Aerial view illustrating the changing dynamics of the Sarasota-Manatee real estate market.
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.
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.
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.
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.
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.
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.
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.
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