May 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 May 2024. According to the data compiled by Florida Realtors®, the housing market in Sarasota and Manatee counties shows a mixed trend compared to May 2023 with increasing inventories and longer times to contract and sale, indicating a potential shift towards a more balanced market or even a buyer's market, especially in the townhouses and condos segment. Median and average sale prices vary, with some areas showing increases and others decreases, reflecting local market conditions and demand.

Key Trends in May 2024

• Sarasota County: Single-family homes are seeing stable sales and rising prices with increasing inventory, suggesting a shift towards a buyer's market. The condo/townhouse market is showing a decrease in sales, with decreasing prices and increasing inventory, indicating a potential buyer's market as well.
• Manatee County: Both single-family homes and condos/townhouses are experiencing fewer sales and increasing inventory, indicating a potential shift towards a buyer's market. Prices for single-family homes are stable, but condos/townhouses are seeing slight decreases.

Single-Family Homes

The market for single-family homes in Sarasota County showed a positive trend in May 2024, with 850 closed sales, marking a 3.4 percent increase compared to May 2023. The median sale price rose by 3.9 percent to $530,000, while the average sale price saw a 6.3 percent increase, reaching $743,303. The total dollar volume surged to $631.8 million, reflecting a 9.9 percent year-over-year growth.

However, inventory levels saw a significant rise, with 3,239 active listings, a 77.6 percent increase, leading to a months supply of inventory at 5.0 months. The median time to contract extended to 43 days, up 72.0 percent, and the median time to sale increased by 25.4 percent to 84 days. Sarasota County hasn’t seen inventory levels this high since Q1 of 2019.

Manatee County's single-family homes market remained relatively stable, with 801 closed sales, showing a slight decrease of 0.2 percent compared to May 2023. The median sale price increased by 1.9 percent to $525,000, while the average sale price rose by 3.4 percent to $709,406. The dollar volume reached $568.2 million, reflecting a 3.2 percent increase.

According to Stellar MLS data, Manatee County has seen the sale of 3,697 single-family homes in the last 180 days. Among these, 1,167 were newly constructed in 2023 or later.

“It's important to note that the current median home price may appear skewed due to higher selling prices of new construction homes from a year ago. This lagging indicator affects the overall median home value,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “We will closely monitor the market over the next few months to gain a clearer understanding of how increased inventory and longer days on the market impact median home values.”

Active listings in Manatee County rose by 68.6 percent to 2,570, resulting in a months supply of inventory of 4.1 months. The median time to contract grew by 40.6 percent to 45 days, and the median time to sale increased by 18.8 percent to 95 days.

The combined average sales price for single-family homes in Sarasota and Manatee counties increased by 4.9 percent, indicating strong performance in the luxury market.

“We’ve seen numerous record-breaking luxury home sales in recent months,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “Among them is the Ohana Estate, which set a new high with its $19.75 million sale on Longboat Key.”

Townhomes and Condos

The townhouse and condo market in Sarasota County experienced a slight decline, with closed sales dropping by 4.1 percent to 423. The median sale price decreased by 9.1 percent to $368,000, and the average sale price fell by 6.1% to $545,992. The dollar volume also saw a decrease of 9.9 percent, totaling $231.0 million.

Inventory for townhouses and condos increased by 87.3 percent to 2,010 active listings, resulting in a months supply of inventory of 6.3 months. The median time to contract increased by 125.9 percent to 61 days, and the median time to sale rose by 34.7 percent to 101 days.

The townhouses and condos market in Manatee County experienced a notable decline, with closed sales dropping by 25.8 percent to 264. The median sale price decreased by 5.5 percent to $361,495, and the average sale price fell by 32.0 percent to $412,348. The dollar volume saw a significant decline of 49.6 percent, totaling $108.9 million.

Inventory levels for Manatee County townhouses and condos increased by 88.4 percent to 1,458 active listings, leading to a months supply of inventory of 6.3 months. The median time to contract rose by 51.4 percent to 56 days, and the median time to sale increased by 9.2 percent to 95 days.

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.