My overall read of the state of the Nokomis and North Venice real estate market for April 2024 is that it's flat, compared to April 2023.
Days on market doubled, while the sold price per square feet dropped slightly. The increase in DOM partly reflects a short term increase in new home communities in the area, such as Magnolia Bay and Vistera. Neighborhoods such as Toscana Isles and Vicenza are nearing closeout, and those less desirable home sites usually left over as a result, can have an effect on DOM.
In my opinion, buyers are upset at housing prices, and more of them are sitting on the sidelines. If you are thinking about selling your home in Nokomis or North Venice, at a price that's near double what it last sold for, you're looking at a longer time on the market and most likely, some list price decreases, not to mention concessions to the buyer.
The same goes for new construction homes. The builders are again offering buyer incentives such as closing costs and mortgage rates, if you finance with their in-house lender and close with their title company.
Buying and selling real estate isn't getting any easier. Contact me for listing agent or buyer's agent services.