Entering the housing market in areas like North Port can be daunting for buyers and sellers, especially given the fluctuating conditions in the past year. However, prices in the area are projected to continue increasing into 2023, even as the sellers’ market cools off. Although inventory will rise with new construction, buyers may find it challenging to conduct a home search with increasing mortgage rates. To contextualize the predictions for next year, here’s what you need to know about current market conditions.
North Port in numbers
- Homes for sale in Sarasota County averaged about $711,000 in October 2022
- Homes in the area average 77 days to sale
- Median time to sale has increased by 67%
- Closed sales in Sarasota County have decreased by 34%
- There are 2.8 months of supply, a 250% increase compared to last year
North Port housing market
Sellers in North Port also benefit from many factors. With median sales prices currently on the rise, they can expect reasonable offers on their homes. Low supply tends to raise prices, creating more buyer competition that sellers can take advantage of. However, sellers today likely feel the impact of fewer closed sales and increasing median time to sell in the listing process. The key to a successful sale is patience and guidance with local experts like We Build Realty agents.
North Port predictions for 2023
Additionally, increasing inventory will impact the housing market in 2023. Areas like Sarasota County have seen some of the most home construction compared to other regions across the country. Unlike other cities struggling with new construction delays or serious deficiencies, Southwestern Florida cities remained popular destinations throughout the past years, creating a surge in home construction and prices.
The housing surge also makes North Port more susceptible to quicker cooling; however, buyers across Sarasota County will remain interested in new construction of North Port, FL real estate. Look for opportunities in master-planned communities featuring amenities and many different property types and styles. A cooling market is reflected in longer listing times, which will continue going into 2023; these trends will create more balanced market conditions for North Port.
2023 for buyers
There are a few things to keep in mind when entering the market. Competition in areas like North Port will continue to be high because of its desirable location next to beaches, parks, and ecotourism opportunities. As inventory today is still relatively low, it may still be difficult finding a property. Buyers who plan on financing with a mortgage should be mindful of average Florida rates.
2023 for sellers
However, new construction projects will create competition between sellers entering the new year. The impact of mortgage rates will continue slowing home sales and prices, which sellers will feel throughout 2023. Prepare for longer listing times and more negotiations with buyers. Although the area will likely remain skewed in sellers’ favor, sellers should avoid overpricing their properties to prevent a lingering listing.
Ready to buy or sell next year?
*Header photo courtesy of Shutterstock