Graphic courtesy RASM.

November saw a distinct slowdown in the real estate market in Sarasota and Manatee counties.

The number of sales and median sales price of single-family homes in Sarasota dropped from $500,000 in November 2023 to $490,000 last month in Sarasota County, and from almost $486,000 to $430,000 in Manatee over the same time. Condo and townhome units similar saw a drop in Manatee from nearly $352,000 to under $310,000, while Sarasota saw a dip from almost $548,000 to under $374,000. The North Port-Sarasota-Bradenton market as a whole saw more than 1,091 home sales and 492 condo sales in November last year, but just 1,074 home sales and 399 condo sales in November 2024.

Meanwhile the time to contract in the market climbed from 24 days to 47 days for homes and from 21 days to 65 days for condos. 

Real estate professionals said the data showed a balancing of the market, not a collapse. But a years-long boom after the pandemic appears to have calmed. Typically, a 60month inventory is considered a balanced market. Sarasota right now has a 6.3-month supply of condos and Manatee has a 6.6-month inventory, right in the neighborhood of a perfect balance. In the home market, both counties technically remain sellers’ markets, with Sarasota reporting a 5.9-month inventory and Manatee county only a 3.9-month supply of homes for current demand. In all categories, that’s an increase in supply but not an excess.

"The current trends show the market is finding its footing after the pandemic-driven surge,” said Tony Barrett, president of the Realtor Association for 2024 and also the broker-owner of Barrett Realty. “We're seeing a return to more balanced conditions, similar to what we experienced before 2020, where buyers and sellers had equal opportunities to navigate the market successfully." 

The Association said while some may be concerned by the shift in the market, it tracks with the steady sales patterns seen before 2020.

Graphic courtesy RASM.