Many Sarasota homebuyers were expecting a market correction after the pandemic caused a surge in home buying and rising prices. However, as of May 2024, there’s no sign of a significant drop in prices. Instead, Sarasota County’s real estate market has grown, with 850 single-family homes sold in May, a 3.4% increase from May 2023. The median sale price rose to $530,000, up 3.9%, and the total sales volume reached $631.8 million, marking nearly a 10% growth over the past year.
Prices Drop but Still Not a Buyer’s Market
Despite some price reductions, it’s still not the buyer’s market many had hoped for. These price cuts are mostly from earlier, overly ambitious prices. Recently, luxury properties—like a condo that sold for $11.35 million and a $19.75 million estate—have pushed the average home price in Sarasota and Manatee Counties up by nearly 5%, showing continued demand for high-end real estate.
Inventory Grows, Negotiations Increase in Sarasota
Sarasota County’s available homes increased by 77.6%, reaching 3,239 active listings, with a supply lasting about five months. Homes are taking longer to sell, with the median time to contract rising to 43 days, up 72%. Buyers are making lower offers and negotiating more, knowing that prices haven’t dropped as they hoped. However, sellers are often still able to get 2% to 6% more for their properties than they would have last year.
The Manatee County Market Holds Steady
In Manatee County, the single-family home market remains stable. Sales dipped slightly by 0.2% to 801 homes, but the median sale price increased by 1.9% to $525,000. The overall sales volume rose by 3.2% to $568.2 million. Available homes increased by 68.6%, reaching a 4.1-month supply. Homes here are also taking longer to sell, with a median contract time of 45 days, up by 40.6%.
Townhouse and Condo Market Trends in Sarasota
The Sarasota County townhouse and condo market saw a slight decline in sales, with a 4.1% drop to 423 units sold and the median price falling by 9.1% to $368,000. Inventory in this market grew by 87.3%, leading to a 6.3-month supply, creating more options for buyers. The Manatee County condo market experienced a sharper decline, with sales falling by 25.8% and the median price dropping to $361,495. Increased inventory and state regulations requiring more maintenance funds have led some condo owners to sell.
Conclusion: Shifts in Seasonal Trends
Unlike past years, the Sarasota and Manatee County markets are staying active even outside traditional peak seasons. More people are listing properties in months like July, a change from previous seasonal norms. While buyers haven’t seen the price drops they expected, the rising inventory and longer sale times suggest that the market is still adapting, and some buyers are finding room to negotiate.
