The REALTOR® Association of Sarasota and Manatee (RASM) has released its monthly market report, detailing real estate trends for June 2024. According to data compiled by Florida Realtors®, there is a notable trend towards a more balanced market across both counties, characterized by increasing inventory levels and more moderate price changes. This shift suggests that buyers may find more opportunities, while sellers may need to adjust their expectations in light of growing competition.

Key Trends in June 2024

Sarasota County:
The Sarasota County real estate market in June 2024 showed signs of moving towards a more balanced state. Inventory levels saw significant increases for both single-family homes and townhouses/condos. There was a noticeable decline in closed sales and median sale prices in both segments, indicating a cooling off from previously high demand. The rise in active listings offers more opportunities for buyers, while sellers may need to adapt their strategies due to increasing competition and changing market conditions.

Manatee County:
The Manatee County real estate market in June 2024 reflected trends of rising inventory levels and moderating price changes. For single-family homes, the market is balancing, with a slight decrease in closed sales and median sale prices, along with a significant increase in active and new listings. In the townhouses and condos segment, there is a more pronounced shift towards a buyer’s market, with substantial inventory increases and notable declines in closed sales and median sale prices. Sellers appear more cautious in listing new properties, adapting to the evolving market dynamics.

Single-Family Homes

In Sarasota County, the market for single-family homes showed a decrease in demand, with 692 closed sales, a 10 percent drop compared to June 2023. The median sale price decreased by 5.3 percent to $495,000, and the total dollar volume fell to $477 million, a 16 percent year-over-year decline. Inventory levels rose significantly, with 3,211 active listings, a 65.3 percent increase, leading to a 5.0-month supply of inventory. The median time to contract extended to 50 days, up 117.4 percent, and the median time to sale increased by 32.9 percent to 93 days.

In Manatee County, single-family homes also saw a decrease in demand, with 728 closed sales, down 4.1 percent compared to June 2023. The median sale price slightly decreased by 1.2 percent to $518,950, with the dollar volume reaching $536 million, reflecting a 4 percent increase. Active listings rose by 56.6 percent to 2,508, resulting in a 4.0-month supply of inventory. The median time to contract grew by 54.1 percent to 57 days, and the median time to sale increased by 32.2 percent to 115 days.

“We’re seeing a decline in closed sales for single-family homes in Sarasota and Manatee counties. This could be due to a combination of higher interest rates, which make borrowing more expensive, and economic uncertainty, which makes people hesitant to commit to large purchases like homes,” said 2024 RASM President Tony Barrett, Broker/Owner of Barrett Realty.

Townhomes and Condos

In Sarasota County, the townhouse and condo market experienced a decline in demand, with closed sales dropping by 25.7 percent to 283. The median sale price slightly decreased by 1.5 percent to $384,060, and the dollar volume fell by 21.8 percent to $164.5 million. Inventory for townhouses and condos increased by 81.6 percent to 1,941 active listings, resulting in a 6.3-month supply of inventory. The median time to contract increased by 68.6 percent to 59 days, and the median time to sale rose by 32.1 percent to 107 days.

In Manatee County, the townhouses and condos market also saw a decline in demand, with closed sales dropping by 17.2 percent to 246. The median sale price decreased by 6.9 percent to $344,495, and the dollar volume fell by 26.8 percent to $102.4 million. Inventory levels increased by 72.3 percent to 1,330 active listings, leading to a 5.8-month supply of inventory. The median time to contract rose by 114.7 percent to 73 days, and the median time to sale increased by 45.6 percent to 115 days.

Summary

The slowdown in the Sarasota and Manatee housing markets is influenced by rising interest rates, economic uncertainty, seasonal factors, market saturation, and changing buyer preferences. While this cooling off can lead to more balanced market conditions and opportunities for buyers, it also requires sellers to adapt their strategies effectively. Monitoring these trends and adapting to the economic environment will be crucial for stakeholders in the real estate market.

“The single-family home market is shifting in Sarasota and Manatee counties. This cooling trend highlights the importance of staying adaptable. Even so, the market remains vibrant, with plenty of opportunities for those looking to buy or sell,” 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.