As the summer heat intensified in Sarasota and Manatee counties, the real estate market in July 2024 reflected a significant shift, bringing the region back to pre-pandemic norms. According to the latest market report from the REALTOR® Association of Sarasota and Manatee (RASM), this recalibration marks a critical phase for both buyers and sellers as the market moves toward a more balanced state.
Cooling Market Activity and Increased Inventory
In July 2024, both Sarasota and Manatee counties saw a noticeable cooling in market activity compared to the same period in 2023. This shift is underscored by an increase in the median time to contract and sale, indicating that properties are staying on the market longer. As a result, inventory levels have risen sharply, reaching the highest point since 2019.
For both single-family homes and townhouses/condos, the supply of active listings has surged, leading to a more balanced market. Sarasota County saw a 59.5% increase in single-family home listings, while Manatee County experienced a 55.2% rise. This increase in inventory provides buyers with more options and negotiating power, a stark contrast to the seller's market dominance seen in the recent past.
Price Adjustments: A Sign of Market Correction
A key indicator of the market shift is the decrease in median sale prices across both counties. In Sarasota County, the median sale price for single-family homes dropped by 12.1% to $470,000, while in Manatee County, it saw a more modest decline of 3.1%, settling at $499,000. These price adjustments are a clear sign of the market correcting itself after the extraordinary price surges experienced during the pandemic.
The townhouse and condo markets also reflect this trend. Sarasota County's median sale price for townhouses and condos fell by 6.3% to $365,000, while in Manatee County, it decreased by 6% to $329,000. These declines indicate that both counties are experiencing a recalibration that is bringing prices back to more sustainable levels.
Extended Time to Sale: A Buyer’s Advantage
The median time to contract and sale has increased significantly, reflecting the cooling market conditions. In Sarasota County, the median time to contract for single-family homes jumped by 108% to 52 days, while in Manatee County, it rose by 79.3% to the same duration. For townhouses and condos, the time to contract extended even further, with Sarasota County seeing an 86.1% increase to 67 days and Manatee County experiencing a 63.8% rise to 77 days.
This extended time on the market is giving buyers more leverage and opportunities to negotiate better deals, particularly as sellers receive a lower median percent of their original list price. In Sarasota County, single-family home sellers received 93.1% of their list price, down by 3.3% from last year, while in Manatee County, sellers received 95.8%, a decrease of 1.3%.
A Balanced Market: What It Means for Buyers and Sellers
The current trends suggest that the real estate market in Sarasota and Manatee counties is transitioning toward a more balanced state. For sellers, this means setting realistic expectations and being prepared for longer listing periods. However, the market is still favorable for those selling luxury properties, particularly in Manatee County, where the average sales price for single-family homes increased by 3% to $661,104, driven by robust demand in the high-end segment.
For buyers, the rising inventory and extended time to sale present a unique opportunity to explore a wider range of properties and negotiate better terms. The price corrections further enhance affordability, making it an ideal time for those looking to invest in the region's real estate.
Looking Ahead
The shift towards a more balanced market is a positive development for the long-term health of the region's real estate landscape. Buyers and sellers alike should stay informed and work closely with their real estate professionals to navigate this evolving market.
This blog is designed to provide insights into the current real estate trends in Sarasota and Manatee counties, helping you make informed decisions whether you’re buying, selling, or investing. For more personalized advice or to explore the best waterfront properties, visit contace me at https://yachtingrealestate.com/about
