How did Manatee County’s housing market change in 2024? Report has good news for buyers
It was cheaper to buy a house in Manatee County in 2024 compared to 2023, a report said.
The Realtor Association of Sarasota and Manatee released its latest housing market report for the two-county area. It details an annual look at the Manatee and Sarasota housing market for 2024 compared to 2023, the fourth quarter of 2024 versus the same time period of 2023 and December measured year-over-year.
In Manatee County, the median sale price for single-family homes dropped 1.8% year-over-year to $499,875. The median time to contract increased 57.6% to 52 days and median time to sale increased 20% to 102 days year-over-year. There was also a 0.1% increase in closed sales with five more single-family homes selling in 2024 compared to the previous year.
Sarasota County single-family median sale prices fell $10,000 to $505,000 in 2024. The monthly supply of inventory increased 25% year-over-year to 5.5 months. That’s a balanced supply, the report said.
The median time to contract increased 81.5% to 49 days and median time to sale increased 30% to 91 days year-over-year.
It indicates a shift toward a balanced market, though home prices remain higher than pre-pandemic levels of 2019 despite the decline in 2024, the report said.
“The single-family home market in Sarasota and Manatee counties continues to provide stability and opportunity,” RASM president Debi Reynolds said in a news release. “While we’re seeing a normalization in the market, sellers who purchased before the pandemic can still capitalize on significant equity gains. These trends show the strength of our local market as it evolves toward balance.”
Townhomes and condos
Manatee County townhouses and condos saw a similar trend in 2024, the report said. Sales decreased 8.9% year-over-year and the median sale price dropped 6.8% to $338,990. The sale price, though, is still up 69.2% since 2019, the report said. Townhomes and condos in the county have a 6.9-month supply of inventory.
The Sarasota County townhome and condo market experienced a 10.1% decline in closed sales compared to 2023, a 6.5% drop in median sale price to $383,500 and a 6.9-month supply of inventory.
The townhome and condo market between the two counties moved to a buyer’s market in 2024, the report said.
“The townhouse and condo market in Sarasota and Manatee counties is undergoing a shift toward more buyer-friendly conditions, with increased inventory and longer time on the market creating opportunities for those looking to purchase,” Reynolds said in the news release. “These conditions provide buyers with more options and negotiating power than in recent years.”
December
While sales decreased for 2024 compared to 2023, the month of December saw a 6.2% increase in Manatee County single-family closed sales compared to December 2023. The median sale price fell 1.6% to $492,045. The monthly supply increased from 3.3 months to 4.0 months year-over-year.
The median time to contract and time to sale increased by 60% and 21.7%, respectively.
Manatee County’s townhome and condo sales had a 24.9% increase year-over-year. The average sale price was $327,000, which marked a 6.6% decrease compared to December 2023. The monthly supply increased 50% to 6.9 months. The median time to contract and time to sale increased 47.4% and 44.7%, respectively.
Sarasota County single-family home closed sales had a 16.6% increase in December year-over-year. The median sale price increased nearly 2% to $528,700. The monthly supply increased 25% to 5.5 months. The median time to contract and time to sale increased by 16.2% and 9.3%, respectively.
Sarasota County townhome and condo closed sales fell 19.5% in December year-over-year. The median sale price dropped 18.1% to $384,250. The monthly supply increased from 5.2 months to 6.9 months.
The median time to contract and time to sale increased 191.3% and 70.3%, respectively.
