T
he Sarasota-Bradenton area's real estate market continued to slow down in June, according to a recent industry report. The Realtor Association of Sarasota and Manatee found year-over-year declines in median sale prices across all property types and both counties. While the number of sales remained steady in Sarasota County, it fell in Manatee, indicating a shift towards a buyer's market.

    Median sale prices dropped significantly: 8.1% in Sarasota County for single-family homes (from $495,000 to $455,000) and 15.2% in Manatee County (from $518,950 to $440,000). Townhome and condo prices also declined, with a 3.2% drop in Sarasota and a 9.2% decline in Manatee compared to the previous year.

    Sales activity differed between the two counties: single-family home sales increased by 1% in Sarasota County, while Manatee saw a 3.2% drop. Townhome and condo sales also varied, with Sarasota's increasing by 2.5% and Manatee's slipping by 5.3%.

    The trend in Sarasota-Manatee is counter to national figures, where home prices increased by 1% year-over-year, with a median price of $447,054. However, homes sold nationwide rose by 3.8% year-over-year.

    Inventory levels remain high: Sarasota County reported a 6.3-month supply of single-family homes (a 26% year-over-year increase) and an 8.3-month supply of condos and townhomes (a 31.7% spike). Manatee County saw similar trends, with a 30% year-over-year increase yielding a 5.2-month supply of single-family homes.

    Median time to contract for single-family homes in Sarasota County grew by 20%, while median time to sale increased by 6.5%. In contrast, Manatee County experienced a decrease in median time to contract and sale. The condo and townhome market showed more resilience in pricing but sales cycles are stretching, and inventory has grown significantly.

    As supply levels out, the market may begin to stabilize. Realtor association President Debi Reynolds noted that buyers now have more leverage, and sellers must adjust accordingly.