August 2024 Market Update: Sarasota and Manatee Counties

Welcome to the August market update for Sarasota and Manatee Counties, where we’ll dive into the latest real estate trends and what they mean for buyers and sellers. Whether you're thinking about buying, selling, or just keeping an eye on the market, this update will give you essential insights. I'm Matt Bohanon with House Match, and here’s what you need to know.

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Key Takeaways for August

Closed Sales Up: A 5.6% increase in closed sales suggests a potential rebound in the market.
Median Sales Price Drops: For the first time this year, the median sales price fell below $500,000, indicating improved affordability.
Cash Sales Stable: Despite a slight 3.2% decrease, cash sales remain a significant portion of the market.
Homes Taking Longer to Sell: The median time to contract has risen to 52 days, a 92% increase from last year.
Interest Rates Falling: Recent drops in interest rates could boost buyer activity, making it an opportune time for sellers to consider listing.

Closed Sales Show a Positive Shift

In a surprising turn, closed sales have increased by 5.6% compared to July 2023. This uptick is particularly interesting given that the previous month saw a decline. The current numbers suggest a potential rebound in the market, despite uncertainties like interest rates and the upcoming election. As we move through the next few months, it will be crucial to monitor whether this trend continues.

Cash Sales Dip Slightly

Cash sales have decreased by 3.2% year-over-year, but they still make up a significant portion of transactions, ranging between 36% and 44%. This stability indicates that while there’s a slight dip, cash buyers continue to have a strong presence in our market.

Median Sales Price Drops Below $500,000

For the first time in 2024, the median sales price has dipped below $500,000, sitting at $487,000—a 7.2% decrease from this time last year. This price drop could make homes more affordable, especially with recent decreases in interest rates. However, it remains to be seen whether this trend will continue or if we’ll see prices rebound as affordability improves.

Sellers Getting Slightly Less Than THE Original Asking Price

The median percentage of the original list price received has dropped by 2.2% from last year, now at 94.6%. This means sellers are getting slightly less than their original asking price, although there was a slight improvement from the previous month. Pricing your home correctly remains crucial to maximizing your sale price.

Homes Taking Longer to Sell

The median time to contract has increased by 92% year-over-year, now averaging 52 days. While this number has remained steady throughout the year, if your home takes longer to sell, it might be time to reassess your pricing, condition, and marketing strategy to ensure everything aligns for a successful sale.

Pending Sales and New Listings on the Rise

Pending sales have increased by 2.8%, while new listings are up by 9% compared to last year. However, there was a slight decrease in new listings from the previous month. This ties into the inventory, which saw a minor decrease from 4.5 months of supply to 4.4 months.

Interest Rates and Market Outlook

Interest rates have been a hot topic, and recently, they’ve been on a downward trend, reaching the lowest point in over a year. This shift could bring more buyers into the market, making it an opportune time for sellers to consider listing. Whether you're looking to buy or sell, staying informed and ready to act is important.

Final Thoughts

The current market presents opportunities for both buyers and sellers, depending on how you navigate the trends. To make the most informed decision, I recommend contacting your House Match agent for a consultation tailored to your needs. Whether you're buying or selling, we're here to guide you every step of the way.

Until next month, stay informed, and feel free to reach out with any questions!