The real estate landscape in Sarasota and Manatee counties has seen substantial shifts in the first quarter of 2024, influenced by broader economic trends and evolving buyer/seller behaviors. Based on the latest data from Florida Realtors®, here’s a breakdown of key trends and statistics shaping the market:

Key Trends in Q1:

1. **Growing Inventory:** Both counties experienced significant inventory growth. Single-family homes saw a 64.6% increase, while townhomes and condos surged by 90.9% since Q1 2023.

2. **Prolonged Time on Market:** Properties now take longer to sell. The median time to contract rose to 43 days in Sarasota and 51 days in Manatee.

3. **Price Adjustments:** Year-over-year median sales prices dipped, with single-family homes down 0.6% and townhomes/condos down 6.1%.

4. **Cash Sales Surge:** Cash transactions rose by 5.9% in Q1, indicating a significant number of buyers and investors bypassing traditional financing.

These trends suggest a market shift favoring buyers due to increased supply. However, high cash sales rates could sideline first-time buyers and those relying on financing.

March 2024 Statistics:

– **Inventory Surge:** Sarasota saw a 76.6% increase in single-family homes and 100.3% for condos, while Manatee experienced a 51.3% rise for homes and 78.9% for condos compared to March 2023.

– **Supply Levels:** Sarasota’s MSI for single-family homes stands at 5.3 months, and Manatee’s at 4.1 months. For condos, it’s 6.8 months in Sarasota and 6.4 months in Manatee. A balanced market typically has 5.5 months of inventory.

– **Time to Contract:** Sarasota single-family homes now take 40 days, up 60% YoY. Condos rose by 183.3% to 51 days. In Manatee, single-family homes increased by 10.9% to 51 days, and condos by 134.8% to 54 days.

– **Median Sales Prices:** Sarasota’s single-family home prices dropped 2.5% to $515,000 and 8.9% to $385,775 for townhomes/condos. Manatee condo prices decreased by 2.8% to $342,988, while single-family homes rose by 1.4% to $498,805.

– **Cash Dominance:** Sarasota reported 44.5% of single-family and 70.3% of condo sales in cash. Manatee had 33.4% for homes and 51.8% for condos.

– **Closed Sales:** A total of 1,453 single-family homes and 686 condos were sold, marking an 8.2% and <1% decrease YoY, respectively.

As the market becomes more competitive, buyers find opportunities while sellers need a strategic approach. Reach out with any questions you have and let us help you get started on your search for your Forever Home 941-451-6612. Stay updated with comprehensive statistics dating back to 2015 at [www.MyRASM.com/statistics](http://www.MyRASM.com/statistics).