News Summary

The real estate markets in Sarasota and Manatee counties have undergone significant changes, with median sale prices decreasing and signs of a slowdown in buyer activity. Sarasota County saw an 8.1% drop in single-family home prices, while Manatee County reported a 15.2% decline. The overall market trends indicate a shift towards a more buyer-friendly environment, with increased inventory levels contributing to longer sales cycles. As buyers and sellers adjust to these new dynamics, stabilization in the market may be on the horizon.

Sarasota-Manatee Real Estate Market Faces Decline in June 2024 Amid Growth in Buyer Favorability

The real estate markets in Sarasota and Manatee counties experienced a slowdown during June 2024, reflecting shifting conditions that are increasingly advantageous for buyers. According to recent reports from the Realtor Association of Sarasota and Manatee, median sale prices across all property types declined year-over-year in both counties, signaling a cooling of the previously robust market.

Declining Median Prices and Sales Trends

In Sarasota County, the median sale price for single-family homes dropped by 8.1%, from $495,000 in June 2023 to $455,000 in June 2024. Similarly, in Manatee County, this figure decreased by 15.2%, from $518,950 to $440,000. The decline was also evident in the median prices for townhomes and condominiums—which fell by 3.2% in Sarasota County (from $384,000 to $371,020) and by 9.2% in Manatee County (from $344,495 to $312,900).

Despite price declines, sales data show mixed results. Sarasota County experienced a slight increase of 1% in single-family home sales compared to June 2023, whereas Manatee County saw a decrease of 3.2%. For townhomes and condos, Sarasota County sales increased by 2.5%, while Manatee County recorded a decline of 5.3% in this category.

Market Inventory and Supply Levels

The level of available homes remains important to understanding current market dynamics. The inventory measure suggests potential stabilization, as listings are beginning to level out. The supply of homes—measured in months—has increased in both counties, indicating a shift toward a buyer’s market.

In Sarasota County, the supply of single-family homes reached 6.3 months, a 26% increase from the previous year, while condos and townhomes have a supply of 8.3 months, up 31.7%. Manatee County reports a 5.2-month supply for single-family homes (a 30% increase) and a 7.4-month supply for condos and townhomes (a 27.6% increase). A longer supply means buyers have more options and less urgency to purchase quickly.

Time to Contract and Sale Duration

Indications of changing market speed are evident in the median times to contract and sale. In Sarasota County, the median time to contract for single-family homes rose by 20% to 60 days, and the time to sale increased by 6.5% to 99 days. Conversely, in Manatee County, the median time to contract decreased slightly by 1.8% to 56 days, with the median time to sale dropping by 5.2% to 109 days.

For townhomes and condos, Sarasota County saw the median time to contract increase by 22% to 72 days, while the time to sale grew by 6.5% to 114 days. Manatee County experienced a decrease in contract time by 6.8% to 68 days and a reduction in sale time by 3.5%, reaching 111 days.

National Trends and Local Market Comparison

On the national level, the housing market continues to see modest growth, with home prices increasing by 1% year-over-year and sales rising by 3.8%. The supply of homes nationwide remains tight at three months, supporting a continued seller’s market. In contrast, local data highlights a cooling trend, with prices falling and longer times to close, creating a more balanced environment.

Market Outlook and Buyer Advantages

The current data suggest that the market is shifting to favor buyers, with increasing inventories and slower sales cycles. Realtors are noting that sellers are likely to need adjustments in pricing and marketing strategies to stay competitive as the market continues to stabilize.

According to industry observations, condo and townhome markets are showing more resilience in pricing than single-family homes, although sales cycles are extending across the board. This divergence indicates a nuanced transition in local housing dynamics, emphasizing a gradual move toward a more balanced market.

Overall, Sarasota and Manatee counties are experiencing a notable slowdown in certain aspects of their real estate markets, marking a significant shift from the fast-paced conditions observed in recent years. Buyers now have more options and less pressure to act quickly, while sellers may need to adjust expectations in response to evolving market conditions.

Deeper Dive: News & Info About This Topic

HERE Resources

Sarasota and Manatee County Lawyers Achieve Statewide Recognition

Additional Resources

Author: STAFF HERE BALTIMORE WRITER

BALTIMORE STAFF WRITER The BALTIMORE STAFF WRITER represents the experienced team at HEREBaltimore.com, your go-to source for actionable local news and information in Baltimore, Baltimore County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Baltimore Book Festival, Preakness Stakes, and Artscape. Our coverage extends to key organizations like the Baltimore Chamber of Commerce and Visit Baltimore, plus leading businesses in shipping and healthcare that power the local economy such as the Port of Baltimore and Johns Hopkins Medicine. As part of the broader HERE network, we provide comprehensive, credible insights into Maryland's dynamic landscape.

Tagged Baltimore breaking news, Baltimore business, Baltimore news

Sarasota-Manatee Real Estate Market Experiences Slowdown