Welcome to our May 2024 Real Estate Market Report for Sarasota and Manatee Counties. Despite some concerns, the market is holding strong. Let’s dive into the latest data and trends.

No Crash in Sight!

The real estate market in Sarasota and Manatee Counties remains resilient. While some fear a potential crash, the data suggests otherwise. In this report, we’ll explore current sales trends, price fluctuations, and factors influencing the market. Whether you’re a buyer, seller, or investor, this update will provide valuable insights.

Sarasota County Market Overview

Sales and Pricing Trends

• Increase in Total Sales: Sarasota County experienced a 3.4% increase in total sales. This indicates sustained demand.
• Rising Median Home Prices: The median home sales price rose by 3.9%, reflecting strong market conditions.
• Price Adjustments in Mid-Range Homes: Homes in the $350,000 to $450,000 range are seeing price adjustments. Sellers are correcting overpricing, leading to more competitive listings.

Market Dynamics

• Days on Market: Homes are staying on the market longer, with an average of 43 days to contract. This is a 72% increase from last year, suggesting buyers have more options and are taking their time.
• Inventory Levels: There is a 5-month supply of single-family homes, indicating a balanced market.

Condo Market

• Sales and Pricing: Condo sales decreased by 4.1%, and the median price dropped by 9.1% to $368,000. This decline could be due to fewer high-end condo sales.
• Days on Market and Inventory: Condos take 61 days to contract, with a 6.3-month supply, leading to a more competitive market.

Manatee County Market Overview

Sales and Pricing Trends

• Steady Sales: Manatee County saw 801 single-family home sales, a slight 0.2% decrease. This stability reflects steady demand.
• Rising Median Prices: The median price increased by almost 2% to $525,000, driven by new builds in this range.

Market Dynamics

• Days on Market: Homes take an average of 45 days to contract, a 40% increase from last year.
• Inventory Levels: There is a 4.1-month supply of single-family homes, indicating a slight shift towards a buyer’s market.

Condo Market

• Sales and Pricing: Condo sales decreased by 5.2%, with the median price at $361,000.
• Days on Market and Inventory: Condos take 56 days to contract, with a 6.3-month supply, reflecting a balanced market.

Factors Influencing the Market

New Legislation and Assessments

• Condo Assessments: New laws require condos over three stories to have engineering assessments and financial reserves for future repairs. This has affected condo demand and pricing.
• HOA Laws: Recent changes in HOA laws give homeowners more decision-making power, potentially influencing future market trends.

Remote Work Trends

• Impact on Demand: The shift back to in-office work has reduced the demand for remote work-friendly homes, affecting certain segments of the market.

Builder Incentives

• New Home Communities: Builders are offering financing incentives and realtor commissions to attract buyers. However, some strong builders remain competitive without needing incentives.

Conclusion

The real estate market in Sarasota and Manatee Counties remains robust. While certain segments are adjusting, overall demand and pricing are stable. For detailed information on specific communities or to discuss your real estate needs, feel free to reach out. Stay tuned for our next update on 55+ communities.

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