Florida’s real estate market for single-family homes and condominiums is experiencing a slowdown in sales and a dip in prices. However, this is not indicative of a market crash to date. The current conditions follow the post-COVID housing surge, which drove demand and prices sharply upward, pricing out many would-be buyers.
Whether you are buying or selling a home, it is important to think about several different factors when making decisions. The list below from Florida Realtors should be top of mind when either accepting or delivering an offer. I have personally been involved in multiple transactions where price wasn’t enough to make a deal come together.
Single-family home activity in Sarasota County mirrored the activity in Manatee County more closely in April than I have seen in a long time. The year-on-year change in Sarasota County roughly matched Manatee County across the board. It looks like this summer will continue to be a solid time to buy in Sarasota County as buyers should have a bit more leverage than sellers as long as the current market conditions hold. The infographic below, from Florida Realtors, contains more information.
The market for single-family homes in Manatee County remained relatively soft in April. Inventory levels are up 33% when compared to a year ago, and transactions were roughly flat year over year. The lower end of the market is stronger than the upper end, which is pushing the median sale price down. Overall, this summer is shaping up to favor buyers at this point. That said, we have seen an uptick in activity in the last few weeks. The infographic below from Florida Realtors contains more information.
Although Sarasota County transaction data is generally moving in the same way as Manatee, there is one significant difference. In Sarasota, the hotter part of the market is definitely down market. The year-on-year 8.8% reduction in median sale price in March drives that point home. I expect that to balance to more normal levels as we head into our slower season. It remains a good time for opportunistic buyers in Sarasota County. Buyers shouldn’t expect to have all of the leverage in negotiations, but there is definitely value to be had when compared to recent years. The infographic below from Florida Realtors contains more information.
