August Market Activity Sees Significant Decline as Summer Winds Down
Sarasota & Manatee Counties – In August 2024, the real estate markets in Sarasota and Manatee counties saw a noticeable decline in activity, following typical seasonal trends as many seasonal residents returned north for the summer. The peak of closed sales occurred in April and May, with a gradual decrease throughout the summer. August recorded the lowest sales numbers, with 1,734 properties sold, reflecting an 8.4% drop from July and a 5% decrease compared to August 2023.
Median sale prices remained unchanged from the previous month but were down 5.9% compared to the same time last year. The median time to contract held steady at 51.5 days, marking a significant 71.7% year-over-year increase, which equates to 21.5 additional days. Inventory levels reached their lowest point of the year, with 8,140 active listings, a 5.5% decrease from July. However, compared to last year, inventory has surged by 49.8%.
New listings and new pending sales in August reflected the lowest activity levels for 2024. New listings fell by 11.5% from July, while new pending sales dropped by 10.1%. As the summer slowdown gives way to the busier fall and winter months, elevated inventory levels offer more opportunities for buyers in the Sarasota and Manatee real estate markets.