Real estate market poised to favor buyers, new data suggests


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  • | 5:00 a.m. February 5, 2025
The real estate market in Sarasota and Manatee counties is returning to what realtors say is a pre-pandemic balance predicting buyer-favorable conditions, new data suggests.
The real estate market in Sarasota and Manatee counties is returning to what realtors say is a pre-pandemic balance predicting buyer-favorable conditions, new data suggests.
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The real estate market in Sarasota and Manatee counties is returning to what realtors say is a pre-pandemic balance predicting buyer-favorable conditions, new data suggests.

“While the market is becoming more balanced with homes taking longer to sell and more listings available, other factors have made this year tough for Florida real estate,” the Realtor Association of Sarasota and Manatee says in its 2024 year-end report.

“These conditions provide buyers with more options and negotiating power than in recent years," Debi Reynolds, 2025 association president and managing broker of SaraBay Real Estate, said in a news release. 

Of note in the report:

  • Price trends: Both counties experienced price declines across all property types from 2023, with townhouses and condos showing sharper declines compared to single-family homes. All prices are still significantly higher than they were during the pre-COVID boom in 2019.
  • Market speed: Transaction speeds slowed across the board, with both time to sale and time to contract increasing significantly year-over-year. These extended timelines haven’t been seen since 2019, marking a return to pre-pandemic market conditions.
  • Inventory and supply: Inventory and months' supply increased across all segments, reflecting a market shift toward more balanced or buyer-favorable conditions.

Challenges such as insurance costs and the impact of hurricanes on transactions have also added new layers of complexity, the report said. “The complexity of navigating this segment of the market has grown. New condominium laws, the intricacies of homeowners’ and condominium associations, and rising insurance costs require careful consideration.” 


Sarasota County

In Sarasota County, there were 7,486 single-family home sales in 2024, a 1.6% decrease from the previous year. The median sale price had a slight drop from $515,000 in 2023 to $505,000 in 2024 but prices have increased 74% since the pre-COVID boom in 2019.

The number of homes on the market increased in 2024 the data show. Months supply of inventory in Sarasota County increased 25% year-over-year to a balanced 5.5-month supply, compared to 4.4 in 2023.

Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current pace of sales.

The townhouse and condo market in Sarasota County experienced a 10.1% decline in closed sales year-over-year, with 3,444 transactions in 2024. The median sale price dropped 6.5% to $383,500, but was up 62.5% since 2019

Sarasota ended the year with 1,987 active listings and a 6.9-month supply, favoring buyers. The median time to contract increased 114.3% to 60 days and median time to sale increased 47.9% to 105 days year over year.


Manatee County

In Manatee County, there were 7,485 single-family home sales in 2024, a 0.1% increase from the previous year. The median sale price saw a slight decrease of 1.8% year-over-year to $499,875 but has increased 57.2% since 2019.

Inventory in Manatee County ended the year with 2,518 active listings and a 4-month supply. The median time to contract increased 57.6% to 52 days and median time to sale increased 20% to 102 days year-over-year, timelines that haven’t been seen since 2019.

Townhouse and condo sales decreased 8.9% year-over-year to 2,594 transactions in 2024. The median sale price decreased 6.8% to $338,990, but is still up 69.2% since 2019.

Manatee County ended the year with 1,483 active listings and a 6.9-month supply, favoring buyers. The median time to contract increased 80.6% to 65 days and median time to sale increased 39.2% to 110 days year-over-year.

“While we're seeing a normalization in the market, sellers who purchased before the pandemic can still capitalize on significant equity gains,” Reynolds said in the news release. “These trends show the strength of our local market as it evolves toward balance."

 

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