Sarasota/Manatee County Home Prices Scott Norris May 9, 2024
Unless otherwise specified, the source of all data in this report is Stellar MLS for the combined area of Sarasota and Manatee Counties and the residential property-types Single Family Homes, Condominiums, Villas, and Townhouses for the time periods indicated.
Unit sales during the first four months of 2024 have been 1.8% higher than the same period in 2023 (7160 ty vs 7030 LY). The month of April was 2% higher this year vs last year. However, as you will read below, total unit sales is still being buoyed by a record number of new construction sales. Unit sales excluding new construction (sometimes called existing home sales) has declined by 8% this year through April compared to the same period last year.
Between January 2017 and December 2023 (84 months), only 4 months ended with more than 9000 listings on the market. In 2024, every single month has ended with more than 9000 listings on the market. While February and March ended with almost 10,000 active listings, April was lower at only 9311 listings (but still 63% more than April 2023). Condo inventory was up 81% over April 2023 while Single Family Home inventory increased 56%.
The marketing time required to get a contract has chopped around this year, ranging between 44 and 51 days. Last year during this same period, the range was 15 to 26 days. In 2022, it was 4 days for each of the first 4 months.
The median sales price for all property types was $480,000 in April, up 1% from April of last year. The median sales price for a single-family home was $529,000 in April, also 1% higher than April 2023. Condo prices, however, fell 2% compared to April 2023, with the median sales price coming in at $380,000.
Given the relatively longer marketing times, flat sales, and very high levels of inventory, prices are holding up pretty well for now. The $529,000 median sales price for single family homes is a new monthly high. The$380,000 median sales price for condominiums is off the high or $411,000 reached in November but still above the median sales price over the past 12 months of $377,000.
These are listing agreements that ended without the property selling. The rolling 3 month total took one of the largest jumps in 2 year this month, going from 511 last month to 654 this month (+28%).
New Construction sales are up 55% for the year, going from 1106 last year to 1712 this year. New construction represented 17% of total sales during the first 4 month of last year vs 24% of total sales this year. The increase in new construction sales is greater than the total increase in sales. Unit sales, excluding new construction, have fallen 8% in the first 4 months of 2024 compared to the same period in 2023.
Sarasota/Manatee County Home Prices
Existing Home Sales Slide 8% as New Construction Sales Boost total Sales to +2%
Sarasota/Manatee County Home Prices
Sales Levels at New Low
Sarasota/Manatee County Home Prices
New Construction Sales hit 10 Year High
Sarasota/Manatee County Home Prices
Median Sales Price down 3% vs September 2022
Sarasota/Manatee County Home Prices
Up 5% SInce Beginning of Year
Starting in July 2021, year-over-year monthly sales turn negative due figures spurred by the pandemic.
If 2021 and 2022 had never happened, this would have been considered a great month.
An increase in the number of expired listings is a sign that actual home values are less than expectations.
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