SARASOTA, Fla. (August 22, 2024) – The REALTOR® Association of Sarasota and Manatee (RASM) has published its July 2024 real estate market report, showing a return to pre-pandemic conditions in Sarasota and Manatee counties. Data from Florida Realtors® indicates that the market has undergone a correction, moving back toward the norms seen before the COVID-19 pandemic.

Key Trends for July 2024:

In both counties, market activity has cooled compared to July 2023, reflected in the longer median time to contract and sale. Inventory levels have significantly increased, leading to a more balanced market with the highest inventory since 2019. Median sale prices have decreased year-over-year, signaling price corrections across both counties. Additionally, the median percentage of the original list price received by sellers has dropped, giving buyers more negotiating power.

Single-Family Homes:

• Sarasota County: Closed sales for single-family homes remained steady with a slight 1.4 percent increase to 642 sales, with cash transactions accounting for 37.1 percent. The median sale price dropped by 12.1 percent to $470,000, while the average sale price saw a 2.1 percent decrease to $678,657. Sellers received a median of 93.1 percent of their original list price, down 3.3 percent from July 2023. Inventory rose sharply, with 3,068 active listings, marking a 59.5 percent increase and resulting in a 4.8-month supply. The median time to contract grew by 108 percent to 52 days, and the median time to sale increased by 28.8 percent to 94 days.
• Manatee County: The market saw a 9.9 percent increase in closed sales, with 686 transactions, 31.6 percent of which were cash deals. The median sale price slightly decreased by 3.1 percent to $499,000, while the average sale price rose by 3 percent to $661,104, reflecting a strong luxury market. Sellers received a median of 95.8 percent of their original list price, a 1.3 percent decrease from July 2023. Inventory levels increased by 55.2 percent to 2,488 active listings, leading to a 3.9-month supply. The median time to contract extended by 79.3 percent to 52 days, and the median time to sale grew by 19 percent to 100 days.

“The market is returning to its pre-pandemic state, and while this might seem like a slowdown, it’s actually positive,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “We’re now in a more balanced market, which benefits both buyers and sellers.”

Townhomes and Condos:

• Sarasota County: The townhouse and condo market saw a 7.1 percent increase in closed sales, totaling 285 transactions, with 60.7 percent being cash sales. 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 decline from July 2023. Inventory rose by 72 percent to 1,777 active listings, resulting in a 5.7-month supply. The median time to contract lengthened by 86.1 percent to 67 days, and the median time to sale increased by 55.8 percent to 120 days.
• Manatee County: The townhouse and condo market experienced a 9.6 percent decline in closed sales, totaling 225 transactions, with 50.2 percent being cash deals. 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 drop from July 2023. Inventory increased by 68.1 percent to 1,261 active listings, leading to a 5.6-month supply. The median time to contract grew by 63.8 percent to 77 days, and the median time to sale increased by 33 percent to 121 days.

Summary:

Sarasota and Manatee counties are seeing a shift toward a more balanced market in July 2024, characterized by declining median prices, extended selling times, and rising inventory levels. These trends indicate increased options and leverage for buyers, while putting downward pressure on prices.

“The decrease in median sales prices indicates a market adjustment, making it more affordable for buyers and leading us toward a healthier, more balanced market,” Barrett added.

The REALTOR® Association of Sarasota and Manatee will continue monitoring these market changes to provide valuable insights to buyers and sellers in the region. Monthly reports are provided by Florida Realtors® with data from Stellar MLS. For detailed statistics dating back to 2015, visit www.MyRASM.com/statistics.