A single-family home by custom homebuilder Nautilus Homes.
Buyers may be in the driver’s seat right now, but they’re still cautious. In April, home prices across Sarasota and Manatee counties declined compared to the same month last year, with the steepest reductions seen in the condominium market, according to the latest data from the Realtor Association of Sarasota and Manatee. Inventory levels also rose significantly, reflecting a continued shift in market conditions after years of tight supply and aggressive pricing.
Sarasota County’s median sale price for single-family homes fell 13 percent year-over-year to $470,000. Condominium prices dropped 14.9 percent, bringing the median price to $339,500. In Manatee County, the median price of a single-family home declined 12.5 percent, to $464,000, while condos saw a 14.8 percent drop, to $300,220.
These declines occurred as inventory climbed. Active listings for single-family homes increased by 34.6 percent in Sarasota and 32.7 percent in Manatee. Condo inventory rose 25 percent in Sarasota and 20.2 percent in Manatee. The months supply of inventory—a key metric that reflects how long it would take to sell all current listings at the existing sales pace—rose by more than 30 percent in every category. Six or more typically signals a buyer’s market; Manatee County’s single-family home is at a 5.2-month supply of inventory, suggesting a more balanced market. And for townhomes and condos, Manatee County’s supply stood at 8.2 months.
n Sarasota County, the months’ supply of inventory for single-family homes increased to 7 months, indicating a continued shift toward a buyer’s market. Sarasota condos now represent the most saturated segment of the market, with 9.6 months of supply.
The market shift reflects a broader national slowdown in discretionary homebuying. “Statewide, second-home sales are down to one-third of pandemic levels, and that hits Sarasota especially hard,” says John Forberger, a local real estate agent with Douglas Elliman. “As a prime destination, we’re feeling the immediate impact. That discretionary demand has evaporated, at least for now.”
He also notes that the increase in supply and price reductions have attracted some first-time buyers, many of whom are turning to new-construction communities where builders are offering sizable incentives—often $20,000 or more toward rate buydowns and closing costs—that individual sellers cannot easily match.
Time to contract, another measure of market tempo, has also lengthened significantly. In Sarasota County, the median time to contract for condos increased 27 percent, to 61 days. In Manatee County, single-family homes saw a 13.6 percent increase in time to contract, reaching 50 days.
Even as homes linger on the market longer, sellers remain slow to adjust. “Too many are still living in 2021,” Forberger says. “Today’s buyers are cautious—and rightfully so. They’re asking about inspections, flood history, FEMA claims and special assessments. The scrutiny is real.”
Condominium buyers, in particular, are more attentive to potential costs. Rising insurance premiums and HOA fees—fueled in part by post-Surfside condo collapse safety legislation—have added financial pressure to many communities. State legislation now requires regular structural inspections for buildings three stories tall or higher, and mandates that associations maintain sufficient financial reserves for major repairs. The new requirements have led to significantly higher monthly dues and special assessments, especially in older buildings that had previously deferred maintenance.
“There’s been so much press about the condo crisis that it’s showing up at the negotiation table,” Forberger says. His advice? “Be fully transparent. If your HOA has special assessments, have the documents ready. Buyers will discover them during due diligence anyway, and hiding them only creates distrust.”
Closed sales for single-family homes held relatively steady—up 0.7 percent in Sarasota and down 1.9 percent in Manatee—while condominium sales declined more noticeably, dropping 13 percent in Sarasota and 1.1 percent in Manatee. Meanwhile, new listings continued to climb, with single-family home listings up more than 13 percent in both counties compared to April 2024.
With rising supply and falling prices, pricing strategy is now critical. “The ‘overpriced’ label is the kiss of death in this market,” Forberger says. “Your online listing is your first showing. If it doesn’t land with buyers right away, it’s going to gather dust. And then you’re looking at major reductions—some as high as $500,000.”
The shift in leverage has reshaped negotiations. “Forget FOMO,” Forberger says. “The new fear in Sarasota’s real estate market is the fear of not selling at all. Sellers who cling to peak-pandemic pricing are going to be left behind.”
