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In August, both Sarasota and Manatee real estate market continued to shift. Summer slowdowns and post-pandemic adjustments playing a key role. The latest data reveals key trends for buyers and sellers. Here’s what you need to know.
Key Market Highlights:
Closed Sales: Closed sales of single-family homes and condos fell in Sarasota and Manatee counties, reflecting typical summer slowdowns.. Single-family home sales in Sarasota dropped by 1.9% year-over-year, with 633 homes sold. In Manatee County, the decline was minimal at 0.2%, with 615 homes sold.
Median Sales Prices: Prices held steady with some variation across property types. The median sale price for single-family homes in Sarasota County rose 1.1% to $475,000 from July 2024. Manatee County experienced a slight drop of 1%, with the median price now at $494,000.
Inventory and Market Supply: This year’s inventory is much higher, offering buyers more options. Sarasota has 4.6 months of single-family homes. Manatee County has 3.9 months. Similarly, condos have more inventory. Sarasota’s condos show 5.5 months. Manatee’s reach 5.7 months. This shift suggests a more balanced market than last year.
Time to Contract: The median time to get a contract rose in both counties. This suggests buyers now have more power than last year. In Sarasota, single-family homes took 45 days on average to contract, a 45.2% increase from the previous year. Meanwhile, Manatee County’s average was 54 days for single-family homes.
Single-Family Homes Market Insights
Sarasota County:
Closed Sales: 633, a year-over-year decrease of 1.9%.
Median Sale Price: $475,000, a slight increase from July 2024.
Percentage of Cash Sales: 36.2%, indicating steady investor interest.
Time to Contract: 45 days, reflecting a longer time for homes to go under contract compared to last year.
Inventory: 2,907 active listings, a 4.6-month supply.
Manatee County:
Closed Sales: 615, down marginally by 0.2% from August 2023.
Median Sale Price: $494,000, a slight decrease from July 2024.
Percentage of Cash Sales: 30.7%.
Time to Contract: 54 days, similar to previous months.
Inventory: 2,496 active listings, representing a 3.9-month supply.
Townhomes and Condos Market Insights
Sarasota County:
Closed Sales: 217, a 22.2% year-over-year decrease.
Median Sale Price: $345,000, down from $365,000 in July 2024.
Percentage of Cash Sales: 58.5%, showing continued interest from cash buyers.
Inventory: 1,672 active listings, translating to a 5.5-month supply.
Time to Contract: 72 days, up significantly by 56.5%, indicating slower sales.
Manatee County:
Closed Sales: 215, down 11.2% from last year.
Median Sale Price: $329,990, consistent with July 2024.
Percentage of Cash Sales: 44.2%.
Inventory: 1,276 active listings, leading to a 5.7-month supply.
Time to Contract: 104 days, a 35.1% increase year-over-year.
Market Summary and Key Takeaways
As summer ends and fall and winter begin, the Sarasota and Manatee real estate markets are stabilizing.
Here are the key takeaways for buyers and sellers:
More Opportunities for Buyers: There’s now more inventory than last year, offering buyers more choices. Additionally, longer times to contract give buyers more negotiating power, especially in the townhome and condo markets.
Slight Price Corrections: Single-family home prices in Sarasota have held relatively steady, whereas townhome and condo prices have softened, especially in Sarasota County. This suggests a potential correction from the high price spikes seen over the past few years.
Decline in Cash Sales: Cash sales have dropped in both counties. This trend may signal less investor activity, which wouldn’t be surprising given the impending election. Many investors are waiting to see what the landscape will be depending on who gets into the white house. It could also shift the market. This change might open doors for first-time and regular buyers, previously priced out.
Balanced Market Conditions: The increase in months’ supply of inventory across both property types indicates a move towards a more balanced market. This shift benefits both buyers, who now have more choices, and sellers, who are still receiving a healthy percentage of their original list prices.
Looking Ahead
As the prime selling season begins, the Sarasota and Manatee real estate markets are set to stay active. With more homes available and slight price drops, it’s a good time for buyers and sellers to act strategically. Staying updated on market trends is crucial for a successful deal.
If you’d like further information released by the Realtor Association of Sarasota & Manatee County body visit their August press release here.
If you’re considering buying or selling in Sarasota or Manatee, contact me today. I’m here to help you navigate the evolving market and make the most of the opportunities ahead.
