Closed sales for single-family homes in Manatee County decreased year-over-year by 37.5 percent to 422 sales and in Sarasota County, single-family sales decreased by 45.1 percent to 458 sales. For condos, Manatee closed sales decreased by 35.9 percent to 148 sales, and Sarasota sales decreased by 29 percent to 235 sales.
“We are continuing the trend that we’ve seen for several months now where the number of closed sales is dropping, and prices are leveling off,” said 2022 President of the REALTOR® Association of Sarasota and Manatee Tony Veldkamp, a Senior Advisor at SVN Commercial Advisory Group. “Inventory has also leveled off; sellers seem to have a ‘wait and see’ attitude regarding the economy. Prices continue to be very strong, but inventory has not increased significantly, which means that it is still a great time to sell.”
For single-family homes, the median sale price in Manatee County increased year-over-year by 20.3 percent to $517,193 and in Sarasota County, the median price increased by 22.2 percent to $497,275. The median sale price for condos in Manatee County increased by 18.2 percent to $337,000. The price for Sarasota condos is now $399,999, a 23.1 percent increase from last year.
“Historically whenever Florida has a catastrophic event like Hurricane Ian, the real estate market bounces back very quickly with strong growth. However, with the higher interest rates and rising inflation, this time may be different. Those factors may cause our market to continue to remain level with less of a bounce towards higher values,” added Veldkamp. “And while September data is on trend with the current market, it’s possible that Hurricane Ian may have contributed to fewer closed sales and fewer new listings this month. Since the storm arrived toward the end of September, many sales that were set to close before month end were either pushed back to October or canceled altogether.”
In the North Port-Sarasota-Bradenton MSA, new listings decreased year-over-year by 22 percent to 1,225 new listings for single-family homes, while new listings in the condo market decreased by 25.3 percent to 469 new listings.
The months’ supply of inventory has more than doubled from last year. In the single-family home market, the months’ supply in Manatee County increased by 237.5 percent to a 2.7-month supply. In Sarasota, single-family supply increased by 162.5 percent to a 2.1-month supply. Manatee County’s condo supply increased year-over-year by 216.7 percent to 1.9-months, while Sarasota’s condo supply increased by 166.7 percent to 1.6-months.
At the end of September, there were 4,346 active listings reported across the two counties, a 132.4 percent increase from last year. For single-family homes, active listings increased by 106.4 percent in Sarasota County and by 187.9 percent in Manatee County. For condos, the active inventory in Sarasota increased by 85.4 percent, while the inventory in Manatee increased by 146.1 percent.
The median time from listing date to contract date has been increasing since June of this year. The median time it took for single-family homes to go under contract was 20 days in Sarasota County and 19 days in Manatee County. As for condos, the median time to contract was 18 days in Sarasota and 15 days in Manatee.
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September 2022 Statistics from Stellar MLS |
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On a Personal Note, October is birthday month for me and my Team, Lela and Kelly! I love to celebrate birthdays and we enjoyed a celebratory lunch together. We are all Scorpios and while I am not a dedicated follower of Zodiac signs, I would like to think the 3 of us share some important characteristics of Scorpios:
"Scorpios are famously discreet and share the traits of fearlessness, boldness, passion, creativity, and fierce loyalty.'
I dedicate this newsletter to Lela and Kelly who exemplify these traits each and every day. Beyond thankful for their dedication to me and you!
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JUST LISTED Savor spectacular views spanning the Gulf of Mexico, Sarasota Bay, Longboat Key and the downtown Sarasota skyline in this sprawling 14th-floor beachfront residence in the heart of Siesta Key boasting private access to Siesta Key Beach’s cool white sand and tranquil azure waters. Floor-to-ceiling walls of glass seamlessly open to multiple terraces throughout the home, showcasing captivating 270-degree vistas, including ever-changing waterfront sunsets, dazzling city lights and awe-inspiring scenery in every direction. The expansive beach below beckons year-round relaxation, swims and strolls along the long shoreline. Inside this one-of-a-kind 3-bedroom, 4-bath residence, two masterfully combined units encompass nearly 2,500 square feet, featuring coffered ceilings with custom lighting, reclaimed Wormy Chestnut flooring and marble flooring. The home’s flexible floor plan can be adapted to suit your lifestyle, including a large Gulf-front room with a full bath and closets that could serve as a den/office, bonus room, or the 3rd bedroom and possibly a 4th bedroom as well. A private luxurious retreat awaits in the voluminous owner’s suite, which features a dual-sided gas fireplace, sitting and bar areas, beverage refrigerator and wine refrigerator. Wake up in the morning to sweeping Gulf and beach views in two directions while enjoying coffee and seaside breezes on one of your two large private terraces. This one-of-a-kind residence is not to be missed!
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SIGNIFICANTLY REDUCE BY $100K! On beautiful Palm Island in the heart of Siesta Key and just 2 blocks from world famous Siesta Key Beach, you'll find this fantastic one-of-a-kind modern island home with 4 bedrooms, 3.5 baths, designer finishes, incredible pool/lanai/summer kitchen, and private elevator, located on a great canal front lot with dock and lift for your boat. Purchase for your own personal residence, or use as an investment property with great rental income potential. This residence boasts 2 great rooms and multiple levels for easy living and entertaining. The first great room features an indoor/outdoor swimming pool and spa, screened-in lounge area and full outdoor kitchen with stainless appliances and gas range making it the perfect place to host a lively gathering.
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Look no further as the just completed 1332 sf waterfront penthouse in The Strand is finally here, offering the perfect combination of new construction with designer upgrades, great water view and direct access to the Bay, gated neighborhood, five-star amenities, and fantastic proximity to Downtown Sarasota and beaches! Brand new, 5th floor, 1 bedroom plus den, 2 full bath residence with views of the sparking Bay and canal, 126 sf oversized terrace, and the option to purchase a deeded boat slip with 13,000# lift. Perfect as a primary or secondary home, or investment property where weekly rentals are permitted. Welcome to The Strand, brought to life by renowned architectural firm HOYT, and award-winning interior design firm JKL Design Group. Master the culinary arts in your chef’s kitchen with stainless Samsung appliances, upgraded tile backsplash, soft taupe cabinetry, and glistening quartz countertops and generously sized center island.
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BUILD NEW IN ARLINGTON PARK AREA! Rarely available 7100+ sf lot in a highly desirable location is just waiting for you to create the home of your dreams! The value is in the land. Live close to it all in one of the most advantageous "East of Trail" neighborhoods in all of Sarasota, a short drive or walk to Arlington Park & Aquatic Complex with lighted tennis courts, playgrounds, dog parks and more and close to #1 Siesta Key Beach, Downtown retail and dining, Sarasota Memorial Hospital, and SRQ Airport. This property is nestled among majestic oaks and mature trees on a quiet street and is the perfect blank slate to build a custom residence. Enjoy the delightful southwest breezes in a setting that embodies the true feeling of the spectacular Gulf Coast.
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1685 Laurel Street | 9
List Price $950,000
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3012 Satsuma Drive
List Price $737,000
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October Lifestyle And Real Estate News
A LOOK AT HURRICANE IAN, FUNDRAISERS, BAY PARK
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by Megan McDonald | Hannah Phillips | Sarasota Magazine
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by Lauren Jackson | Sarasota Magazine
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by Harry Sayer | Sarasota Observer
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LENORE TREIMAN, MBA, REALTOR®
Real Estate Consultant &
Marketing Specialist
Cell (941) 356-9642
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Photography by Denis Lazon
Lenore Treiman llc | Michael Saunders & Company® | All Rights Reserved
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