Is Manatee County’s housing market cooling down? Latest monthly report shows trends
This year’s high-intensity hurricane season may be contributing to a cool down in the Bradenton-area housing market, according to a new report.
According to the Realtor Association of Sarasota and Manatee’s November report, Hurricanes Helene and Milton were followed by a slowdown in local home sales.
“Recent hurricanes may have contributed to market disruptions, delaying transactions, affecting property conditions, and influencing buyer confidence in vulnerable areas,” the report said.
In October, the Sarasota and Manatee County housing market saw the following compared to the same period in 2023:
Decreased closed sales
Inventory increased
Longer time to sale
Decline in cash sales
“The latest marketing reports continue to show a stabilization in the market, month after month,” RASM president Tony Barrett said in a news release. “A decrease in median home prices or longer days on the market shouldn’t be seen as a setback, but rather as an opportunity for adjustment.”
“Like any investment, the market experiences ups and downs, but we are holding steady with relatively minor fluctuations in the numbers, moving towards a more normalized market.”
Manatee County single-family home sales
In Manatee County, there was a 22.8% decrease in closed sales of single-family homes year-over-year in October. The monthly inventory rose 19.6% with 2,385 active listings and a 3.9-month supply compared to October 2023. The median sales price rose 0.2% or $990 during October compared to the same time in 2023. That median sales price was $479,990 for Manatee County single-family homes.
Manatee County townhouse and condo sales
Manatee County townhouses and condos saw a decrease in closed sales and a drop in the median sales price. There were 162 townhomes and condos in closed sales, marking a 24.7% dip compared to October 2023. The median sales price also fell, dropping 11.4% to $327,990.
Active listings rose 39.5% to 1,285, which amounts to six months supply of inventory.
Sarasota home sales
The median sales price in Sarasota fell to $490,000, a 5.8% decrease, with closed sales dropping 4.3% to 515 in October compared to the preceding year for single-family homes.
The monthly supply and active listings for Sarasota County single-family homes increased. Monthly supply rose 20.5% to 4.7 months, while the active listings were 2,952 compared to the 2,424 from October 2023.
Sarasota County townhouses and condos also had a decrease in closed sales and the median sales price. The closed sales fell 18.7% to 200 and the median sales price was $385,277. That was a 9.7% decrease.
The monthly supply of inventory increased 25% to five months compared to October 2023. Activing listings increased 19.7% to 1,641 year-over-year in October.
“With the challenges of three hurricanes this summer, rising interest rates, higher insurance premiums, and a dip in consumer confidence, our area is still in a strong position heading into 2025,” Barrett said.
