As we move through the summer of 2024, the real estate market in Manatee and Sarasota Counties is showing signs of stabilizing, resembling the more balanced conditions we saw before the pandemic. Here’s a closer look at the current market trends for both single-family homes and condominiums in these areas.
Manatee County Market Overview
In Manatee County, the single-family home market has experienced a healthy increase in activity. Closed sales were up by 9.9%, with 686 homes sold in July 2024. The median price for a single-family home in this area now sits at $499,000, a slight decrease of 3.1% from the previous year. Homes are spending more time on the market, with the average time to contract rising to 52 days, an increase of 79.3%. The months of supply also grew significantly, up by 44.4% to 3.9 months, indicating a shift toward a more balanced market.
On the condo side, Manatee County has seen a decline in closed sales, dropping by 9.6% to 225 units sold. The median condo price is now $329,000, reflecting a 6% decrease. Condos are taking even longer to sell, with the time to contract reaching 77 days, a substantial increase of 63.8%. The supply of condos on the market also grew, with a 75% increase bringing the months of supply to 5.6 months.
Sarasota County Market Overview
Sarasota County’s single-family home market is also showing signs of stabilization. There were 642 closed sales in July 2024, a modest increase of 1.4%. The median price for these homes dropped by 12.1% to $470,000, which could be an indication of a cooling market. Similar to Manatee County, the time to contract for single-family homes in Sarasota County extended to 52 days, an increase of 108%. The months of supply increased by 50% to 4.8 months, suggesting that buyers now have more options and sellers may need to adjust their strategies.
For condos in Sarasota County, the market showed positive growth with a 7.1% increase in closed sales, totaling 285 units. However, the median price fell by 6.3% to $365,000. Condos are selling quicker than in Manatee County, with the time to contract at 67 days, up by 86.1%. The months of supply rose by 67.6% to 5.7 months.
A Balanced Market
The overall market trends in both Manatee and Sarasota Counties indicate a return to more balanced conditions, similar to those before the pandemic. While prices have moderated, the increase in inventory and longer time on the market offer more opportunities for buyers, particularly in the luxury segment.
Take the Next Step with Coastal Key Realty
If you’re considering buying, selling, or investing in real estate in Anna Maria Island or Longboat Key, now is an excellent time to explore your options. The current market conditions provide a unique opportunity to find your perfect home or investment property. Contact our luxury agent, Amy Jones, today for a free consultation and personalized advice tailored to your needs. With her expertise and deep knowledge of the local market, Amy can help you navigate these changing conditions to achieve your real estate goals.
