The Sarasota and Manatee real estate markets are recalibrating as 2024 draws to a close, with cooling sales, dropping prices and more inventory. It's a complete shift from the pandemic-fueled frenzy of recent past—and it's all corroborated by the latest data from the Realtor Association of Sarasota and Manatee (RASM). 

In November, single-family home sales in Sarasota County dropped nearly 19 percent year-over-year, with 439 transactions. However, Manatee County saw a contrasting 15.5 percent increase in single-family sales, at 635. Despite these mixed results, both counties reported growing inventory levels and more time for properties remaining on the market. The median time to contract for single-family homes in Sarasota County nearly doubled year over year, to 53 days. In Manatee County, time to sale was 45 days, compared to 24 days in November 2023—a jump of almost 88 percent.

Meanwhile, the median price for a single-family home in Sarasota County was $490,000, unchanged from October 2024. However, in Manatee County, the median sale price dropped to $430,000, compared to $479,990 in October 2024.

“Maybe buyers are waiting to sell another property or secure financing," Anita Lambert, a local real estate agent with Premier Sotheby’s International Realty, says of the shift. “High mortgage rates and the unpredictability of interest rates are making people cautious. Everyone was waiting for the election to be over, and now we’re seeing some hesitation.”

Lambert also notes lingering effects from recent hurricanes, which have prompted a shift in buyer preferences. “We’re getting more calls about inland properties from barrier island residents," she says. "People want newer construction, and insurance costs are a big concern.” 

Condominiums and townhomes, once hot commodities, are seeing a big shift, too. In Sarasota County, the median sale price for townhomes and condos fell 31.8 percent year-over-year, to $373,700. Manatee County saw a more modest decline of 11.8 percent, with a median price of $309,900. Inventory for these property types also surged in both counties, pushing the months’ supply of inventory beyond six months—a hallmark of a buyer’s market.

It also took longer to sell those condos and townhomes. The median time to contract in Sarasota was 65 days, compared to 21 days in November of 2023—an increase of more than 200 percent. In Manatee County, those numbers were 53 days in November 2024 versus 31 days in November 2023, an increase of 71 percent.

Rising premiums and stricter requirements as a result of the Surfside condo collapse—such as the mandated Structural Integrity Reserve Study (SIRS)—are deterring some potential buyers, while others are selling to get out from under rising monthly fees.

“These [safety] studies are overdue but expensive, driving up costs for condo owners," Lambert explains. "With condos, buyers just need to do their homework on assessments and reserves to measure affordability."

But overall, it's a healthier real estate landscape for both buyers and sellers.

“There’s less competition, and buyers have more room to negotiate,” Lambert says. “The market is shifting, and for some, this could be an excellent time to buy. Sellers are more open to creative offers, like lease purchases, which weren’t even on the table a few years ago.”

Amid the increased stock of homes to choose from, Lambert advises sellers to be realistic about pricing. “If you’re motivated, you need to price your property to reflect current market conditions," she says. "The days of bidding wars are largely behind us, except for highly sought-after waterfront properties, perhaps."

High-end homes, typically priced above $1.2 million, are taking longer to sell, which is no surprise. Meanwhile, properties in the $500,000 to $1.2 million range remain the sweet spot for quicker transactions, Lambert notes. 

No matter what, the shift in the market is more than just a seasonal slowdown. It reflects a larger normalization after years of unprecedented demand. With buyers gaining leverage and sellers adjusting expectations, the market appears to be settling into a phase that offers opportunities for both sides.

Looking ahead, Lambert anticipates a strong season in early 2025, fueled by out-of-state buyers and shifts on the barrier islands. “We’re still seeing interest from the northeast, midwest and the West Coast,” she says. “Compared to California, our prices remain reasonable, and we’re prepared for natural disasters in ways they’re not. Add to that our healthcare facilities, cultural offerings and active lifestyle options, and it’s easy to see the appeal.”