The median sales price for homes in Sarasota and Manatee counties may be leveling off but the number of sales remains on the rise.

Data on October sales, released this week by the Realtor Association of Sarasota and Manatee, shows combined sales in the North Port-Sarasota-Bradenton metropolitan area jumped 4.3% year over year.

But in both counties, the median sales price for single-family homes saw the biggest October-to-October decline so far this year. In Manatee, the median home price slid 12.8% to $479,000, while in Sarasota, it went down 3.3% to $520,000. Notably, condo prices remain on the rise in both counties — up 10.3% to $426,500 in Sarasota and up 0.4% to $370,000 in Manatee — but single-family homes remain a much larger segment of the market.

But overall, RASM leaders see the data as a sign the local market remains in a much healthier state than the nation as a whole.

“Compared to the rest of the country where home sales are declining in most markets, our housing market is telling a different story,” said Brian Tresidder, 2023 RASM President and vice president of operations at William Raveis Real Estate. “This month’s data showcases an increase in sales, a rise in new listings, a leveling of the time from listing to contract, and strong inventory growth – all signs that point toward a more balanced market in our future.”

Realtors generally consider a six-month inventory of listed homes as a balanced market. Locally, the inventory has remained much lower, but in October it came much closer to that figure. For homes in the combined metro market, inventory climbed to 3.6 months, compared to 2.5 months in October 2022. There’s a 4.2-month inventory of condo units, up from 2 months a year ago.

That leaves the region firmly in seller’s market territory, with a supply of homes that’s still limited but higher than experienced since 2020.

“Inventory has been on this steady increase since 2022, and while we’ve hit the highest it’s been all year, it’s still not quite back to pre-pandemic levels,” Tresidder said. “The good news is that we’ve been trending upward and we’re getting closer to the benchmark for a balanced market, which is a 5.5-month supply.”

The number of active listings appears to be jumping up rapidly, with 2,614 listings for both home types throughout the market in October. That’s 18.1% more listings than September, and 46.3% more listings than in October 2022. 

Graphic courtesy RASM.

Costco has closed on its newest store location in Wellen Park. The planned store will be located on U.S. 41, east of West Villages Parkway. Costco is a membership warehouse club that provides a wide selection of merchandise, plus the convenience of specialty departments and exclusive member services, all designed to make customers’ shopping experiences pleasurable. Shoppers can find everything from groceries, housewares, health and beauty aids, alcohol, cameras, watches, sporting goods, televisions, office supplies and equipment, toys, automotive supplies, and appliances under one roof. The new store will include a gas station and full automotive service center. In addition to offering Wellen Park residents another shopping option, Costco will also bring in hundreds of new job opportunities for the region, ranging from entry level to management. Costco, Yahoo Finance’s 2022 Company of the Year, is also an industry leader in employee perks and has been repeatedly ranked among Indeed.com’s companies with the best employee benefits. Costco joins a list of other businesses continuing to fill out the U.S. 41 corridor along Wellen Park, including Bayside Pet Resort, which opened in early October, The Medical Center at Wellen Park, a three-story 75,000-square-foot medical office, and new additions coming to the Publix-anchored Marketplace plaza. 

Christopher Alan Homes received eight awards from Lee BIA at the 2023 Industry Awards held recently. The Lee BIA Industry Awards honor building and construction industry professionals who make superior contributions to the residential home building and commercial construction industry in sales, marketing, design and outstanding achievement, both individual and corporate. Christopher Alan Homes' numerous wins underscore its dedication to industry excellence and delivering exceptional value with its homes and customer service. The builder-owned company received the following awards: Best Overall Marketing Campaign for the Christopher Alan Homes brand campaign; Best Website for christopheralanhomes.com; Best Brochure for the Creekside Run at Babcock Ranch brochure; Best Virtual Tour for the Magnolia model in Creekside Run at Babcock Ranch; Best Electronic Airport Signage for Punta Gorda Airport signage; Best Special Event/Charity for “A New Home for Nancy Jackson,” a total home rebuild project completed in partnership with Lee BIA Builders Care; Residential Marketing Manager of the Year for Alana Consolo, marketing manager at Christopher Alan Homes; Title Insurance Salesperson of the Year for Nicole Tansey, title manager at CAH Title. Lee BIA is a not-for-profit trade organization representing the building industry in the regulatory arena for Lee, Hendry and Glades counties. The Lee BIA is chartered by the National Association of Home Builders and is an affiliate of the Florida Home Builders Association. It is comprised of over 400 companies involved in every aspect of building and creating a thriving community for a growing Southwest Florida. For more information visit bia.net. 

The Sarasota Alliance for Historic Preservation (SAHP) announced its 2023 “Six to Save'' properties at an event held on November 16 at the Philippi Crest Community Clubhouse in Sarasota. Now in its fourth year, this initiative highlights the urgent need to save historic resources from demolition in Sarasota County. The program was launched in 2020 by Harry Klinkhamer, who was then the chair of the History & Preservation Coalition of Sarasota County, and is now spearheaded by SAHP, in collaboration with the Coalition. Members of the community nominate properties they are concerned about by filling out a nomination form on SAHP’s website. A Six to Save committee then reviews and selects six properties to be spotlighted that year.  

Pictured: Erin DiFazio, program director of the Sarasota Alliance for Historic Preservation, addresses the audience at the 2023 Six to Save event on November 16 at the Philippi Crest Community Clubhouses in Sarasota.

