Graphic courtesy Realtor Association of Sarasota and Manatee.

The real estate market showed distinct signs of cooling down in October, according to the Realtor Association of Sarasota and Manatee.

In the two-county area, the median price of single-family homes sold during the month dropped to less than $484,000, roughly a 1.3% decline from October 2023. The average declined to more than $631,000, a 6.8% decline from the same month last year. Meanwhile, only 985 homes were sold in October, compared to 1,147 sold in October 2023, a 14.1% drop in the number of closed sales.

Condo and townhome sales saw an even sharper decline in median price, which dropped 10.8% in October to less than $350,000. That said, the high number of luxury units coming online helped the average condo price skyrocket more than 61% to nearly $834,000. But the market only saw 362 sales close in the two counties, down 21.5% from the 461 closed deals the prior October.

The change in pricing may disappoint sellers, especially with the median time to contract leaping to 75 days for home sales and 65 days for condos. But the Realtor Association said the change should be viewed as a market stabilizing. 

"The latest marketing reports continue to show a stabilization in the market, month after month,” said Tony Barrett, Realtor Association President and Broker/Owner of Barrett Realty.

“A decrease in median home prices or longer days on the market shouldn’t be seen as a setback, but rather as an opportunity for adjustment. Like any investment, the market experiences ups and downs, but we are holding steady with relatively minor fluctuations in the numbers, moving towards a more normalized market."

Experts typically say a six-month inventory of listings represents a balanced market. The two-county area has a 4.3-month inventory of homes, still a seller’s market, a near-balanced 5.7-month inventory of condos. 

Graphic courtesy Realtor Association of Sarasota and Manatee.