Graphic courtesy Realtor Associationltor Association of Sarasota and Manatee.

Could Sarasota and Manatee real estate finally experience a buyer’s market?

May data from the Realtor Association of Sarasota and Manatee gave signs of a balanced market, with some data signaling the region may soon have the sort of inventory that benefits buyers over sellers. Both inventory and prices are on the rise in both counties for single-family homes, with the housing inventory in Sarasota County reaching levels unseen since early 2019. The median sales price for homes in May ended up at $525,000 in Manatee and $530,000 in Sarasota. But in both counties, the median time to contract climbed to 44 days for the entire North Port-Sarasota-Bradenton market, compared to 28 days in May 2023.

“It's important to note that the current median home price may appear skewed due to higher selling prices of new construction homes from a year ago. This lagging indicator affects the overall median home value,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “We will closely monitor the market over the next few months to gain a clearer understanding of how increased inventory and longer days on the market impact median home values.”

For now, both counties have a seller’s market for homes, with a 5-month supply in Sarasota County and a 4.1-month supply in Manatee. A balanced market is generally considered one with a 6-month supply of homes on the market, with a larger supply considered a benefit to buyers instead. Already, the median percentage of the original listing price that homes in the two-county area sold for was about 95%, down nearly a percentage point from a year prior. But the average price for homes remained 5% higher than a year ago, thanks to a thriving luxury market.

“We’ve seen numerous record-breaking luxury home sales in recent months,” Barrett said. “Among them is the Ohana Estate, which set a new high with its $19.75 million sale on Longboat Key.”

But the townhouse and condo market as a whole has already seen notable drops in sales. The area saw 687 closed sales during the month in the combined market, down from 797 last year. Much of the change came in Manatee County, where closed sales on condos and townhomes dropped by almost 26%. Declines were more slight in Sarasota. The same also goes for averages sales prices, which in Sarasota dropped more than 6% to around $546,000 but in Manatee dropped a sharper 32% to just over $412,000.

And that’s as inventories of units spiked to Manatee by more than 88%. That puts the inventory of condos and townhomes in Manatee County at 6.3 months. Sarasota’s inventory is at the same level. Sarasota’s inventory of active listings on units is now at 2,010, while Manatee has 1,458 listings. The two-county market overall has nearly 88% more active listings compared to May last year.

Graphic courtesy Realtor Associationltor Association of Sarasota and Manatee.