News Summary
The real estate markets in Sarasota and Manatee counties have undergone significant changes, with median sale prices decreasing and signs of a slowdown in buyer activity. Sarasota County saw an 8.1% drop in single-family home prices, while Manatee County reported a 15.2% decline. The overall market trends indicate a shift towards a more buyer-friendly environment, with increased inventory levels contributing to longer sales cycles. As buyers and sellers adjust to these new dynamics, stabilization in the market may be on the horizon.
Sarasota and Manatee Counties Experience Real Estate Market Slowdown in June 2024
The real estate markets in Sarasota and Manatee counties are showing signs of a slowdown as June 2024 data indicates a shift in buying and selling patterns. The latest report from the Realtor Association of Sarasota and Manatee reveals declining median sale prices, changes in sales volumes, and an increase in market inventory, signaling a move toward a buyer-favored environment.
Decline in Median Sale Prices
In June, median sale prices across all property types in both counties declined compared to the previous year. The median sale price for single-family homes fell by 8.1% in Sarasota County, dropping from $495,000 to $455,000. In Manatee County, the decrease was more pronounced at 15.2%, with the median price dropping from $518,950 to $440,000.
Similarly, for townhomes and condominiums, median sale prices decreased. Sarasota County saw a 3.2% decline, with prices moving from $384,000 to $371,020. Manatee County experienced a larger drop of 9.2%, with median prices decreasing from $344,495 to $312,900.
Sales Volume Fluctuations
While Sarasota County’s overall sales remained relatively steady, with a 1% increase in single-family home transactions compared to June 2023, Manatee County experienced a 3.2% decline in such sales. Townhome and condo sales increased slightly by 2.5% in Sarasota, but declined by 5.3% in Manatee County.
Comparison with National Trends
Contrasting with local declines, the national housing market exhibited slight growth. Home prices across the country increased by 1% year-over-year, with total homes sold rising by 3.8%. The national supply of homes held steady at approximately three months, indicating a balanced market at the national level.
Market Inventory and Days on Market
The inventory of homes in Sarasota and Manatee counties is steadily rising, which influences the shifting dynamic. Sarasota County’s supply of single-family homes stands at 6.3 months, reflecting a 26% increase over the previous year. Condos and townhomes in Sarasota have a supply of 8.3 months, up by 31.7%. In Manatee County, the supply of single-family homes increased to 5.2 months (a 30% increase), while condos and townhomes are at 7.4 months, a 27.6% rise.
Additionally, the median time to contract for single-family homes in Sarasota County grew by 20%, reaching 60 days. The median time to sale also increased by 6.5% to 99 days. Conversely, in Manatee County, the time to contract slightly decreased by 1.8% to 56 days, with the time to sale dropping by 5.2% to 109 days.
Changing Buyer and Seller Dynamics
The recent data suggests the market is shifting in favor of buyers. As inventory levels grow and sale prices decline, sellers are encouraged to adjust their strategies. The longer sales cycles, especially in Sarasota’s single-family home segment, indicate buyers have more choices and less urgency, which could lead to more negotiation and price stabilization.
Perspectives on Price Resilience
Despite the overall decline in sale prices, the condo and townhome market appears to be demonstrating relative resilience in pricing. However, sales cycles for these properties are also extending, reflecting cautious buyer activity amid market adjustments.
Conclusion
The Sarasota-Manatee real estate market’s June 2024 report confirms a transition toward a buyer-friendly environment characterized by rising inventories, longer sales times, and decreasing median prices. Both counties are experiencing a stabilization phase, which could lead to more balanced and sustainable market conditions moving forward.
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HERE Resources
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Additional Resources
- Herald Tribune: Sarasota-Manatee Real Estate Prices Decline
- Realtor.com: Florida Homes Record Breaking Trends
- Bradenton Herald: Local Real Estate News
- US News: Sarasota Housing Market Forecast
- Sarasota Magazine: Sarasota Real Estate Update
- Wikipedia: Real Estate
- Google Search: Sarasota Real Estate News
- Google Scholar: Sarasota Real Estate Market
- Encyclopedia Britannica: Real Estate
- Google News: Sarasota Real Estate
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