The Sarasota real estate market is adjusting as 2024 ends, with slower sales, falling prices, and rising inventory marking a shift from the pandemic-driven frenzy.

In November, single-family home sales in Sarasota County dropped nearly 19% year-over-year to 439. The median time to contract nearly doubled to 53 days compared to the previous year, reflecting a growing inventory and more time on the market.

Home prices remained steady, with the median price for single-family homes at $490,000, unchanged from October. Recent hurricanes and rising insurance costs are shaping buyer preferences, with increased interest in inland properties and newer construction.

The condo and townhome market saw dramatic changes. Sarasota County’s median condo price dropped 31.8% year-over-year to $373,700. Inventory surged, extending the median time to contract to 65 days, a significant jump from 21 days the previous year.Stricter requirements following the Surfside condo collapse, such as Structural Integrity Reserve Studies, are also influencing buyers, as rising fees and premiums deter some while pushing others to sell.

Overall, the market is becoming more balanced, offering buyers less competition and room to negotiate. For some, this shift could be the perfect time to make a move.