MANATEE — Could Manatee County’s real estate market be edging toward a more balanced market? In its January market statistics report, the Realtor Association of Sarasota and Manatee (RASM) sees some promising signs.
A “balanced” real estate market is one where the market neither favors the buyer nor the seller, but is favorable to both, while supply is more able to meet demand. According to RASM’s report, the first month of 2024 saw a continued uptick in the monthly supply of inventory and a rise in median time to contract, indicating a gradual shift towards a more balanced market.
Across Manatee County, the monthly supply of inventory for single-family homes rose to 3.9 months, a year-over-year increase of 21.9 percent. A balanced market is generally considered one with a 5-6 months supply of inventory. The monthly supply of inventory for Manatee condos was at 5.6, a monthly supply level not seen since 2013, and a 75 percent year-over-year increase.
The total number of active listings for Manatee County single-family homes increased by 33.3 percent, and active condo listing increased by 79.4 percent.
There was good news for sellers, too. The median sales price of single-family homes in Manatee County increased by 3.8 percent to $525,000 compared to a $505,710 median sales price during the same month last year. Condos sales saw a 3.8 percent increase to $357,990.
But homes appear to be taking a little longer to sell than was seen last year. In Manatee County, houses and condos took roughly 41 days before going under contract, a 41.3 percent increase in time to contract from January 2023.
In total, for January 2024, Manatee County single-family home sales saw 408 closed sales, up 10.9 percent from 368 in January of 2023. Manatee condo sales also increased, but slightly less at 8.8 percent.
"The transition towards a more normalized, higher inventory market presents advantages for buyers, offering them increased leverage in negotiating prices, repairs, and closing cost credits," RASM President Tony Barrett said in a press release.
Barrett added that while the local real estate market is seeing sustained growth in its inventory levels, these levels are still below what was seen in Q1 of 2019.
"In the coming months, potential shifts in interest rates and insurance costs could reshape the market dynamics. Should interest rates decrease and insurance costs follow suit, we may anticipate a resurgence of buyers again entering the market," said Barrett.
To view the January RASM report and see how the data came in for Sarasota County's housing market, visit the Realtor Association of Sarasota and Manatee website by clicking here.
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