The condo market is experiencing a significant increase in the time it takes to secure contracts, with Sarasota County seeing a 183.3% rise to 51 days and Manatee County experiencing a 134.8% increase to 54 days. Buyers now demand more credits and negotiation, highlighting the importance of pre-listing inspections to avoid delays in the closing process.

This trend isn’t unique to our region. Redfin reports a statewide shift in the condo market, with prices beginning to decline as more sellers enter the market. Factors such as natural disasters, rising home insurance costs, and HOA fees contribute to this shift. Condo associations are increasing assessments to fund reserves and comply with new legislation following the Surfside collapse.

Securing a condo mortgage is becoming more challenging due to lenders requiring borrowers to cover growing HOA dues and assess the financial health of condo buildings. Despite these challenges, demand for well-located, new condos remains high.

Condo prices in Sarasota County dropped nearly 9% to $385,775, and in Manatee County, they decreased by almost 3% to $342,988. Inventory is rising, giving buyers more options. The month’s supply of inventory (MSI) in Sarasota County is now at 5.3 months, a 71% increase from last March.

While sales have dipped slightly from last year, there were still 1,453 closed sales for single-family homes and 686 for condos in March.