As we wrap up 2024, and lead into the start of 2025, the real estate market in Sarasota and Manatee counties continues to shift, reflecting broader economic trends. Whether you’re buying, selling, or investing, staying informed on the latest data is essential. Below is a break down the key market indicators and what they mean for you.
Sarasota County Market Overview
- Median Single-Family Home Price: $490,000 (↓ 2% YoY)
- Average Sale Price: $708,439 (↑ 7.3% YoY)
- Homes Sold: 439 (↓ 18.9% YoY)
- Median Time to Contract: 53 days (Nearly double from last year)
Sarasota County has seen a slight dip in median prices but a notable increase in average sale prices, suggesting high-end home sales are still strong. However, the drop in the number of homes sold and the longer time to contract indicate a cooling market, giving buyers more negotiating power.
Manatee County Market Overview
- Median Single-Family Home Price: $430,000 (↓ 11.5% YoY)
- Average Sale Price: $599,764 (↓ 9.4% YoY)
- Homes Sold: 635 (↑ 15.5% YoY)
- Median Time to Contract: 45 days (Up from 24 days last year)
Unlike Sarasota, Manatee County saw an increase in home sales despite prices dropping. This suggests that buyers are capitalizing on lower prices while inventory remains high. The extended time to contract aligns with a more buyer-friendly market, as sellers are adjusting their expectations.
Key Takeaways for Buyers & Sellers
For Buyers:
- More inventory means better choices and less competition.
- Longer time on the market allows for negotiation opportunities.
- With prices stabilizing, now may be a great time to enter the market before interest rates change.
For Sellers:
- Pricing competitively is crucial to attract buyers in a slower market.
- High-end properties are still performing well in Sarasota.
- Expect longer days on market and prepare for negotiations.
Looking Ahead
As we move into 2025, all eyes will be on interest rates and economic conditions that could influence demand. While the market is cooling, Sarasota and Manatee counties remain desirable destinations for homebuyers, investors, and retirees.
If you're considering buying or selling, let's connect to discuss your goals and how to navigate this changing market!
Sources: https://www.myrasm.com/statistics, https://www.sarasotamagazine.com, https://www.heraldtribune.com