Manatee home buyers have more options to choose. What does that mean for the market?

Buyers in Bradenton and Sarasota had a lot more options in March with the inventory of existing single-family homes up sharply from a year ago.

In the Bradenton area, there were 2,581 active listings, a 51% increase from the 1,706 listings last March.

Even though there was more inventory, sales dropped 3.4%, falling to 730, compared to 756 a year ago.

“The real estate markets in Sarasota and Manatee counties have undergone significant changes throughout the first quarter of 2024, reflecting broader economic influences and evolving buyer and seller behaviors,” according to a news release from the Realtor Association of Sarasota and Manatee.

The median time to contract took a little longer, too: 51 days in March compared to 46 days a year ago.

“The real estate market in 2024 has been one of adjustment and realignment. Buyers and sellers in Sarasota and Manatee counties should stay informed on these trends, as they indicate a more competitive market heading into 2025,” Realtor association president Tony Barrett said in the news release.

“Particularly, buyers have more options and leverage, while sellers might need to adjust expectations regarding pricing and time on market,” Barrett said.

Bradenton townhouses and condos

Active listings of condos and townhouses were up 79% in March: 1,519 listings, versus 849 a year ago.

There was 6.4 months of inventory, a 73% increase from a year ago.

Sales were up 2.5% with 282 homes changing hands, compared to 275 a year ago.

The median price fell 2.8% to $342,988. Last year the median was $353,000.

It took a median 54 days to contract, up 135% from 23 days last year.

Sarasota single-family homes

Sarasota saw a dip in median price and the number of sales while the time to contract and inventorysharply rose.

Sales were down 12.5% with 723 homes sold during the month, compared to 826 a year ago. The median price fell 2.5% to $515,000 from $528,013.

Median time to contract was up 60% to 40 days versus 25 days a year ago.

Active listings were up 77% to 3,374 from 1,911 a year ago. There was 5.3 months of inventory, up 71% from last year’s 3 months supply.

Sarasota townhouses and condos

Market dynamics have shifted sharply in the Sarasota townhouse and condo market.

The median time to contract was 51 days, an 183% increase from a year ago.

The median sales price fell 9% to $385,775.

The active inventory of listings was up 100% to 2,153 units. And there was a 6.8-month supply of inventory, an 106% increase from last year.

For statistics dating back to 2015, visit www.MyRASM.com/statistics.