​​At the end of 2024, the real estate market in Sarasota and Manatee counties showed signs of stabilization after the frenzy of the pandemic years. The newly released Year-End 2024 Market Report from the Realtor Association of Sarasota and Manatee (RASM) highlights a shift toward a balanced market, reminiscent of pre-pandemic conditions—although new challenges added layers of complexity.

The year saw increased inventory levels, slower transaction speeds and declining prices compared to 2023. Sellers who purchased properties before 2019 can still leverage equity gains, since median sale prices remain well above 2019 levels, underscoring the region’s popularity.

Sarasota and Manatee counties both saw year-over-year price declines affecting all property types, and townhouses and condos saw sharper decreases compared to single-family homes. Despite this, prices remain higher than pre-2019 levels.

Time to sale and time to contract increased, with median times returning to levels not seen since 2019, again pointing toward more balanced or buyer-friendly conditions.

In Sarasota County, single-family home sales totaled 7,486 in 2024, a 1.6 percent decrease from the previous year. The median sale price dipped slightly, to $505,000, down from $515,000 in 2023—but still up 74.1 percent compared to 2019. Inventory levels rose to a 5.5-month supply, marking a 25 percent year-over-year increase. Homes took an average of 49 days to go under contract, an 81.5 percent increase from 2023.

Meanwhile, Manatee County saw 7,485 single-family home sales, nearly matching the prior year’s numbers with a just a 0.1 percent increase. The median sale price declined by 1.8 percent, to $499,875, but rose 57.2 percent overall since 2019. Like Sarasota County, Manatee County’s four-month supply of inventory and extended timelines to contract—up 57.6 percent to 52 days—reflect a more relaxed market.

Sarasota County's townhouse and condo market faced sharper declines. Sales fell 10.1 percent year-over-year, to 3,444 transactions, and the median sale price dropped 6.5 percent, to $383,500. Active listings increased to a 6.9-month supply, favoring buyers, and median time to contract climbed 114.3 percent, to 60 days.

Manatee County experienced an 8.9 percent decrease in condo and townhome sales, with 2,594 transactions in 2024. The median sale price declined 6.8 percent, to $338,990, though it remains 69.2 percent higher than 2019 levels. All of this signals a market tilting toward buyers.

“Florida is still on the radar as a desirable place to go," says John Forberger, a local realtor with Douglas Elliman. “Condos are in a buyer’s market position, but the luxe condo market—One Park, Rosewood, The Evolution—is bringing in coastal retreats in the sky, as well as new buyers and buyer interest."

Forberger also points to the need for sellers to adapt. “I think sellers may have to adjust expectations even more going into quarter two of 2025," he says. “The mindset of a lot of sellers is that the record-breaking buying frenzy [of the pandemic years] is still on, but the open house volume and data show it has ended. We’re constantly faced with that.

"I can’t blame everyone for thinking that way because we have so many absentee owners," Forberger says. "If you don’t live here, how do you know? For six months, so many people aren’t thinking about it. Out of state, out of mind. This is a real conundrum for sellers.”

Forberger highlights the increased sales cycle as the result of more buyer concerns. “Everyone is asking about elevation and flooding for both condo and single-family home products," he says. "If it’s a condo, did the elevators flood? Did the garage flood? Did the first floor flood? That’s very top of mind. It's creating more upfront research on our end before we take a client to see a property. I’m making more calls to agents to learn about hurricane effects first.”

The reluctance to sell is further compounded by low-interest-rate lock-ins from pandemic-era purchases. “Many seller conversations boil down to this: ‘If I can get the price I want, I’ll move,'" Forberger says. "There’s an increasing lack of urgency. When you present the comps to a seller, it’s a reality check—it feels like a cold splash of water. It’s shocking for some people to realize how far we are from the pandemic buying spree.”

While the hurricanes have contributed to market hesitations, they've opened doors in the luxury sector. “We’re going to have a larger luxury market because of the opportunities and tear-downs,” Forberger says. "There’s an inevitability to meet current codes, and the cost of design and construction has gone up.”

Forberger emphasizes the importance of effective marketing in today’s market, too. “I’m telling people to hire a marketing agent, not a real estate agent," he says. "The status quo isn’t working. Omnichannel marketing is a must. You can’t just list on the MLS and sit back. Exploit all consumer-facing marketing channels to get exposure to sell your home—social media, newsletters and paid advertising.”