August 2024 Real Estate Market Report: Trends in Sarasota and Manatee Counties
SARASOTA, Fla. (September 19, 2024) – The REALTOR® Association of Sarasota and Manatee (RASM) has released its August 2024 real estate market report, detailing key trends across the Sarasota and Manatee counties. Based on data compiled by Florida Realtors®, the report highlights a decline in closed sales and median sales prices, along with an increase in inventory and median time to contract during the summer months. While summer slowdowns are expected, the extent of these shifts is noteworthy as we approach the prime selling season.
Key Trends in Sarasota/Manatee August 2024:
- Closed Sales: Peaked in April and May, with declines observed throughout the summer.
- Inventory: Remained relatively stable over the summer but remains significantly higher than this time last year.
- Median Sale Prices: Single-family home prices held steady after a slight dip in June, while townhome and condo prices have experienced a more noticeable decline.
- Cash Sales: Decreased across all categories, potentially indicating a reduction in investor activity.
Single-Family Homes
In Sarasota County, closed sales for single-family homes saw a slight year-over-year decrease of 1.9%, with 633 homes sold. Of these transactions, 36.2% were cash deals. The median sale price remained steady, rising slightly by 1.1% to $475,000 compared to July 2024. Sellers received 93.7% of their original list price, a 2.2% decline year-over-year.
While inventory levels saw a small dip from the previous months, they remain significantly higher than last year, with 2,907 active listings, translating to a 4.6-month supply of inventory. The median time to contract shortened to 45 days, down from 52 days in July 2024.
In Manatee County, single-family home sales decreased marginally by 0.2%, with 615 transactions compared to 616 in August 2023. Cash transactions accounted for 30.7% of these sales. The median sale price dropped slightly by 1% to $494,000 compared to July 2024. Sellers received 95.3% of their original list price, marking a 1.4% year-over-year decrease.
Active listings in Manatee County held steady at 2,496, representing a 3.9-month supply of inventory. The median time to contract and time to sale remained consistent with recent months, at 54 days and 103 days, respectively.
“The market is adjusting and settling into a normal rhythm after the pandemic. It’s your typical summer where snowbirds headed north, but they’ll be back soon when the chill sets in,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “We couldn’t sustain those huge price spikes forever, so it’s natural to see a little correction happening now.”
Townhomes and Condos
The townhouse and condo market in Sarasota County recorded a 22.2% year-over-year decrease in closed sales, with 217 transactions. Cash sales accounted for 58.5% of these transactions. The median sale price dropped to $345,000, down from $365,000 in July 2024. Sellers received 91.6% of their original list price, a 2.9% decline compared to August 2023.
Inventory levels for Sarasota townhomes and condos decreased slightly to 1,672 active listings, down from 1,777 in July 2024, resulting in a 5.5-month supply of inventory. Median time to contract and time to sale remained steady at 72 days and 117 days, respectively.
In Manatee County, townhouse and condo sales dropped by 11.2% year-over-year, with 215 sales recorded. Cash transactions made up 44.2% of the sales. The median sale price remained consistent at $329,990. Sellers received 90.2% of their original list price, representing a 5% year-over-year decline.
Inventory for townhomes and condos in Manatee County remained stable at 1,276 active listings, leading to a 5.7-month supply of inventory. The median time to contract increased by 35.1% to 104 days, while the median time to sale rose by 14.9% to 139 days.
Summary
As the Sarasota and Manatee real estate markets transition from the summer slowdown toward the busier fall and winter seasons, several trends are emerging that warrant attention. While closed sales and median prices have softened, inventory remains elevated, offering more opportunities for buyers. The decline in cash sales suggests a potential shift in investor activity, which could further influence the market in the coming months.
As we move into the peak selling season, both buyers and sellers should be prepared for a dynamic market, shaped by evolving conditions. RASM will continue to monitor these trends closely, providing valuable insights to help navigate the months ahead.
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.
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Information courtesy of: REALTOR® Association of Sarasota and Manatee.
For link to full article, please click here. Based information from the Stellar Multiple Listing Service for the period August 2023 & August 2024. This information may or may not include all listed expired, withdrawn, pending, or sold properties of one or more members of the Stellar Multiple Listing Service