SARASOTA, Fla. (March 21, 2024) – The latest housing market data for February 2024 highlights significant shifts in inventory levels across Sarasota and Manatee Counties, indicating evolving dynamics for homebuyers and sellers in Southwest Florida.
Key Findings:
• Single-family homes in Manatee County saw a 52.5 percent year-over-year increase in active listings, with inventory rising from 1,732 in February 2023 to 2,641 in February 2024. The months supply of inventory also increased, moving from 3.1 to 4.2 months.
• Townhouses and condos in Manatee County saw an 86.9 percent year-over-year increase in active listings, with inventory rising from 786 in February 2023 to 1,469 in February 2024. The months supply of inventory also increased, moving from 3.4 to 6.2 months.
• Single-family homes in Sarasota County experienced an increase in inventory, with active listings rising by 86.1 percent from 1,793 in February 2023 to 3,337 in February 2024. The months supply of inventory grew from 2.9 to 5.2 months.
• Townhouses and condos in Sarasota County saw an 128.1 percent increase in active listings, rising from 929 in February 2023 to 2,119 in February 2024. The months supply of inventory also increased, moving from 2.8 to 6.7 months.
Both Sarasota and Manatee counties experienced an uptick in median sales prices for single-family homes year-over-year. The median sale price for single-family homes in Sarasota County increased by 2.5 percent to $507,500, and in Manatee County, median prices increased by 2 percent to $499,990. The median sales price for Sarasota County condos increased by 1.2 percent year-over-year to $389,750 and decreased by 5.5 percent to $349,493 for Manatee County condos.
“With increasing inventory, the real estate market is becoming more balanced for buyers and sellers. Rising median home prices and extended days on the market signal a healthier, stabilizing market,
offering buyers and sellers ample time to negotiate,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty.
Inventory, also referred to as active listings, has increased significantly in both counties from a year ago. In Sarasota County, inventory increased by 86.1 percent for single-family homes and 128.1 percent for condos. In Manatee County, inventory increased by 52.5 percent for single-family homes and 86.9 percent for condos.
The rise in inventory levels across both counties offers potential homebuyers more options in the market, enhancing their ability to find properties that closely match their preferences and budget. Furthermore, the increase in the months supply of inventory suggests that buyers may have more negotiating power, potentially leading to more favorable purchase terms.
In February, the condo market reached a 6-month supply in both Sarasota and Manatee, with a 6.7-month supply of Sarasota condos and a 6.2-month supply of Manatee condos. Single-family homes in the two- county region also reported a months supply of inventory that hasn’t been reported since March of 2019, according to Florida Realtors® SunStats.
While the increase in inventory represents a shift towards a buyer’s market, demand remains robust, underscoring the need for buyers to remain informed and decisive. Despite the broader selection, desirable properties in sought-after locations continue to attract attention, necessitating a proactive approach from buyers.
Closed sales in Sarasota County increased by 11 percent year-over-year to 577 for single-family homes and decreased by 9.1 percent to 270 for condos. In Manatee County, closed sales increased by 8.7 percent year-over-year to 547 for single-family homes and increased by less than one percent to 196 for condos. The increase in total closed sales in both counties shows a continued demand for properties in our region.
“As days on the market increase, Realtors® play a crucial role in negotiating favorable outcomes for clients,” added Barrett. “Partnering with a Realtor® is essential in today’s market. Their knowledge, experience, and dedication empower clients to make informed decisions, leading to successful transactions.”
The median time to contract in Sarasota County increased by 90.5 percent to 40 days for single-family homes and 121.1 percent to 42 days for condos. In Manatee County, median time to contract increased by 46.2 percent to 57 days for single-family homes and by 79.3 percent to 52 days for condos.