April 2024 Market Update

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


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.

Inventory Levels

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%.

Days on Market

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.

Median Sales Price

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. 

Expired Listings

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

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.


Work With Scott

Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact me today.