Recent data indicates Sarasota and Manatee counties might be moving toward a more balanced real estate market. Inventory and prices for single-family homes are rising, with Sarasota’s housing inventory at its highest since early 2019. In May, the median sales prices were $525,000 in Manatee and $530,000 in Sarasota. The median time to contract increased to 44 days, up from 28 days in May 2023.

Currently, both counties remain in a seller’s market, with a 5-month supply in Sarasota and 4.1 months in Manatee. A balanced market typically has a 6-month supply. Homes are selling for about 95% of the original listing price, down nearly a percentage point from last year, although the average home price is still 5% higher, driven by a strong luxury market.

The townhouse and condo market is seeing significant declines, with 687 closed sales in May, down from 797 last year. Manatee County saw nearly a 26% drop in sales, while Sarasota’s decline was more modest. Average sales prices fell over 6% in Sarasota to $546,000, and over 32% in Manatee to just above $412,000.

Inventories for condos and townhomes have surged, with Manatee’s inventory up by more than 88%, reaching a 6.3-month supply, the same as Sarasota’s. Overall, active listings in the two-county area have increased by nearly 88% compared to May last year.

These trends suggest a possible shift towards a buyer’s market, though the full impact will become clearer in the coming months.