We’re excited to bring you the June 2024 Market Report and answer a pressing question: What effect do elections have on the real estate market? Let’s dive in and explore!

Manatee County Market Report
Starting with Manatee County, the June 2024 Market Report shows some interesting trends compared to June 2023.

• Single Family Home Sales: Slight decrease of 4.1%, with 728 sales.
• Condo Sales: Significant drop of 17.7%, totaling 246 sales.
• Median Prices: Single family homes dipped by 1.2% to $585,000, while condos saw a more notable decline of 7% to $344,495.
• Time to Contract: Increased by 54% to 57 days for single family homes and a whopping 114% to 73 days for condos.
• Months Supply of Inventory: Single family homes are at 4 months (up 42.9%), indicating a seller’s market, while condos have a more balanced 5.8 months supply (up 70%).

Sarasota County Market Report
Moving on to Sarasota County, we observe similar trends with slight variations.

• Single Family Home Sales: Decreased by 10% to 692 sales.
• Condo Sales: Down 25% to 283 sales.
• Median Prices: Single family homes decreased by 5.3% to $495,000, while condos saw a small decline to $384,460.
• Time to Contract: Increased to 50 days for single family homes (up 117%) and 59 days for condos (up 68%).
• Months Supply of Inventory: Single family homes at 5 months (up 56%), and condos at 6.3 months (up 80%).

Market Trends and Summary
Both counties reflect a multifaceted market slowdown influenced by rising interest rates, economic uncertainty, seasonal factors, market saturation, and evolving buyer preferences. Despite these challenges, the quarterly data paints a more stable picture:

• Closed Sales for Q2 2024 vs. Q2 2023: Nearly identical, with only a 1% difference.
• Median Sales Price: Minor change, with negligible differences indicating price stability.
• Time to Sale: Up to 94 days, reflecting a more extended selling process.
• Inventory: Significant increase, particularly in active listings, indicating a shift towards a more balanced market.

Affordability and Buyer Expectations
Affordability remains a significant concern, especially for younger buyers. We are currently experiencing a 40-year low in affordability. However, wages are rising at a faster pace, and the rate of price increases is slowing down. Historically, mortgage rates tend to decrease before elections, potentially offering some relief.

Election Impact on Real Estate
Elections introduce uncertainty, policy expectations, and fluctuating consumer confidence, all of which can impact the real estate market. Historical data shows:

• Seasonal Drops: Typically around 10%, with an additional 5% during election years.
• Post-Election Year Sales: Generally see an increase in sales and prices.
• Mortgage Rates: Often decrease leading up to elections.

While the current market shows signs of stabilization and slowdowns, particularly in Sarasota County, the overall outlook remains cautiously optimistic. Stay informed, and don’t hesitate to reach out for more detailed reports or specific inquiries.

We are your go-to source for market information. Feel free to contact us at 941-451-6612 for detailed reports or any real estate needs. Let’s get those new home sales contracted before prices rise next year!