Real estate is still moving, but a little slower

VENICE — Area Realtors are still selling homes by the hundreds, but statistics shared by the Venice Area Board of Realtors suggest the market has cooled a bit.

According to the National Association of Realtors, VABR members sold 261 units — single-family homes and condos and co-ops — in March.

Englewood Area Board of Realtors members tallied 131 sales; Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto moved 536 units; and Realtor Association of Sarasota and Manatee members had 1,379 sales.

But most of VABR’s numbers were somewhat better a year ago, data from the Florida Association of Realtors show.

Members sold 218 single-family homes in March 2023 compared to 179 this year, the FAR report shows. They sold for an average price of $587,043 this year and $590,786 last year, and a median price of $520,500 a year ago and $490,000 last month.

The median is the midpoint in a range of numbers.

Fewer sales and a lower average price resulted in a sales volume of $105.1 million for March 2024, compared to $128.8 million in 2023.

Properties sold for a median of 95.5% of their listing price last March, 94.9% last month.

The median time for a listing to go to contract doubled over a year, from 23 days last year to 46 days this year, the data show.

Active listings are up from 567 in 2023 to 850 last month, representing 5.1 months of inventory.

Stellar MLS compiles data on a county basis. It shows 1,124 properties sold in March in Sarasota County, and 565 in Charlotte County, with an average number of days on the market of 62 in Sarasota County and 79 in Charlotte County.

Affordability

The contrast between the low and high ends of the price scale illustrate the affordable housing issue in the region.

Out of the more than 2,300 single-family units sold by members of the four Realtor boards in March, 199 went for less than $200,000 — 41 houses and 78 condos and co-ops, according to the NAR.

There were 254 sales for more than $1 million, the data show — 181 houses and 73 condos and co-ops.

The Sarasota Manatee board alone had 211 million-dollar sales, NAR data show, and the bulk of the under-$200,000 sales — 80.

VABR members had 16 million-dollar sales, while only three units moved for less than $200,000.