In February 2024, the housing market in Sarasota and Manatee Counties showed some notable changes, affecting both those looking to buy and sell homes in Southwest Florida.
Here are the main points:
- More Homes Available: There was a significant increase in the number of homes available for sale compared to the previous year. In Manatee County, the number of single-family homes listed went up by 52.5%, while for townhouses and condos, it rose by 86.9%. In Sarasota County, there was an even bigger increase, with single-family home listings up by 86.1% and townhouses/condos up by 128.1%.
- Prices and Inventory: Median prices for single-family homes went up slightly in both counties. In Sarasota County, the median price increased by 2.5% to $507,500, and in Manatee County, it increased by 2% to $499,990. However, the supply of available homes also increased, suggesting a more balanced market for both buyers and sellers.
- More Options for Buyers: With more homes on the market, buyers have a better chance of finding properties that suit their needs and budget. This increase in inventory also means that buyers might have more power to negotiate favorable terms.
- Condo Market: The condo market saw similar trends, with increased inventory and slightly different median prices compared to the previous year. Both counties now have a 6-month supply of condos, providing more choices for condo buyers.
- Closed Sales: Despite the increase in available homes, demand remains strong. Closed sales went up for single-family homes in both counties, indicating continued interest in the region’s properties.
- Time to Contract: The time it takes to secure a contract has increased, with Sarasota County seeing a larger jump compared to Manatee County. This suggests that buyers may be taking more time to make decisions.
Overall, while the market is shifting slightly towards favoring buyers, demand remains high, emphasizing the importance of working with experienced real estate professionals to navigate these changes successfully. Monthly reports are available for more detailed insights into the market trends.
For further statistics dating back to 2015, you can visit www.MyRASM.com/statistics, where comprehensive data is provided by Florida Realtors® using information from Stellar MLS.