SARASOTA, Fla. (August 22, 2024) – The REALTOR® Association of Sarasota and Manatee (RASM) has released its monthly market report, highlighting real estate trends for July 2024. According to data compiled by Florida Realtors®, the real estate markets in Sarasota and Manatee counties have returned to conditions similar to those seen before the COVID-19 pandemic, reflecting a market correction that brings us back to pre-pandemic norms.
Key Trends in Sarasota/Manatee July 2024:
- Both counties experienced a cooling in market activity in July 2024 compared to the same period in 2023. This is evidenced due to the longer median time to contract and sale.
- Inventory levels have risen significantly in both counties, contributing to a more balanced market with an increase in the months’ supply of inventory year-over-year. This marks the highest inventory levels since 2019.
- The median sale price has shown a decrease year-over-year in July 2024, indicating some price corrections across both counties.
- The median percent of the original list price received by sellers has decreased in both counties, indicating that buyers now have more leverage to negotiate.
Single-Family Homes
In Sarasota County, closed sales for single-family homes remained relatively stable, with a slight year-over-year increase of 1.4 percent to 642 sales, with 37.1 percent of sales being cash transactions. The median sale price dropped by 12.1 percent to $470,000, while the average sale price decreased by 2.1 percent to $678,657. Sellers received a median of 93.1 percent of their original list price, a 3.3 percent decrease compared to July 2023.
Inventory levels saw a significant rise, with 3,068 active listings, a 59.5 percent increase, leading to a months’ supply of inventory at 4.8 months. The median time to contract extended to 52 days, up 108 percent, and the median time to sale increased by 28.8 percent to 94 days.
In Manatee County, the single-family home market saw a 9.9 percent increase in closed sales, with 686 transactions compared to 624 in July 2023, with 31.6 percent of sales being cash deals. The median sale price slightly decreased by 3.1 percent to $499,000, while the average sales price increased by 3 percent to $661,104, reflecting the strength of the luxury market in Manatee County. Sellers received a median of 95.8 percent of their original list price, a 1.3 percent decrease compared to July 2023.
Active listings in Manatee County rose by 55.2 percent to 2,488, resulting in a months’ supply of inventory of 3.9 months. The median time to contract grew by 79.3 percent to 52 days, and the median time to sale increased by 19 percent to 100 days compared to July 2023.
“The market is getting back to how it was before the pandemic, and while it might seem like things are cooling off, that’s actually a good thing,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “It means we’re in a more balanced market, which is great news for both buyers and sellers.”
Townhomes and Condos
The townhouse and condo market in Sarasota County closed July 2024 with 285 sales, a 7.1 percent increase year-over-year, with 60.7 percent of sales being cash transactions. The median sale price decreased by 6.3 percent to $365,000, while the average sales price increased by 2.7 percent to $537,872. Sellers received a median of 92 percent of their original list price, a 3.5 percent decrease compared to July 2023.
Inventory for townhomes and condos in Sarasota County increased by 72 percent to 1,777 active listings, resulting in a months’ supply of inventory of 5.7 months. The median time to contract increased by 86.1 percent to 67 days, and the median time to sale rose by 55.8 percent to 120 days.
In Manatee County, the townhouse and condo market experienced a 9.6 percent decline in closed sales year-over-year, resulting in 225 sales, with 50.2 percent of sales being cash transactions. The median sale price decreased by 6 percent to $329,000. Sellers received a median of 92 percent of their original list price, a 3.9 percent decrease compared to July 2023.
Inventory levels for townhomes and condos in Manatee County increased by 68.1 percent to 1,261 active listings, leading to a months’ supply of inventory of 5.6 months. The median time to contract rose by 63.8 percent to 77 days, and the median time to sale increased by 33 percent to 121 days.
Summary
In summary, both Sarasota and Manatee counties experienced a shift in the market in July 2024, with declining median prices, longer times to sell, and rising inventory. These trends suggest a shift towards a more balanced market, giving buyers more power and options while putting downward pressure on prices.
“The drop in median sales prices shows the market is adjusting, making it more affordable for buyers. It’s a sign that we’re moving toward a healthier, more balanced market overall,” added Barrett.
The REALTOR® Association of Sarasota and Manatee continues to monitor these changes closely, providing valuable insights for both buyers and sellers in the region.
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.