As 2023 came to a close, the local market finally approached a balanced market after years of supply shortage.

While both Sarasota and Manatee remain seller’s markets, the Realtor Association of Sarasota and Manatee indicated the North-Port-Sarasota-Bradenton metropolitan area had a 3.9-month inventory of single-family homes and a 4.9-month supply of condominium and townhome units. By comparison, there was just 2.8-month supply of homes and 2.4-month supply of condos.

The Florida Realtors, considers a 5.5-month inventory as a balanced market favoring neither buyers or sellers. 

Sarasota has come closer to that balance, with a 5.2-month condo inventory and 4.4-month home supply. By comparison, Manatee has a 4.6-month condo supply, and the home market still has just a 3.3-month inventory.

“We are seeing good adjustments in this market that will benefit both buyers and sellers going forward,” said Tony Barrett, 2024 RASM President and Broker/Owner at Barrett Realty. “The days on the market have increased, along with inventory and we are starting to see buyers having a little more flexibility in negotiations.”

The tempering of the market closes a period of extremely high demand that started in 2020 during the COVID-19 pandemic. Prices for properties have increased significantly in the years since.

As 2023 ended, there were several signs the market may be reaching toward normalcy. After a long “cash is king” period, cash sales for homes decreased by 10.6% in Sarasota and 4.9% in Manatee. There were about 19,117 new home listings in the two-county area, about 1.9% fewer than the prior year. But as some large condo complexes came online in 2023, new listings for condos jumped 13% from 2022, to a total of 9,472 new listings.

The median sales price for homes in the metro market in December was $504,990, slightly lower than the $506,000 media price in December of 2022. But for condos, the media sale price jumped from $370,000 last December to $400,000 the last month of 2023.

The length of time it took for listings to go to contract more than doubled over the course of the year, but remains at 27 days for homes and 28 for condos. And the total volume of sales in the region continued to rise, with almost $14 billion in volume over the course of 2023, about $10.3 billion of that in homes with condo sales accounting for $3.6 billion. 

Graphic courtesy RASM.

 Halfacre Construction Company, a Lakewood Ranch-based commercial construction company, recently welcomed four new hires to its team: Chris Moorefield, Rachel Preston, Tammy Fero and Joe Dutton. Moorefield joins the commercial construction company with over 25 years of industry experience. In his new role as superintendent, Moorefield is tasked with scheduling, jobsite documentation, compliance and safety standards, and quality control and assurance, among other duties. Most recently, Moorefield served as a project superintendent for Marand Builders in Tampa. Over the course of his career, he has worked on a number of notable projects, including renovation work for the Duke Energy building in St. Pete, constructed 11 lifeguard stands in Manatee County and renovation work on numerous banks throughout the area. Fero and Preston join Halfacre Construction as project administrators tasked with providing administrative assistance to the superintendents, project managers and assistant project managers, scheduling conferences and meetings, utilizing Procore, and working with vendors and subcontractors, among other responsibilities. Fero has more than 25 years of construction industry experience. Most recently, she was the warranty coordinator for Neal Communities in Sarasota and prior to that, she was a project coordinator and expeditor for Westra Construction Corporation in Palmetto. Fero has her bachelor’s degree in business administration from Indiana Wesleyan University. Preston has a robust background as an executive assistant working with high-ranking professionals. Prior to Halfacre, she was a corporate administrator for Divergent Dental Group in Tampa. During her time there, Preston provided administrative assistance to the executive team, as well as office manager for the corporate office, overseeing all maintenance issues, supply orders, mail and calls. Dutton joins the commercial construction company at its Punta Gorda office. As project manager, his day-to-day responsibilities include scheduling, budgeting, cost estimating and value engineering services throughout the projects. A detail-oriented professional with over 25 years of experience within the civil construction and engineering industry, Dutton was most recently a project manager for AJAX Paving in Fort Myers. Notable projects he has been a part of include SR 80 from Dalton to CR 833 in Labelle, Florida, SR 82 and SR 29 in Collier County, and Charlotte County Airport Authority Rehabilitation of Taxiway A, F and G2, among others.  

