Report: Real estate slows in Manatee, Sarasota

Sarasota and Manatee counties saw slowdowns in the real estate market in August, according to a new report from the Realtor Association of Sarasota and Manatee. 

"While closed sales and median prices have softened, inventory remains elevated, offering more opportunities for buyers," the report says. "The decline in cash sales suggests a potential shift in investor activity, which could further influence the market in the coming months,"

Closed sales were down in August in both counties, the association's monthly market report shows. Closed sales peaked in April and May and have declined throughout the summer, according to the report. “While summer slowdowns are expected, the extent of these shifts is noteworthy as we approach the prime selling season,” the report says.

In particular, the townhouse and condo market saw the most pronounced declines in sales in August. 

Closed sales of townhouses and condos in Sarasota County were down 22.2% year over year in August, with 217 transactions, the report says. The median sale price fell to $345,000 — a $20,000 drop from July and down 10.5% year over year, according to the report.

In Manatee County, townhouse and condo sales in August decreased by 11.2% compared with a year ago, with 215 sales reported, the report says. The median sale price in Manatee County remained consistent month to month at $329,990 but was down 8.1% year over year.

Closed sales of single-family homes were down but not by as much as townhouse and condo sales, with prices remaining “steady” after a slight dip in June, according to the report.

In Sarasota County, closed sales for single-family homes were down by 1.9%, with 633 homes sold in August, according to the report. The median sale price of $475,000 represented a 1.1% increase compared with July but was down 8.5% year-over-year, the report says.

In Manatee County, closed single-family home sales decreased “marginally” by 0.2%, with 615 homes sold in August (compared with 616 in 2023). The median sale price dropped by 1% to $494,000 compared with July, the report says. It is down 5.9% year over year.

“The market is adjusting and settling into a normal rhythm after the pandemic,” Realtor Association of Sarasota and Manatee President Tony Barrett says in a statement. “We couldn’t sustain those huge price spikes forever, so it's natural to see a little correction happening now.”