A continued cooling trend in the Sarasota-Manatee real estate market has resulted in growing inventory of homes for sale, reaching the highest level in more than eight years, according to the latest report from the Realtor Association of Sarasota and Manatee.
The association’s February findings reported falling median sale prices, increased inventory and a longer time to contract and sale. The trends, according to report, indicate a market that leans slightly in the buyer’s favor.
A cooling trend that’s persisted post-pandemic has resulted in some of the highest inventory the area’s seen in years. February’s supply of single-family homes in Sarasota County reached 6.8 months with 4,292 active listings, a 28.6% year-over-year increase in the supply, according to the report. Manatee County’s 4.9-month supply of single-family homes with 3,097 active listings is also a local high, representing a 16.7% year-over-year increase.
The numbers are the highest February figures since at least 2016, which is the oldest report available on Realtor Association’s website. The surges come as inventory continues to rebound in the Sarasota-Bradenton area, with year-over-year spikes reaching as high as 200% and 300% in 2022 and 2023 as the market cooled after a pandemic-fueled buying frenzy.
Sales data varied by county. Sarasota County recorded 589 single-family homes sold in February, a 2.1% increase from last year. Manatee County, meanwhile, dropped 8.6% from last year to 500 single-family homes sold.
The median sale prices for single-family homes in both counties dropped from this time last year, with a 1.5% decrease to $499,990 in Sarasota County and a 4.8% decrease to $475,995 in Manatee.
Median time to contract and sale, however, looked opposite in each county.
In Sarasota County, median time to contract and sale for single-family homes increased from this time last year, up to 46 days from 45 days and to 86 days from 85 days, respectively. Conversely, both saw a drop in Manatee County, with median time to contract down 19.3% from last year to 46 days and median time to sale down 6.9% to 95 days.
Townhomes and condos saw much of the same inventory, price and timing changes. February’s townhome and condo supply in Sarasota County reached 9.1 months with 2,618 active listings, representing a 23.5% year-over-year increase in inventory. Manatee County fared similarly, with a 24.4% year-over-year inventory increase to 1,828 active listings totaling a 8.3 months of supply.
Closed sales decreased in Sarasota County but rose in Manatee County. Sarasota’s 237 townhomes and condos sold in February represents a 12.2% drop from last year, while Manatee County increased 28.1% to 237 sales.
Median sale price of townhomes and condos fell from this time last year in both counties, dropping 12.3% to $342,000 in Sarasota and dropping 8.4% to $319,990 in Manatee. Median time to contract and sale, again, differed by county.
In Sarasota County, median time to contract for condos and townhomes rose 4.8% from last year to 44 days, and median time to sale increased 3.7% to 85 days. Manatee County’s median time to contract stayed relatively consistent to last year at 51 days, while its median time to sale dropped 5.4% to 88 days.
The association’s report notes a general trend toward a buyer’s advantage with the figures.
“While demand remains steady, increasing inventory and longer time-to-contract trends indicate a shift away from the highly competitive conditions of recent years,” the report reads. “Buyers may find more negotiating power, while sellers will need to adjust pricing strategies to attract interest.”
Contact Herald-Tribune Reporter Heather Bushman at hbushman@gannett.com. Follow her on Twitter @hmb_1013.
