September 2024 Real Estate Market Report: Trends in Sarasota and Manatee Counties

Posted by: REALTOR® Association of Sarasota and Manatee, October 23rd, 2024

SARASOTA, Fla. (October 23, 2024) – The REALTOR® Association of Sarasota and Manatee (RASM) has released its September 2024 real estate market report, detailing key trends across Sarasota and Manatee Counties. Based on data compiled by Florida Realtors®, both counties saw a noticeable slowdown in the housing market, with single-family homes and condos experiencing declines in sales. Median sale prices decreased across various property types, and properties remained on the market longer before going under contract. The slowdown may be partly attributed to the impact of Hurricane Debby’s flooding, which likely disrupted buyer activity and contributed to uncertainty in the market.

Key Trends in Sarasota/Manatee September 2024:

• Decreased Sales Volume: Across all property types in both counties, closed sales saw double-digit percentage drops, indicating a slowdown in market activity.
• Price Adjustments: Median sale prices have declined in most sectors, reflecting a slight cooling in market demand.
• Inventory Growth: Inventory levels have risen significantly year-over-year, suggesting a shift towards a more balanced market.

Single-Family Homes

In Sarasota County, there were 513 single-family home sales in September 2024, an 18.9 percent decrease from the previous month. The median sales price rose by 3.2 percent to $490,000 compared to last month but remained steady year-over-year. Cash sales accounted for 40.7 percent of closed sales, slightly higher than the previous month.

Inventory is significantly higher than a year ago, with 2,841 active listings, marking a 31.6 percent increase from September 2023. The months’ supply of inventory has remained relatively stable, with 4.5 months of supply in September 2024. The median time to contract in September 2024 was 48 days, a 77.8 percent increase from a year ago.

In Manatee County, there were 532 single-family home sales in September 2024, a 13 percent decrease from the previous month. The median sales price was $470,000, the lowest recorded in 2024. Cash sales accounted for only 26.5 percent of closed sales, suggesting a decrease in investor activity in the county.

Inventory in Manatee County also rose significantly, with 2,461 active listings, a 39.8 percent increase from September 2023. The months’ supply of inventory remained stable at 3.9 months. The median time to contract in September 2024 was 47 days, a 62.1 percent increase from the previous year.

“Our local housing market has faced some unique challenges this past month, and Hurricane Debby’s flooding certainly played a role in that. The storm not only disrupted the daily lives of our residents, but it also impacted buyer confidence and delayed many transactions. We’re seeing the effects of that in slower sales as the community recovers,” said Tony Barrett, 2024 President of the REALTOR® Association of Sarasota and Manatee. “We should expect to see similar trends in October as well.”

Townhomes and Condos

In Sarasota County, the townhouse and condo market recorded a 21.2 percent year-over-year decrease in closed sales, with 230 transactions. Cash sales accounted for 59.6 percent of these transactions. The median sale price increased to $380,000, up from $345,000 in August 2024. Sellers received 93.5 percent of their original list price, a 1.7 percent decline compared to September 2023.

Inventory for Sarasota townhomes and condos increased 36 percent year-over-year to 1,617 active listings, resulting in a 5.4-month supply of inventory. The median time to contract increased by 46.2 percent year-over-year to 57 days.

In Manatee County, townhouse and condo sales dropped by 25.5 percent year-over-year, with 164 sales recorded. Cash transactions made up 43.9 percent of the sales. The median sale price decreased to $319,990. Sellers received 93.6 percent of their original list price, a 1.2 percent year-over-year decline.

Inventory for townhomes and condos in Manatee County remained stable at 1,316 active listings, leading to a 6-month supply of inventory. The median time to contract increased 58.7 percent year-over-year to 73 days.

Summary

While the Sarasota and Manatee housing markets experienced a temporary slowdown in September, largely due to the impacts of Hurricane Debby, we expect to see similar trends continue into October as the region faced two additional hurricanes. Despite these challenges, the long-term outlook remains optimistic as the community recovers and rebuilds. The REALTOR® Association of Sarasota and Manatee remains dedicated to supporting homeowners, buyers, and real estate professionals through these difficult times, ensuring a strong and resilient housing market moving forward.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

Sarasota County Single Family Homes
(Month to Month 2020 – Present)

Manatee County Single Family Homes
(Month to Month 2020 – Present)

Sarasota Manatee Housing Statistics September 2023