Is the ‘pandemic-driven surge’ in Manatee’s housing market over? See the latest report
The local housing market is slowing down, with less sales, declining median prices and longer time to sell, according to the latest Realtor Association of Sarasota and Manatee report.
High mortgage rates, inflation and less affordable homes are a few causes for cautious buyers, according to the report.
“The current trends show the market is finding its footing after the pandemic-driven surge,” said Tony Barrett, RASM president. “We’re seeing a return to more balanced conditions, similar to what we experienced before 2020, where buyers and sellers had equal opportunities to navigate the market successfully.”
There was a year-over-year decrease in closed sales, except in the Manatee County single-family home category, for the area. Median sales prices also dropped across all property types, the report said, and the median time to sale extended year-over-year.
But inventory levels increased for Manatee and Sarasota’s housing market.
Here’s a further look:
Manatee single-family homes
Closed sales increased 15.5% in November compared to November 2023. The median sale price dipped to $430,000 from $485,861 in November 2023. Time to sale increased 24.4% to 102 days with a monthly supply of 3.9 months — a 0.5-month increase year-over-year.
Manatee townhouses and condos
Townhome and condo closed sales decreased by 17.7% compared to the previous November. The median sale price was $309,900 in November 2024. That was an 11.8% drop from the $351,500 median sale price in November 2023.
The median time to sale increased from 83 days to 94 days in November 2024, while the monthly inventory supply increased from 4.4 months to 6.6 months.
Sarasota County
In Sarasota County, single-family home sales decreased 18.9% from the previous year. The median sale price remained at $490,000 — the same as October — but that marked a 2% decrease year-over-year. Inventory increased 18.9% year-over-year with a 5.2-month supply.
Townhouses and condos had a 19.7% decline in closed sales from the previous year, with the median sale price dropping 31.8% to $373,700 and inventory increasing 18% with a 6.3-month supply.
