T
he Sarasota-Bradenton area's real estate market continued to cool in April, with median sale prices plummeting and inventory levels soaring. According to the Realtor Association of Sarasota and Manatee, this trend is a natural correction following the pandemic-fueled housing boom in the region. Median sale prices for single-family homes and townhomes/condos in both counties experienced double-digit declines from April 2024.

    In Sarasota County, the median sale price on a single-family home dropped by 13% to $470,000, while townhome and condo sales prices fell by 14.9% to $339,500. Manatee County saw similar drops, with a 12.5% decline in median sale price for single-family homes and a 14.8% drop for townhomes and condos.

    Experts attribute these declines to a market stabilization that's been ongoing since the pandemic. Sean Snaith, director of the University of Central Florida's Institute for Economic Forecasting, notes that the rapid price increases during the COVID-19 era were unsustainable. Inventory levels are still high, with Sarasota County boasting a 7-month supply of single-family homes and Manatee County having a similar level.

    While inventory growth has slowed, it remains at historic highs. The Realtor Association sees this as a sign of a stabilizing market, with a return to healthier conditions on the horizon. However, other factors may be at play, including the aftermath of last year's hurricane season, which could lead to more properties being put on the market in an effort to mitigate flood and wind damage risks.

    Despite uncertainty surrounding national trade and monetary policy, Snaith remains confident that the housing market won't enter a recession. With the local market poised for balance, it will be interesting to see how it responds to national policy changes in the coming months.