SaundersREPORT Q4 | 2024 MARKET REPORT | EXECUTIVE SUMMARY
by Chip Murphy, Vice President of Business Development
SINGLE-FAMILY HOME & CONDOMINUM OVERVIEW SARASOTA COUNTY MANATEE COUNTY CHARLOTTE COUNTY TRI-COUNTY
The fourth quarter often marks a period of transition, highlighting both conclusions and fresh beginnings. In 2024, the market faced ongoing challenges ranging from rising interest rates and insurance costs, loss from back-to-back hurricanes, and a steady increase in inventory. Q4 set the stage for what we will likely see in 2025 – a year of challenges that accompany opportunities. As we enter 2025 with interest rates that are mainly unchanged from the fourth quarter, the consumer is now more accepting of these rates that had historically kept buyers waiting on the sidelines. With that, you will be reading more about inventory than you will about interest rates. The data shows a continuation of the increase in inventory that we saw throughout 2024, with a 28% increase in the number of properties for sale as compared to this time last year. Where challenges exist, opportunities present themselves. Sellers had the greater challenge of 2024, as presentation and strategic pricing were imperative to securing a successful sale. Although you may still hear the occasional story of multiple offers, that trend is primarily in the rearview mirror. Importantly, demand has remained strong, which has kept prices stable with a slight rate of appreciation. The seller challenge presented buyers with something that had been longing for – choice! While buyers may now experience stress from rate pressure, gone are the days where buyers were forced to act with haste. As we look into the preliminary 2025 data, we continue to see inventory building. This is a common trend during this time as the first half of the year is typically our peak buying season. Given our prevailing market dynamics, this may very well be the opportune time for discerning buyers to explore the market for the right property.