As the summer sun cast its final rays over Sarasota and Bradenton, the local real estate market unveiled a transformative shift—a market correction reminiscent of pre-pandemic times. Recent data reveals a cooling trend, signaling a dramatic change from the fevered buying sprees and soaring prices that characterized the post-COVID real estate landscape.
A Cooling Market: The Numbers Tell the Tale
According to the latest report from the Realtors Association of Sarasota and Manatee (RASM), both counties have seen a notable deceleration in market activity. Properties are lingering on the market longer, echoing conditions from before the pandemic-driven surge. In July, Sarasota County witnessed a substantial 59.5% rise in single-family homes available for sale, bringing the total to 3,068. Despite a modest increase in closed sales—642 homes, up 1.4% from last year—median home prices plummeted by 12.1%, settling at $470,000.
The story in Manatee County mirrors this trend, with a 55.2% rise in available homes and a 3.3% drop in median home prices, now at $499,000. However, the average sales price in Manatee edged up by 3%, reaching approximately $661,000. The increase in available properties has extended the average time to sell a home to 94 days in Sarasota and 100 days in Manatee—figures not seen since the early pandemic period of 2020.