September 2024 Real Estate Market Report: What’s Happening in Sarasota and Manatee Counties?

September 2024 Real Estate Market Report: What’s Happening in Sarasota and Manatee Counties?

The September 2024 real estate market data from the REALTOR® Association of Sarasota and Manatee (RASM) is in, and it’s clear that we’re experiencing a moment of adjustment across Sarasota and Manatee Counties. Both counties saw slower activity this past month, with a noticeable shift in home sales, property prices, and inventory levels. This market evolution—largely influenced by Hurricane Debby’s recent impacts—has created a more balanced environment, one that’s creating interesting opportunities for both buyers and sellers. Let’s dive into the key trends and what they mean for you.

September 2024 Key Market Insights for Sarasota and Manatee

In both counties, we’re seeing a cooling period across the board for real estate sales. Closed sales have dropped by double digits across property types, and properties are generally taking longer to sell. While this may create short-term uncertainty, it also means that we’re seeing a positive trend toward a more balanced market, giving everyone—buyers, sellers, and investors—a unique chance to navigate their next move with more options and less pressure.

Here’s what’s driving these trends:

• Sales Volume: Declines in closed sales across Sarasota and Manatee indicate a slowdown, giving buyers more breathing room and providing sellers the opportunity to refine their market approach.
• Price Adjustments: Median sale prices have softened, reflecting a natural cool-down in demand—a welcome sign for buyers looking for value.
• Inventory Growth: Inventory has increased year-over-year, signaling a shift from a fast-paced seller’s market to one that balances the needs of both sellers and buyers.

Spotlight on Single-Family Homes: More Options and Time to Explore

In Sarasota County, there were 513 single-family home sales in September, an 18.9% drop from August. Despite this, the median sale price nudged up by 3.2% to $490,000, holding steady year-over-year. Cash sales made up 40.7% of transactions, showing strong interest from cash buyers. Inventory in Sarasota surged by 31.6% compared to last September, with a 4.5-month supply—good news for buyers who want more choices and time to explore their options.

Manatee County saw 532 single-family home sales, marking a 13% decrease from the prior month, with a median sale price of $470,000, the lowest point in 2024. Cash sales accounted for 26.5% of sales, reflecting a potential shift away from investor-driven activity. Inventory rose by nearly 40%, increasing to a 3.9-month supply. With homes now taking an average of 47 days to go under contract, buyers have an opportunity to find properties that meet their needs while negotiating on price and terms.

Townhomes and Condos: Balanced Inventory, Steady Pricing

In Sarasota’s townhome and condo market, sales dropped 21.2% year over year, with 230 transactions completed. The median sale price rose to $380,000, up from August’s $345,000, driven in part by cash buyers, who comprised nearly 60% of transactions. Inventory climbed by 36% compared to last year, resulting in a 5.4-month supply—a sign that buyers have a wider selection without the rush.

Manatee County’s townhome and condo market mirrored Sarasota’s trends, with a 25.5% decrease in sales and a slight dip in the median sale price to $319,990. Cash sales made up 43.9% of transactions, and inventory remained stable at a 6-month supply, providing buyers ample time to explore listings and make informed choices.

Partner with The 941 Lifestyle Group: Your Local Real Estate Experts

At The 941 Lifestyle Group, we believe in making real estate personal. As the local market adapts, we’re here to help you navigate this landscape with expert guidance and insights tailored to your needs. Whether you're considering buying, selling, or simply exploring your options, our team offers the support, resources, and local expertise to help you make confident decisions. We take pride in our lifestyle-centered approach to real estate, connecting you with communities that match your lifestyle and goals.

Beyond Homes - We Match Lifestyles
Sign Up To Receive Our Weekly Newsletter

Thank you for taking the time to read our blog. We’re thrilled you found us and are excited to be your go-to real estate team in the 941 area!

Get the Full Report

We service all of Manatee and Sarasota Counties, specializing in Lifestyle Real Estate. From the beautiful Gulf beaches to vibrant Downtown Sarasota and Lakewood Ranch, we’re here to help you find your perfect fit.

Please reach out anytime:
📞 941-233-9722
🌐 www.The941LifestyleGroup.com
📧 Adam Miller | Info@the941LifestyleGroup.com
Real Broker, LLC

Some of our blogs were written with AI's assistance.