Slower Market Trends in October 2024 for Sarasota and Manatee Counties
The October 2024 housing market statistics for Sarasota and Manatee counties reveal a noticeable shift toward a slower and more cautious market. Declining sales, extended timeframes, and rising inventory levels reflect changing dynamics influenced by broader economic trends and the aftermath of events like Hurricane Milton. Closed sales experienced a significant year-over-year drop of 16.2% compared to 2023. Meanwhile, inventory levels rose by 21% year-over-year, and the number of homes placed under contract in October hit their lowest levels since October 2022.
While median prices have shown resilience in some market segments, the overall decline in buyer engagement highlights the need for adaptability among sellers and real estate professionals. Properties are taking longer to sell, with median days on the market almost doubling to 49.5 days compared to a year ago. Buyers are demonstrating increased caution, with fewer cash sales and extended timeframes to finalize contracts and sales.
In this evolving market, working with a knowledgeable and experienced REALTOR® is more important than ever to ensure you are well-positioned for success, whether buying or selling a home.