Manatee County’s latest real estate report shows how housing market is shifting
The local housing market around Manatee County continues its shift toward a balanced environment.
According to the Realtor Association of Sarasota and Manatee’s latest real estate market report, there were more buyers, with moderate prices and homes took longer to sell compared to the previous year.
Single-family homes
In Manatee County, single-family home sales rose 24.4% year-over-year in September, with a steady $470,000 median sale price compared to the previous year.
The median time to contract increased to 60 days, with the median time to sale reaching 109 days, according to the report. Those were slightly up from August.
The inventory supply is at 4.2 months.
In Sarasota County, there were 646 single-family homes sold, a 25.9% increase compared to the previous September. The median sale price dropped 8.2% year-over-year to $450,000.
According to the report, it’s the lowest median price since February 2022. Inventory levels rose 10.4% in Sarasota County, which has a 4.8-month supply.
Homes were under contract for 64 days and needed 105 days to close in September, the report said.
“As single-family inventory stabilizes and months supply approaches a more typical range, the market is shifting from one-sided to one where both sellers and buyers can engage productively,” RASM president Debi Reynolds said in a news release.
Townhomes and condos
There were 216 townhouses and condos sold in September in Manatee County. That’s a 31.7% increase year-over-year. The median sale price fell 7.3% to $296,500, while the monthly supply decreased to 6.3 months. The median time to contract of 92 days and the median time to sale of 130 days increased from the previous September.
Sarasota County had the same amount of townhomes and condos sold compared to the previous September. However, the median sale price dropped 17.1% to $315,000. The median time to contract hit 108 days and median time to sale reached 139 days, marking 89.5% and 28.7% increases year-over-year, respectively.
“The condo and townhome market is clearly in a correction phase,” Reynolds said in a news release. “Elevated supply, longer days on market and lower sale-to-list price ratios all point to a more buyer-friendly environment.”
