June 2024 Real Estate Market Report: Trends in Sarasota and Manatee Counties

The REALTOR® Association of Sarasota and Manatee (RASM) released its monthly market report detailing the real estate trends for June 2024. According to the data compiled by Florida Realtors®, the data highlights a trend towards a more balanced market across both counties, with increasing inventory levels and more moderate price changes. The shift in inventory suggests that buyers may find more opportunities, while sellers may need to adjust expectations in light of the growing competition.

Key Trends in June 2024:

• Sarasota County: The Sarasota County real estate market in June 2024 exhibited a trend towards a more balanced market with significant increases in inventory levels for both single-family homes and townhouses/condos. There was a noticeable decline in closed sales and median sale prices across both segments, suggesting a cooling off from the previously high demand. The increase in active listings provides more opportunities for buyers, while sellers may need to adjust their strategies in response to the growing competition and shifting market conditions.
• Manatee County: The Manatee County real estate market in June 2024 shows trends of increasing inventory levels and moderating price changes. For single-family homes, the market is moving towards balance with a slight decrease in closed sales and median sale prices, coupled with a significant rise in active listings and new listings. In the townhouses and condos segment, there is a more pronounced shift towards a buyer's market, with a substantial increase in inventory and a notable decline in closed sales and median sale prices. Sellers appear to be more cautious in listing new properties, reflecting adjustments to the changing market dynamics.

Single-Family Homes

The market for single-family homes in Sarasota County showed a decrease in demand, with 692 closed sales, a 10 percent decrease compared to June 2023. The median sale price also decreased by 5.3 percent to $495,000. The total dollar volume decreased to $477 million, reflecting a 16 percent year-over-year decline.

However, inventory levels saw a significant rise, with 3,211 active listings, a 65.3 percent increase, leading to a months supply of inventory at 5.0 months. The median time to contract extended to 50 days, up 117.4 percent, and the median time to sale increased by 32.9 percent to 93 days.

Manatee County's single-family homes market also saw a decrease in demand, with 728 closed sales, showing a decrease of 4.1 percent compared to June 2023. The median sale price slightly decreased by 1.2 percent to $518,950. The dollar volume reached $536 million, reflecting a 4 percent increase.

Active listings in Manatee County rose by 56.6 percent to 2,508, resulting in a months supply of inventory of 4.0 months. The median time to contract grew by 54.1 percent to 57 days, and the median time to sale increased by 32.2 percent to 115 days.

“We’re seeing a decline in closed sales for single-family homes in Sarasota and Manatee counties. This could be due to a combination of higher interest rates, which make borrowing more expensive, and economic uncertainty, which makes people hesitant to commit to large purchases like homes,” said 2024 RASM President Tony Barrett, Broker/Owner of Barrett Realty.

Townhomes and Condos

The townhouse and condo market in Sarasota County experienced a decline in demand, with closed sales dropping by 25.7 percent to 283. The median sale price slightly decreased by 1.5 percent to $384,060. The dollar volume also saw a decrease of 21.8 percent, totaling $164.5 million.

Inventory for townhouses and condos increased by 81.6 percent to 1,941 active listings, resulting in a months supply of inventory of 6.3 months. The median time to contract increased by 68.6 percent to 59 days, and the median time to sale rose by 32.1 percent to 107 days.

The townhouses and condos market in Manatee County also experienced a decline in demand, with closed sales dropping by 17.2 percent to 246. The median sale price decreased by 6.9 percent to $344,495. The dollar volume saw a decrease of 26.8 percent, totaling $102.4 million.

Inventory levels for Manatee County townhouses and condos increased by 72.3 percent to 1,330 active listings, leading to a months supply of inventory of 5.8 months. The median time to contract rose by 114.7 percent to 73 days, and the median time to sale increased by 45.6 percent to 115 days.

Summary

The slowdown in the Sarasota and Manatee housing markets is a multifaceted phenomenon influenced by rising interest rates, economic uncertainty, seasonal factors, market saturation, and evolving buyer preferences. While this cooling off can lead to more balanced market conditions and opportunities for buyers, it also requires sellers to adjust their strategies to navigate the changing landscape effectively. Monitoring these trends and adapting to the economic environment will be crucial for stakeholders in the real estate market.

“The single-family home market is shifting a bit in Sarasota and Manatee counties. This cooling trend highlights the importance of staying adaptable. Even so, the market remains vibrant, with plenty of opportunities for those looking to buy or sell,” added Barrett.

The REALTOR® Association of Sarasota and Manatee continues to monitor these changes closely, providing valuable insights for both buyers and sellers in the region.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.