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-Manatee Real Estate Market Sees Decline in June 2024 as Buyer Favorability Grows
The real estate market in Sarasota and Manatee counties experienced a notable slowdown in June 2024, indicating a shift toward a more balanced environment favoring buyers. The Realtor Association of Sarasota and Manatee reported that median sale prices across all property types declined compared to the same period last year, signaling changing market conditions and increased housing inventory.
Declining Median Sale Prices
In June, the median sale prices for single-family homes fell significantly in both counties:
- Sarasota County: an 8.1% decrease, from $495,000 to $455,000.
- Manatee County: a 15.2% decline, from $518,950 to $440,000.
Prices for townhomes and condominiums also dropped:
- Sarasota County: a 3.2% decrease, from $384,000 to $371,020.
- Manatee County: a 9.2% decline, from $344,495 to $312,900.
Sales Volume Trends
While Sarasota County showed a slight increase in single-family home sales—up 1% compared to June 2023—Manatee County experienced a 3.2% decrease in sales for the same property type. The sales of townhomes and condos presented differing trends:
- Sarasota County: a 2.5% increase in closed sales.
- Manatee County: a 5.3% decrease in closed sales.
Market Inventory and Supply
The national and regional supply measures suggest the market is stabilizing. The inventory levels are rising:
- Sarasota County has a 6.3-month supply of single-family homes—an increase of 26% year-over-year—and 8.3 months for condos and townhomes, up 31.7%.
- Manatee County has 5.2 months of inventory for single-family homes, a 30% increase, and 7.4 months for condos and townhomes, up 27.6%.
These figures point to a market where supply is growing and inventory is more available to buyers, reducing the earlier-than-normal seller dominance.
Time to Contract and Sale Duration
The median time to contract for single-family homes in Sarasota County increased by 20% to 60 days, and the median time to sale rose by 6.5% to 99 days. Conversely, in Manatee County, these metrics slightly improved, with the time to contract decreasing by 1.8% to 56 days, and time to sale declining by 5.2% to 109 days.
For townhomes and condos, Sarasota County experienced a 22% increase in median time to contract to 72 days and a 6.5% rise in time to sale to 114 days. In comparison, Manatee County saw a reduction in these durations—6.8% for contract time to 68 days and 3.5% for sale time to 111 days.
National Trends Contrast Local Developments
While the Sarasota-Manatee area reports declines in median prices and an increase in inventory, nationwide data shows a different trend. U.S. home prices rose by 1% year-over-year, and the number of homes sold increased by 3.8%. The national supply of homes stands at approximately three months, reflecting a fairly active market but less supply constraint than in the local region.
Implications for Buyers and Sellers
The shifting market favors buyers, who now benefit from increased inventory and longer sales cycles. Sellers are increasingly adjusting their expectations, with some experiencing reductions in sale prices and extended times to close deals. This shift requires sellers to be more flexible and responsive in negotiations, while buyers have more options and negotiating power than in previous months.
Expert Observations and Market Outlook
Market watchers note that the condo and townhome segments have shown greater resilience in pricing, although sales cycles are lengthening across all property types. The trend suggests a gradual stabilization, but continued inventory growth and price adjustments indicate a balanced approach moving forward.
Deeper Dive: News & Info About This Topic
HERE Resources
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 MILWAUKEE WRITER
MILWAUKEE STAFF WRITER The MILWAUKEE STAFF WRITER represents the experienced team at HEREMilwaukee.com, your go-to source for actionable local news and information in Milwaukee, Milwaukee County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Summerfest, Milwaukee Film Festival, and the Milwaukee Boat Show. Our coverage extends to key organizations like the Metropolitan Milwaukee Association of Commerce and Visit Milwaukee, plus leading businesses in manufacturing and brewing that power the local economy such as Harley-Davidson and MillerCoors. As part of the broader HERE network, we provide comprehensive, credible insights into Wisconsin's dynamic landscape.
