There may be early signs of a stabilized housing market in Manatee and Sarasota counties.
Inventory growth is slowing, according to the latest Real Estate Association in Sarasota and Manatee reports. “As new listings and pending inventory growth begin to level out, it shows a potential shift towards market stabilization.”
In April, there were 672 detached homes sold, down 1.9% from the previous year. The median selling price also fell to $464,000. This is a 12.5% decrease compared to April 2024.
The county ended in April with a 5.2 month supply of stock. This is higher than the supply from April 2024, but has slowed inventory growth over the course of a month.
Median contract hours increased from 44 to 50 days from the previous year, while median sales hours increased from 4.5% to 92 days compared to April 2024.
“The single-family housing markets in both Sarasota and Manatee counties show signs of encouragement for stabilization,” President Devi Reynolds said in a news release. “While we have seen a natural revision from record highs in recent years, the steady pace of sales and the slower growth of inventory indicate a return to a healthier market situation.”
Townhouses and Condos
Manatee County saw a 1.1% decline in townhomes and condominium sales, with median sales prices in April falling by $300,220, down 14.8% year-on-year.
There is an 8.2-month supply of townhouses and condominiums, but the median contract hours increased from 44 to 63 days, and the median sales hours rose from 91 to 98 days from the previous year.
“The condo and townhome markets have shown more noticeable price softening, primarily due to a steady increase in stock,” Reynolds said in a news release. “This means that buyers have more negotiation power, but it also challenges sellers to be strategic to ensure their property is competitive and well-represented.”
Sarasota County
In Sarasota County, median selling prices plummeted from $540,000 to $470,000 from 13% for single-family homes compared to the previous year. Median contract time and median sales time remained roughly the same for 43 and 82 days, respectively. Monthly supply of stock was 37.3% higher than in April 2024 for single-family homes. It’s been 7 months.
For townhomes and condominiums, median sales prices fell nearly $60,000. It’s $339,500 in April. Monthly inventory is 9.6 months of supply. Median contract time increased from 48 to 61 days compared to April 2024.