Babcock Ranch continues to rank among the top-selling communities in the nation on industry-leading lists for 2023. America’s first solar-powered town was recognized as the seventh best-selling master-planned community by RCLCO Real Estate Advisors and the eighth by John Burns Real Estate Consulting. The rankings are based on the town’s 957 homes sales in 2023. A milestone year, 2023 also marked the sale of Babcock Ranch’s 3,600th home, the grand opening of the first six neighborhoods in MidTown and plans for a slate of new neighborhoods that will introduce hundreds of future residents to a better way of life. As Southwest Florida’s best-selling community appealing to variety of buyers, Babcock Ranch continues to expand amenities and outdoor recreation, completing renovations at Lake Timber Lodge in 2023, extending its trail network and beginning construction of MidTown’s interactive parks. Accelerated construction activity will also introduce additional homes, neighborhoods and The Shoppes at Yellow Pines commercial shopping center with local and national businesses, retailers and restaurants. Babcock Ranch has grown significantly from the seven neighborhoods available just two years ago to include townhomes within walking distance of the Founder’s Square downtown district to the six in Midtown and recently announced enclaves with waterslides, lazy rivers, private golf, resort amenities and dozens of innovative floor plans. Fully furnished villa, townhome and single-family model homes highlight the dozens of one- and two-story floor plans by regional and national homebuilders Christopher Alan Homes, D.R. Horton, DiVosta, Lennar, Meritage Homes, Pulte Homes, Toll Brothers and William Ryan Homes as well as custom homes by AR Homes by Arthur Rutenberg and Florida Lifestyle Homes. Newly introduced rental neighborhoods, including single-family homes for rent at The Flatwoods and apartment homes at Canopy provide more options for living at Babcock Ranch. Created by Kitson & Partners with the philosophy that smart growth and sustainability work hand-in-hand, half of Babcock Ranch’s town’s footprint is set aside as greenways, parks and expansive lakes, providing recreation and scenic backdrops for homes and businesses. Encompassing 18,000 acres, the town is planned for 19,500 residences and about 6,000,000 square feet of commercial space. Built to Florida Green Building Coalition standards, homes emphasize energy and water conservation and have a full gig of fiber-optic connectivity. Prices range from the upper-$200,000s to $4 million. For more information about Southwest Florida’s new hometown, located just northeast of Fort Myers off Babcock Ranch Road/State Road 31, visit the Woodlea Hall Discovery Center at 42850 Crescent Loop in Babcock Ranch, call 877-709-6620, or visit BabcockRanch.com.  

The public is invited Sat. Feb. 3rd from 10 am to 2 pm to an OPEN HOUSE celebration of SOTA Residences & Hotel, a limited collection of just 35 fully serviced residences above a boutique hotel. Visit the SOTA Sales Gallery and meet the experienced sales team, explore the urban resort amenities, and immerse yourself in the exquisite design and designer-curated finishes of the model kitchen. Discover all the best of downtown Sarasota living with the most unexpected luxury of all, price. Located at 1734 Main Street, Sarasota. Light Bites & Refreshments will be served. Michael Saunders & Company, known as the premiere luxury real estate firm on Florida’s West Coast, is selling two-and-three-bedroom residential condominiums starting at approximately $1.8 million.

Property Address: 1703 Main St., Sarasota, FL 34236, How to schedule a private appointment: 941-462-3900 | info@TheSota.com | TheSota.com. 

PulteGroup has closed on the first phase of what will total 427 acres of land in North Manatee County and plans to develop a Del Webb 55+ active adult community with 995 active adult homesites and an expansive amenity campus.  Del Webb Sunchase will feature high-end amenities, including a bar and grill, clubhouse, resort-style lap and resistance pools, poolside fire pit, a fitness center, pickleball and bocce courts, cabanas, a dog park,  walking trails and a community garden. Land development permits are expected to be finalized in Spring 2024 with home building slated to start by the end of 2024. Del Webb Sunchase will offer a mixture of 40’, 50’ and 64’ wide homesites and will highlight Del Webb’s Gen You floorplans which have been fine-tuned utilizing feedback from homeowners. Prospective homebuyers will be able to choose from several one-story homes  offering open designs for entertainment, additional space for visiting grandchildren, energy efficient construction, impact windows and two and three car garages. The community will be gated with homesites offering views of water, conservation and nature. For more information or to add your name to the VIP list, please visit www.delwebb.com/sunchase.   

