News Summary
The real estate markets in Sarasota and Manatee counties have undergone significant changes, with median sale prices decreasing and signs of a slowdown in buyer activity. Sarasota County saw an 8.1% drop in single-family home prices, while Manatee County reported a 15.2% decline. The overall market trends indicate a shift towards a more buyer-friendly environment, with increased inventory levels contributing to longer sales cycles. As buyers and sellers adjust to these new dynamics, stabilization in the market may be on the horizon.
Sarasota and Manatee County Real Estate Market Experiences Decline in June 2024
Sarasota and Manatee counties see slowdown with increased buyer favorability
The real estate markets in Sarasota and Manatee counties have entered a period of slowdown in June 2024, according to recent reports. The market conditions indicate a shift towards favorability for buyers, with several key indicators pointing to a cooling trend across various property types.
Price declines across property types
Median sale prices in both counties have decreased significantly compared to the same period last year. For single-family homes, the median sale price dropped by 8.1% in Sarasota County, from $495,000 to $455,000. In Manatee County, the decline was even steeper at 15.2%, with prices falling from $518,950 to $440,000.
Townhomes and condominiums also experienced price reductions. Sarasota County saw a 3.2% decrease from $384,000 to $371,020. Manatee County’s median price for these properties fell by 9.2%, from $344,495 to $312,900.
Sales activity and inventory trends
While Sarasota County maintained a steady number of real estate sales in June 2024, Manatee County experienced a decline, with sales decreasing by 3.2% compared to June 2023. Inventory levels, a critical measure for market stability, are beginning to level out, suggesting a potential stabilization in the near future.
The supply of homes, measured in months, has increased. Sarasota County’s supply of single-family homes now stands at 6.3 months, reflecting a 26% increase year-over-year. Condos and townhomes have a supply of 8.3 months, up 31.7%. Similarly, Manatee County reports 5.2 months for single-family homes, a 30% rise, and 7.4 months for condos and townhomes, a 27.6% increase.
Pricing and sale cycle shifts
Nationally, home prices have increased by 1% year-over-year, contrasting sharply with local declines. The number of homes sold across the country increased by 3.8%, with active listing inventories remaining low at around three months.
Locally, in Sarasota County, the median time to contract for single-family homes rose by 20% to 60 days, while the median time to sale increased by 6.5% to 99 days. Conversely, Manatee County saw a slight improvement with median times to contract and sale decreasing by 1.8% and 5.2% respectively, reaching 56 days and 109 days.
Townhomes and condos in Sarasota County experienced a 22% increase in median time to contract, reaching 72 days, and a 6.5% rise in median time to sale, now at 114 days. In Manatee County, these times decreased: median time to contract fell by 6.8% to 68 days, and median time to sale decreased by 3.5% to 111 days.
Market outlook and seller considerations
The overall trend suggests the market is shifting toward favoring buyers, with increasing inventory and longer sale cycles. Sellers are expected to need adjustments in pricing and expectations as the landscape evolves.
The local real estate market’s resilience varies by property type. The condo and townhome sector shows signs of steadiness in pricing, though sales cycles are extending. This resilience may influence future market strategies for sellers and developers.
Summary
In summary, June 2024 marked a period of moderation in the Sarasota-Manatee area’s real estate market. Price declines across property types, rising inventory levels, and longer times to contract and sale underline a market transition toward buyer advantage. While national trends show slight growth, local declines highlight regional dynamics that may influence market activity moving forward.
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HERE Resources
Legal Achievements and Community Initiatives in Sarasota
Additional Resources
- Herald Tribune: Sarasota-Manatee Real Estate Prices Decline
- Realtor.com: Florida Homes Record Breaking Trends
- Bradenton Herald: Local Real Estate News
- US News: Sarasota Housing Market Forecast
- Sarasota Magazine: Sarasota Real Estate Update
- Wikipedia: Real Estate
- Google Search: Sarasota Real Estate News
- Google Scholar: Sarasota Real Estate Market
- Encyclopedia Britannica: Real Estate
- Google News: Sarasota Real Estate
Author: STAFF HERE CLEVELAND WRITER
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