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 and Manatee County Real Estate Market Shows Signs of Cooling in June 2024

The real estate markets in Sarasota and Manatee counties experienced notable shifts in June 2024, reflecting a slowdown in sales activity and a transition toward a buyer-favorable environment. The Realtor Association of Sarasota and Manatee reported a series of changes across multiple property types, including declines in median sale prices and increases in inventory, indicating a potential market stabilization.

Declines in Median Sale Prices Across Property Types

In June 2024, median sale prices for single-family homes decreased significantly in both counties. Sarasota County saw an 8.1% decline, with the median price dropping from $495,000 to $455,000. Similarly, Manatee County experienced a 15.2% decrease, with the median falling from $518,950 to $440,000. The trend extended to townhomes and condos, with Sarasota County experiencing a 3.2% decrease (from $384,000 to $371,020) and Manatee County witnessing a 9.2% decline (from $344,495 to $312,900).

Sales Activity and Market Dynamics

While the number of real estate transactions in Sarasota County remained steady compared to the previous year, Manatee County experienced a decline in total sales. Specifically, Sarasota County saw a 1% increase in single-family home sales compared to June 2023, whereas Manatee County recorded a 3.2% drop. For townhomes and condos, sales increased by 2.5% in Sarasota but decreased by 5.3% in Manatee County.

Inventory Levels and Market Stabilization Indicators

Inventory measures, which help gauge how many homes are available for sale, show signs of leveling out. Sarasota County’s supply of single-family homes stands at 6.3 months, representing a 26% increase from the previous year. The inventory for condos and townhomes in Sarasota is at 8.3 months, a 31.7% rise. In Manatee County, the supply of single-family homes is at 5.2 months (a 30% increase), and for condos/townhomes, it is 7.4 months (a 27.6% increase). These rising inventory levels suggest a shift toward a buyer’s market.

Market Timeframes and Buyer Favorability

The time taken to reach a sale, known as the median days to contract and sale, shifted notably between the counties. Sarasota County saw a 20% increase in median days to contract (reaching 60 days), and a 6.5% rise in days to sale (to 99 days). Conversely, Manatee County experienced a slight decrease, with median days to contract falling by 1.8% to 56 days and days to sale decreasing by 5.2% to 109 days. The median days to contract for townhomes and condos increased in Sarasota but decreased in Manatee County, indicating differing market dynamics within property types.

National vs. Local Trends

On the national scale, home prices increased by 1% year-over-year, contrasting with the local downward trend. The national market also experienced a 3.8% rise in home sales and maintains an approximate three-month supply of homes for sale. Local data shows that Sarasota County’s supply of single-family homes is at 6.3 months, with condos and townhomes at 8.3 months. Manatee County’s figures are similar, with supply times at 5.2 months for single-family homes and 7.4 months for condos and townhomes.

Implications for Buyers and Sellers

The evolving market conditions suggest that buyers now face more favorable conditions due to increased inventory and longer selling timelines. Sellers are likely to need to adjust pricing strategies as home prices trend downward and sales cycles lengthen. The median time to contract and sale is shifting, indicating that homes may stay on the market longer before closing.

Expert Insights

Recent observations from industry experts highlight that pricing resilience varies across different property types. Condominiums and townhomes are demonstrating more stability in pricing than single-family homes. However, sales cycles are extending across the board, emphasizing the importance for sellers to be patient and adaptable in this new market environment.

Overall, the Sarasota and Manatee counties’ real estate markets are transitioning toward a more balanced state, with increased inventory and longer timelines favoring prospective buyers. As these trends continue, both buyers and sellers will need to navigate the shifting landscape carefully to achieve their goals.

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