As 2023 came to a close, the Sarasota County Public Hospital Board, which governs Sarasota Memorial Health Care System, named its new officers for 2024. The new chair is Sarah Lodge, who has represented the Board’s Central District Seat 1 since 2020. Lodge has extensive experience in long-term strategic planning and financial problem-solving. A certified financial planner, she is currently first vice president with the Gress Lodge Group at RBC Wealth Management in Sarasota. Born and raised in Florida, Lodge moved to Sarasota a few years after graduating from the University of Florida in 2003 with a bachelor’s degree in health science. All three of her children were born at Sarasota Memorial Hospital. Known for her passion for volunteering and giving back to the community, Lodge has served in leadership roles for a number of local civic organizations. During her term as president of the Rotary Club Foundation, she helped start Rotary food pantries throughout Sarasota County, led the Rotary Reading Project, and was subsequently named the 2019 Rotarian of the Year by the Rotary Club of Sarasota. She also served as director and a founding board member of Impact 100 SRQ, which empowers women to collectively fund transformational grants to non-profit organizations in Sarasota and Manatee Counties. A past president and current volunteer with the Junior League of Sarasota, Lodge also was a member of Leadership Sarasota’s class of 2014-15 and the Gulf Coast Leadership Institute in 2012. She has worked closely with the Sarasota Memorial Healthcare Foundation in its efforts to support critical hospital services and programs. Lodge succeeds Tramm Hudson, who served as chair of the Hospital Board for 2023. During his tenure, the health system received numerous quality honors and moved forward with key projects including the expansion of SMH-Venice, the development of new medical campuses in south county, the opening of a new Urgent Care Center in south Venice and ground-breakings for our Research & Education Institute and Cancer Pavilion. Other Hospital Board officers for 2024 include: First Vice Chairman: Brad Baker, Second Vice Chairman: Patricia Maraia, BSN, RN, Treasurer: Bridgette Fiorucci, BSN, RN, Secretary: Sharon Wetzler DePeters, APRN, Assistant Secretary: Britt Riner, Assistant Treasurer: Gregory Carter. Tramm Hudson remains on the nine-member Board, which also includes Victor Rohe. 

Stillwell at Wellen Park, a built-to-rent single-family home community in Wellen Park, has welcomed its first residents, with construction now complete on the inaugural phase. The 28-acre community offers four home designs featuring one to three bedrooms, private fenced-in backyards, and 712 to 1,275 square feet in one- and two-story floor plans. Developed by Ohio-based Coastal Ridge Real Estate and equity partner Halstatt Real Estate Partners of Naples, Stillwell models the growing national trend of build-to-rent properties. The community will have 274 homes and offers rentable garages and on-site amenities.Homes in Stillwell feature smart-home technology, open-concept floor plans blending living rooms and kitchens, and modern finishes including quartz countertops, tile backsplashes, and luxury wood-style plank flooring. Kitchens feature islands and stainless-steel Energy Star appliances. Stillwell’s resort-inspired amenities focus on health, wellness and community. At the heart of its active social lifestyle, the 5,000-square-foot clubhouse features fitness and business centers, a club lounge, community kitchen, game room, coffee and juice bar, and on-site property management. Outdoor amenities include a zero-entry pool, an event lawn, bocce court, firepits and grills with seating areas. Stillwell also offers parks, open spaces, a walking track and a dog park throughout its 28 acres. Located in the Playmore District, Stillwell Wellen Park is close to Downtown Wellen and CoolToday Park which hosts Atlanta Braves spring training and year-round events. It’s also convenient to U.S. 41/Tamiami Trail and Wellen Park’s extensive network of trails and parks. For more information about Stillwell, visit stillwellatwellenpark.com. 

 PGT Innovations, Inc. (NYSE: PGTI), a national brand and innovation leader in the fenestration and garage door industries, was recently named on Forbes' 2024 America’s Most Successful Small-Cap Companies list. The complete list includes 100 U.S. companies across 22 industry categories. At no. 71, PGT Innovations ranked among 13 other organizations in the construction category. This is the fourth consecutive year the company has been selected to the list. To produce its list, Forbes used data from FactSet to identify 389 companies that had positive sales growth over the past 12 months and a share price of at least $5. Financial institutions, REITs, utilities, royalty trusts and limited partnerships were excluded, as were companies that have been public for less than one year. The stocks were ranked based on earnings growth, sales growth, return on equity, and total stock return for the latest 12 months available and over the last five years. PGT Innovations has demonstrated consistent, significant growth in recent years, with CAGRs of 23.93 percent in net sales and 27.09 percent in net income from 2012 to 2022. Other notable accomplishments for the national leader include acquiring five companies in four states over five years; expanding existing operations with two new facilities; and opening nine new retail stores in five states over three years. In 2023, PGT Innovations also made several milestone announcements, including a first-of-its-kind collaboration with Corning Incorporated to produce next-generation glass technology, the launch of Diamond Glass production at its Venice headquarters, the introduction of next-generation thin triple insulated glass units (IGU) as a glass package option within its PGT Custom Windows and Doors’ EnergyVue window product line, and the establishment of Triple Diamond GlassTM, a new state-of-the-art facility strategically located in Prince George, Virginia. 

TAKING IN THE MOMENT | Exclusive Interview with Hosana Fieber, CEO, TERVIS, January 2024. 

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