October 2024 Real Estate Trends: Sarasota and Manatee Counties

by Adam Miller

The REALTOR® Association of Sarasota and Manatee (RASM) has released its October 2024 real estate report, highlighting key developments across the housing markets in Sarasota and Manatee counties. Compiled using data from Florida Realtors®, the report shows clear signs of a cooling market, with a decline in sales activity, extended timeframes for transactions, and rising inventory levels for all types of properties.

Median and average sales prices revealed mixed results: single-family homes experienced slight year-over-year declines, while townhouses and condos faced more noticeable drops. Buyer behavior shifted, with reduced cash sales and longer times to contract and closing. These trends suggest a continued move toward a more balanced market, shaped by broader economic pressures and evolving buyer preferences. The lingering effects of Hurricane Milton and other recent storms may also have played a role, causing delays, affecting property conditions, and impacting buyer confidence in high-risk areas.

Key Market Highlights: October 2024

Sales Declines: Closed sales decreased year-over-year across all property categories in Sarasota and Manatee counties.
Rising Inventory: Inventory levels increased from the previous year, particularly for condos and townhomes.
Slower Market Pace: Median days to contract and time to sale grew significantly year-over-year.
Reduced Cash Transactions: Fewer cash sales were recorded, signaling less investor-driven activity.

“Month after month, we’re seeing the market stabilize, which is ultimately a positive development,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “Fluctuations in prices and longer timeframes to sell are part of the market finding its footing. Real estate, like any investment, experiences cycles, and this shift toward normalization is a healthy sign.”

FULL MARKET REPORT

Single-Family Homes in Sarasota County

In Sarasota County, 515 single-family homes were sold during October 2024, reflecting a 4.3% decrease compared to October 2023. The median sales price held steady month-over-month at $490,000 but showed a 5.8% year-over-year drop. Cash sales accounted for 39.6% of all transactions, down 13.7% from a year ago, highlighting reduced activity from investors.

Inventory climbed to 2,952 active listings, a 21.8% increase compared to October 2023. The months’ supply of inventory remained stable at 4.7 months. Median days to contract increased to 49 days, up 69% from last year, while the median time to close rose 34.3% to 94 days.

Single-Family Homes in Manatee County

Manatee County saw 470 single-family homes sold in October 2024, a steep 22.8% drop from October 2023 and an 11.7% decrease from September 2024. The median sales price remained unchanged year-over-year at $479,990.

Cash transactions made up just 30.2% of all sales, reflecting a 7.9% decrease compared to last year. Active inventory reached 2,385 listings, marking a 19.6% increase from October 2023. The months’ supply of inventory held steady at 3.9 months. The median days to contract rose 106.9% year-over-year to 60 days, while the median time to close increased 36.1% to 113 days.

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Shifting Market Dynamics

The October 2024 housing data for Sarasota and Manatee counties underscores a market in transition. Slower sales, lengthier transaction times, and higher inventory suggest a shift toward a more cautious and deliberate pace. Economic trends and the impact of recent hurricanes, including Hurricane Milton, have likely influenced these changes, delaying transactions and dampening buyer confidence in certain areas.

Despite the decline in activity, single-family home prices have shown stability in some segments, offering opportunities for both buyers and sellers. As the market continues to adjust, the focus will likely turn to addressing environmental concerns and maintaining buyer confidence, paving the way for a more stable and balanced housing market in the months to come.

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