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 Sees Decline in June 2024, Indicates Growing Favorability for Buyers
The real estate markets in Sarasota and Manatee counties experienced a slowdown in June 2024, signaling a shift toward a more buyer-friendly environment. Data from the Realtor Association of Sarasota and Manatee show notable declines in median sale prices across all property types, even as some sales activity remains stable or shows minor increases.
Key Trends in Property Prices and Sales
In June 2024, median sale prices for single-family homes declined substantially in both counties. Sarasota County saw an 8.1% decrease from $495,000 in June 2023 to $455,000 this year. Manatee County experienced an even sharper decline of 15.2%, from $518,950 to $440,000. Meanwhile, median prices for townhomes and condos also fell, with Sarasota County seeing a 3.2% drop (from $384,000 to $371,020) and Manatee County experiencing a 9.2% decrease (from $344,495 to $312,900).
Despite the price reductions, property sales activity shows mixed results. Single-family home sales increased slightly in Sarasota County by 1% compared to June 2023, while Manatee County experienced a decline of 3.2%. For townhomes and condos, Jackson County’s closed sales grew by 2.5% in Sarasota, but declined by 5.3% in Manatee County.
Market Inventory and Supply Dynamics
The supply of homes, a key indicator of market health, is showing signs of stabilization, potentially signaling a balanced market. The inventory levels for single-family homes in Sarasota County reached 6.3 months, representing a 26% increase from the previous year. Condos and townhomes inventory in the same county stood at 8.3 months, up by 31.7%.
Manatee County’s inventory has also increased, with single-family homes at 5.2 months, a 30% rise. Condos and townhomes are at 7.4 months, which is a 27.6% increase. These figures indicate a growing supply that favors buyers, as more homes become available relative to demand.
Time on Market and Contract Trends
Time to contract and sale durations are gradually lengthening, reflecting the market shift. In Sarasota County, the median time to contract for single-family homes increased by 20% to 60 days, while median time to sale rose by 6.5% to 99 days. Conversely, in Manatee County, the median time to contract decreased slightly by 1.8% to 56 days, and the median time to sale fell by 5.2% to 109 days.
For townhomes and condos, Sarasota County saw a 22% increase in median time to contract, reaching 72 days, and a 6.5% rise in time to sale at 114 days. Manatee County reported a decrease of 6.8% in median time to contract (to 68 days) and a 3.5% reduction in median time to sale (to 111 days).
Broader Market Context and Future Outlook
The overall national housing market remains resilient, with home prices increasing by 1% year-over-year and total homes sold rising by 3.8%. The national supply of homes stands at three months, indicating a balanced or slightly seller-favored market at the national level.
Locally, the supply of single-family homes in Sarasota County is at 6.3 months, a 26% increase from last year. Condos and townhomes in Sarasota show a supply of 8.3 months, up by 31.7%. Similarly, Manatee County’s supply has grown for single-family homes to 5.2 months and condos/townhomes to 7.4 months.
The increases in available inventory and longer times to contract suggest sellers will need to adjust their expectations and pricing strategies. The changes indicate a market transitioning toward equilibrium, favoring buyers who now have more options and longer timelines to make decisions.
Market Response and Industry Observations
Real estate professionals note that while the pricing resilience of condos and townhomes remains higher than that of single-family homes, sales cycles are extending across all property types. This ongoing shift emphasizes the importance for sellers to consider competitive pricing and patience as the market evolves.
Overall, the Sarasota-Manatee real estate market is undergoing a notable correction in pricing and sales velocity. The emerging data implies a balanced and more sustainable environment, with increasing buyer advantage. Property owners and investors should monitor these trends closely as they adapt to the changing market conditions.
Deeper Dive: News & Info About This Topic
HERE Resources
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Additional Resources
- Herald Tribune: Sarasota-Manatee Real Estate Prices Decline
- Realtor.com: Florida Homes Record Breaking Trends
- Bradenton Herald: Local Real Estate News
- US News: Sarasota Housing Market Forecast
- Sarasota Magazine: Sarasota Real Estate Update
- Wikipedia: Real Estate
- Google Search: Sarasota Real Estate News
- Google Scholar: Sarasota Real Estate Market
- Encyclopedia Britannica: Real Estate
- Google News: Sarasota Real Estate
Author: STAFF HERE INDIANAPOLIS WRITER
INDIANAPOLIS STAFF WRITER The INDIANAPOLIS STAFF WRITER represents the experienced team at HEREIndianapolis.com, your go-to source for actionable local news and information in Indianapolis, Marion 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 Indianapolis 500, Indy Jazz Fest, and the Indiana State Fair. Our coverage extends to key organizations like the Indy Chamber and Visit Indy, plus leading businesses in motorsports and healthcare that power the local economy such as Indianapolis Motor Speedway and IU Health. As part of the broader HERE network, we provide comprehensive, credible insights into Indiana's dynamic landscape.
