T
he Sarasota-Bradenton real estate market continued to slow in May, with a decline in median sale prices and reduced activity. According to the Realtor Association of Sarasota and Manatee's latest report, the median sale price for single-family homes dropped 7.3% in Sarasota County and 8.9% in Manatee County compared to last year. Townhome and condo sales also declined, with a 12.8% drop in Sarasota and a 13.4% decline in Manatee.
Sales activity decreased alongside median sale prices, with single-family home sales falling 7.3% in Sarasota County and 1.9% in Manatee County. However, townhome and condo sales showed different trends, with Sarasota's slipping 19.1% but Manatee's rising slightly by 0.4%.
The market shift is attributed to a decline in consumer confidence and high interest rates. This trend contrasts with national figures, where home prices increased 0.7% year-over-year, according to Redfin.
Inventory levels remain high in both counties, with Sarasota County reporting a 6.6-month supply of single-family homes and Manatee County showing a 5.2-month supply. The median time to contract for single-family homes grew in both counties, while townhome and condo sales showed varying trends.
The Realtor Association's report concludes that the market is stabilizing and becoming more buyer-friendly, with President Debi Reynolds noting that the slower pace gives first-time buyers a fairer shot at homeownership.