Pulte Homes is now preselling single-family homes in Lakespur, a new gated neighborhood in Wellen Park with private amenities and homesites overlooking lakes, preserves and wetlands. Two professionally decorated model homes are also under construction with expected completion coinciding with Lakespur’s official Dec. 2 grand opening featuring food trucks and giveaways. Pulte is offering 68 homes in its initial Lakespur release. Presales provide prospective buyers a first look at the neighborhood and the first opportunity to secure their preferred homesite. Buyers can also join the VIP List for exclusive monthly updates at www.Pulte.com/Lakespur. Focused on health, wellness, community connections and nature, Wellen Park was named the eighth fastest-selling community in the U.S. in 2022 by John Burns Real Estate Consulting. For more information about Pulte Homes at Lakespur, visit www.Pulte.com/Lakespur or call and text 941-265-6300. 

Pictured: Modern living is redefined at Lakespur with Pulte's new innovative homes at Wellen Park that offer 1,890 to nearly 2,900 square feet under air.

Former banker and Sarasota resident Robert Gaglio lost more than just his livelihood to the market crash of 2008. When personal and financial losses left him feeling defeated, he embarked on a journey to find meaning in his life. In 2012, he decided to trace his family roots back to Italy, where 100 years earlier his grandfather had left his home and country in search of the American dream. As luck would have it, Gaglio found more than long-lost cousins and a beautiful country—he fell in love with life again and re-energized his passion for work. His new book, “Freedom to Wander” is an inspirational story of family, travel, and taking chances. To promote the book, Gaglio is launching a nationwide book tour, which starts in Sarasota at various venues in January.  Gaglio, who is also a master chef and founder of Italian Culinary Tours, says that “Freedom to Wander” is a story of finding purpose beyond the dollars and cents of the American dream. “I hope readers will be inspired and entertained as they hear about the journey I’ve been on since meeting my family in Sicily for the first time in 2012,” says Gaglio. John Mariani, a renowned food and wine journalist, restaurant critic and author, says that Gaglio’s book is “a testament to the old, very American idea of hitting the road. We get to share the last touching moments he spent at his mother’s bedside before she passed away. Throughout this lovingly paced book, which, like a good guide, moves slowly and stops to allow the reader to marvel right along with Robert at his new finds; you range from the mountains to the shores, the villages to the cities, the trattorias to the ristoranti. ‘Freedom to Wander’ shows as much about the Italian way of life as it does about a rewarding personal journey.”   The son of Sicilian parents, Gaglio has always had a love for his cultural upbringing, the love of family and friends, and enjoys sharing that love with food. He founded Italian Culinary Tours in 2014 “to give people a deep cultural experience and to get a sense of what it’s like to live like an Italian in all its richness,” he explains. Gaglio accompanies all of his guests on each tour, providing cooking classes and travel guidance. Over the years, Gaglio has traveled the various Italian regions to discover true Italian cooking and has researched the rich culinary history of Italy to share through his cooking with clients and guests. When he's not touring in Italy, he brings it all back home with a with his catering company, Ciao Bella Productions, a private party event company that specializes in thespian dining experiences served and performed in private homes. Gaglio’s national book tour started in Novemberand covers more than 25 venues in six states, including California, Wisconsin, Illinois and South Carolina. For more information about Robert Gaglio, visit ItalianCulinaryTours.com.  

The median sales price for homes in Sarasota and Manatee counties may be leveling off but the number of sales remains on the rise.

Data on October sales, released this week by the Realtor Association of Sarasota and Manatee, shows combined sales in the North Port-Sarasota-Bradenton metropolitan area jumped 4.3% year over year.

But in both counties, the median sales price for single-family homes saw the biggest October-to-October decline so far this year. In Manatee, the median home price slid 12.8% to $479,000, while in Sarasota, it went down 3.3% to $520,000. Notably, condo prices remain on the rise in both counties — up 10.3% to $426,500 in Sarasota and up 0.4% to $370,000 in Manatee — but single-family homes remain a much larger segment of the market.

But overall, RASM leaders see the data as a sign the local market remains in a much healthier state than the nation as a whole.

“Compared to the rest of the country where home sales are declining in most markets, our housing market is telling a different story,” said Brian Tresidder, 2023 RASM President and vice president of operations at William Raveis Real Estate. “This month’s data showcases an increase in sales, a rise in new listings, a leveling of the time from listing to contract, and strong inventory growth – all signs that point toward a more balanced market in our future.”

Realtors generally consider a six-month inventory of listed homes as a balanced market. Locally, the inventory has remained much lower, but in October it came much closer to that figure. For homes in the combined metro market, inventory climbed to 3.6 months, compared to 2.5 months in October 2022. There’s a 4.2-month inventory of condo units, up from 2 months a year ago.

That leaves the region firmly in seller’s market territory, with a supply of homes that’s still limited but higher than experienced since 2020.

“Inventory has been on this steady increase since 2022, and while we’ve hit the highest it’s been all year, it’s still not quite back to pre-pandemic levels,” Tresidder said. “The good news is that we’ve been trending upward and we’re getting closer to the benchmark for a balanced market, which is a 5.5-month supply.”

The number of active listings appears to be jumping up rapidly, with 2,614 listings for both home types throughout the market in October. That’s 18.1% more listings than September, and 46.3% more listings than in October 2022. 

Graphic courtesy RASM.

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