Closed home sales climbed across Sarasota and Manatee counties in September while prices generally moderated and listings took longer to go under contract—a mix that points to a market “shifting toward balance,” says Nikki Taylor, an agent with Douglas Elliman Real Estate.

According to the Realtor Association of Sarasota and Manatee's (RASM) latest state-of-the-market report, September numbers saw single-family home sales in Sarasota County rise 25.9 percent, to 646 transactions, from 513 transactions a year earlier. The county's median sale price fell 8.2 percent, to $450,000, the lowest since early 2022, and cash buyers accounted for 40.4 percent of closings. Inventory ended the month at 3,137 active listings, up 10.4 percent year over year, with a 4.8-month supply; the median time to contract lengthened to 64 days from 48. 

“Some buyers were waiting for storm season to wrap up, and although it’s technically not over, we’re picking up speed,” says Taylor. “People who delayed [purchases] are coming out, and cash buyers are back. Things are rosier than a year ago, even if shoppers are taking their time, especially near the water.”

“Inventory is up, but it feels like stabilization," she continues. "Sellers need to come closer to the center on pricing. Buyers have more negotiating power.”

Meanwhile, Manatee County’s single-family market showed a similar surge in activity. Closed sales increased 24.4 percent, to 662, while the median price held flat at $470,000. Cash sales represented 29.9 percent of closings. Active listings rose 7.9 percent, to 2,656, equal to a 4.2-month supply; median time to contract stretched to 60 days from 47.

Taylor links part of Manatee’s momentum to buyer preferences for new construction and accessibility. “Lakewood Ranch skews the data a bit,” she says. “People want newer homes and an easy hop to the interstate, and that area does very well.”

In Sarasota County, condos and townhomes told a more complicated story. Sales were flat, at 230 transactions, but the median price fell 17.1 percent, to $315,000. The average sale price and total dollar volume both declined 64.1 percent, consistent with a relative pullback at the high end. Days to contract nearly doubled to 108 from 57, and supply rose to 6.8 months, setting buyers comfortably in the driver’s seat.

“There’s re-engagement in condos,” Taylor says. “Many buildings have by now addressed reserves and assessments [as a result of stricter post-Surfside condo collapse legislation], so buyers are more vigilant with questions about safety features, and they negotiate. There’s a lot more back-and-forth, and it’s a great time to buy if you’re patient.”

She notes that downtown buildings face practical hurdles that can sway deals: “Parking can be one space per unit in some projects, which can kill a deal or require a concession," she says. "Because EV cars proved [they can] cause fires during last hurricane season, some storage space for developments was removed to accommodate safety features and sprinklers. Older elevator systems getting replaced can matter if you’re on a higher floor.”

Manatee County’s condo and townhome segment contrasted with Sarasota’s: sales jumped 31.7 percent, to 216, while the median price eased 7.3 percent, to $296,500. Inventory increased 5.2 percent, to 1,384 active listings, equal to 6.3 months of supply; median time to contract was 92 days, up from 73.

The broader numbers—more sales, softer prices in most segments, and slower pace—are also reshaping strategy. In the Sarasota single-family market, sellers received a median 92.2 percent of their original list price;  condo sellers received 88.3 percent. Manatee single-family and condos came in at 93.3 percent and 89.8 percent of the list price, respectively. Both numbers are down from a year ago.

“Buyers can do well now,” Taylor says. “As a seller, you have to look at how many similar homes are in your neighborhood and decide how badly you want to sell. Are you willing to wait longer for getting a potentially higher price, or do you get realistic and position aggressively?”

She’s seeing creativity on both sides: “I’ve had a seller offer to pay moving expenses and others include furnishings or rent short-term while a buyer tries out the area.”

Cash remains a powerful leveraging tool, particularly in Sarasota’s single-family segment, where cash sales accounted for just over two in five closings. “Cash is king,” Taylor says. “It also signals more investor activity."

Buyers, she says, are arriving from a widening geography. “We’re seeing New York City and Connecticut [buyers] more than before—and still a lot from the East Coast of Florida,” she says. “Compared to pricing in Naples and Miami, people want more bang for their buck. They want schools, community, and a little less of a harried pace, but with arts and culture. There’s still a California pipeline, too— many are entrepreneurs working remotely.”

Seller motivations are also evolving. “Health and family needs play a role,” Taylor says. “Some retirees want to be closer to downtown; others on the keys are moving off-island to a higher elevation after storm damage and rebuilding costs. A lot of movement is in-county.”

Taylor expects the current trajectory to continue as winter visitors arrive. “People are coming down earlier to look,” she says. “If we stick to this path, we’ll see more activity, but with buyers taking their time.”