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Balancing Act: Insights into the 2024 Housing Market of Sarasota and Manatee Counties

The REALTOR® Association of Sarasota and Manatee (RASM) today released its monthly market report detailing the real estate trends for April 2024. The data reveals a significant shift in the market dynamics of both counties, marked by rising inventory levels, extended time on the market, and varying price trends.

Key Trends in April 2024:
  • Inventory Surge: The increase in active listings for both single-family homes and condos suggests a growing supply, which could lead to more competitive pricing and longer times on the market.
  • Sales Activity: Despite the higher inventory, closed sales for both single-family homes and condos have risen, indicating sustained buyer interest.
  • Market Shift: The substantial increase in the median time to contract and sale times indicates a market shift towards longer selling periods, likely due to the increased inventory and possibly more selective buyers.

Inventory continues to be a topic of discussion in April 2024. In Sarasota County, inventory increased year-over-year by 81.2 percent to 3,305 for single-family homes and 91 percent to 2,124 for condos. In Manatee County, inventory increased by 60 percent to 2,450 for single-family homes and 92.4 percent to 1,512 for condos.

“The significant rise in inventory across both counties is a clear indication of a shifting market dynamic. Buyers now have more options to choose from, which is reflected in the extended time properties are staying on the market,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty.

In April, the months’ supply of inventory (MSI) for single-family homes decreased from one month ago from 5.3 months to 5.1 months in Sarasota County and from 4.1 months to 3.9 months in Manatee County. For townhomes and condos, the MSI decreased from 6.8 months to 6.7 months in Sarasota County and from 6.4 months to 6.3 months in Manatee County.

There was a total of 1,496 closed sales for single-family homes in Sarasota and Manatee, a 6.2 percent increase from the same time last year. Closed sales for condos increased by 10.6 percent to 707 sales across both counties.

“It’s encouraging to see closed sales increase, even with the higher inventory levels. This indicates that buyers are still actively engaging with the market, taking advantage of the increased options available to them,” added Barrett.

The median time to contract in Sarasota County is 40 days for single-family homes and 48 days for condos, a year-over-year increase of 90.5 percent and 118.2 percent respectively. In Manatee County, the median time to contract increased by 57.1 percent to 44 days for single-family homes and by 63 percent to 44 days for townhomes and condos.

The median sales price for single-family homes in Sarasota County increased year-over-year by 3.8 percent to $540,000 and remained steady at $399,000 for townhomes and condos. In Manatee County, condo prices decreased by 7.5 percent to $352,420, and single-family home prices decreased by 7 percent to $530,000.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. credits to MyRASM.

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