In April, the trend toward more inventory and longer times on the market continued, giving picky buyers more time to decide whether a property is right for them. But at the same time—despite more competition among sellers—median prices are up in Sarasota County yet down in Manatee, and sales for both single-family homes and condos are up in both counties. That’s all according to the latest real estate numbers comparing this April to April 2023.

The median sales price for single-family homes in Sarasota County increased year-over-year by 3.8 percent, to $540,000, and remained the same—$399,000—for townhomes and condos, despite the latter's surge in inventory. In Manatee County, single-family home prices decreased by 7 percent, to $530,000, and condo prices decreased by 7.5 percent, to $352,420.

“It’s a great time for both sides because prices are still high, which is good for sellers, and buyers can be more selective because they have more options and time,” says Mara Daniel, a local realty broker and owner of Live Modern. 

Some of the greatest jumps in this month's report were seen in time to contract. The median time to contract in Sarasota County is now 40 days for single-family homes and 48 days for condos, a year-over-year increase of 90.5 percent and 118.2 percent, respectively. In Manatee County, the median time to contract increased by 57.1 percent, to 44 days for single-family homes, and by 63 percent, to 44 days, for condos. 

“Buyers can be more careful," Daniel says. "When they were on the market for such short times in recent years, they’d have to move fast and sacrifice things they might want, and you used to have to be a cash buyer to win the contract. Now you don’t."

"It’s a good time for first-time home buyers because sellers are now more open to financing, and you can have the inspections you need," she continues. "But it’s still a good time to sell, too, because you can still get great value.” 

The days of waiving inspections are long gone, and the added time on the market allows for more buyer diligence with specific actions like “plumb scoping, roof inspecting and, in cases where there’s a pool, having a pool inspection,” Daniel says. 

And even though prices are holding strong, buyer activity is up compared to last year.

There were 1,496 closed sales for single-family homes in both Sarasota and Manatee counties, a 6.2 percent increase from the same time last year. Closed sales for condos increased by 10.6 percent, to 707 sales across both counties.

And more of that buying activity was in cash compared to last year too. Forgoing a roughly 7 percent interest rate for a 30-year fixed mortgage—which reached roughly 8 percent in October last year—cash buyer activity has increased in Sarasota County by 17 percent for single-family homes and 27 percent for condos and townhomes. In Manatee, cash buyers have dropped by 3 percent for single-family home but increased by almost 6 percent when it comes to condos and townhomes. 

And it’s a good time to buy a condo, where, due to a surplus of inventory, buyers have an advantage.

“A year ago, you might find one unit in a building available; now it’s multiple. And sellers may be in more of a rush because of rising HOA fees and assessments,” Daniel says. “Some HOA fees have doubled because of insurance rates, particularly in flood zones or in older buildings with older roofs, plus having to keep more reserves on hand and addressing deferred maintenance.”

The clock is currently ticking on Senate Bill 4D (SB4D), legislation aimed at improving safety and maintenance standards throughout the state. The new law comes with provisions related to roof repairs, inspections and funding reserves for repairs. The bill goes into effect Dec. 31, 2024.

As for tips for buyers and sellers: today's buyers should be realistic about pricing, Daniel says. “It's important to consider what comparable homes in the neighborhood are selling for, and not necessarily base your list price on what you bought it for.”

Another market determinant across all home types is insurance rates and related items like roof age and flood zones, especially if you’re getting a mortgage vs. paying cash. 

"If there are fewer than five years of usable life left in the roof, you might not be eligible for homeowners' insurance,” Daniel says. "Buyers want things taken care of. When they see an inspection report, they’re being more picky and entering negotiations."

And for tips on how to sell in an increasingly competitive market, she recommends putting your best foot forward in terms of pricing and appearance. "Stage the home and have great photos and curb appeal. Take care of any issues from the start. No one wants a fixer-upper."