If you want to know the value of your property, just go around the corner and see what recently sold. This was one of the first tenets of determining real estate value I learned more years ago than I care to say, but it was true then and is truer today.
As we look around at the real estate landscape this first day of a new year, all Manatee County and Sarasota County coastal property owners are wondering the same thing, how much impact have the storms had on property values. The answer to this question will take a while longer to answer, but I can report the key trends and the Realtor Association of Sarasota and Manatee’s comments.
Essentially, there has been a decrease in sales in both counties in November for single family and condo properties with the exception of single-family homes in Manatee.
The median sale price is declining in all segments, single family and condos, for both counties.
The median time to sell is taking longer, and the inventory is growing.
The optimistic spin on this from the Realtor Association is seeing a return to a more balanced condition where buyers and sellers have equal opportunities in the market. They go on to say that this will result in a healthier and more stable housing market in the long run.
Yes, in a normal market, more inventory is healthy but going back to the all real estate is local theory, Anna Maria Island and Manatee County’s coastal communities are far away from anything resembling “normal.” Looking at the properties for sale, a large portion of them have greatly reduced listing prices and the pictures show severe damage.
Many owners are cashing out what they can, working with FEMA and moving off the Island. This will significantly change the makeup of Anna Maria Island, however, in my opinion it likely will not change values once the dust has settled and new owners have moved on to the Island.
Manatee County has also put in place a property tax abatement for eligible homeowners whose homes were uninhabitable for at least 30 days due to the catastrophic events. The claims can be filed Jan. 1, and there are more details on the Manatee County website under Catastrophic Event Information.
Nationally, according to The National Association of Realtors, home sales rose in November, resulting in the biggest year-over-year gain in more than three years. However, for the year, home buying activity remains slow for the second straight year and sales of previously owned homes in 2024 are on track to hit their lowest level since 1995.
Home prices continue to stay near recorded highs with the inventory of homes for sale extremely low. The national median existing home price in November was $406,100 compared to Manatee County’s median single-family November sale price of $430,000. Again, national statistics don’t tell the story for our area but it’s still interesting to throw into the real estate value pot.
No matter how the Realtor Association spins the statistics, it will be a challenging first half of the new year and maybe longer. Most of us survived the worst of it; now we have to settle into a new order of business. Wishing you and your families a safe and happy new year moving forward.
