T
he Sarasota-Manatee real estate market has slowed down significantly in November, according to a recent report from the Realtors Association of Sarasota and Manatee. The slowdown is attributed to high mortgage rates, inflation, and a housing market where homes have become less affordable. This shift is also seen as a rebalancing of the market after home prices skyrocketed following the COVID-19 pandemic.

    "We're seeing a return to more balanced conditions," said Tony Barrett, 2024 RASM president and broker/owner of Barrett Realty. "Buyers and sellers now have equal opportunities to navigate the market successfully."

    The report identified four main trends: decreased closed sales, declining median sales prices, longer time to sale, and growing inventory. In Sarasota County, single-family home sales dropped by 18.9% in November compared to last year, with a median sales price of $490,000. Manatee County saw a 15.5% decline in single-family home sales, with a median sales price of $430,000.

    While the current market may seem concerning, the local Realtors association remains optimistic about the future of home sales in the region. "These changes bring the market closer to the steadier patterns we saw before 2020," the report stated. "Back then, prices grew more slowly, and there was less competition, making it fairer for both buyers and sellers."