Market Conditions Returning to Pre-Pandemic Norms
Sarasota & Manatee Counties – The real estate markets in Sarasota and Manatee counties have experienced a significant shift toward a more balanced state, reminiscent of the conditions prior to the COVID-19 pandemic. In July 2024, both counties saw a cool-down in market activity compared to the same period in 2023.
Key indicators of this shift include a substantial increase in the median time to contract and sale, which surged by 98.1% year-over-year. This longer time frame indicates a less frenzied market and more thoughtful decision-making by both buyers and sellers. Additionally, the total number of homes under contract in July 2024 decreased by 17.9% compared to the previous year, further highlighting the cooling market.
The rise in inventory levels has been a driving factor in this market correction. Inventory increased by 63.3% year-over-year, providing buyers with more options and reducing the pressure on prices. Consequently, the median sale price for homes in both counties saw a 4.6% decline year-over-year in July 2024, offering more affordability to buyers.
Seller metrics also reflected the shift. The average percentage of the list price received by sellers was 96.4%, a 1.1% decrease from the previous year. This slight dip suggests that buyers now have more leverage in negotiations, a marked change from the competitive market conditions of the past few years.
While the cooling market may seem concerning at first glance, it is actually a positive development, indicating a return to healthier, more balanced conditions. This is beneficial for both buyers and sellers, as it leads to more stable prices and a more sustainable real estate market in Sarasota and Manatee counties.