Real Estate Local Market • December 25, 2024

November 2024 Real Estate Market Report (October Recap)

by Gina Larouche

Trends in Sarasota and Manatee Counties

SARASOTA, Fla. (December 19, 2024) – The REALTOR® Association of Sarasota and Manatee (RASM) has released its November 2024 real estate market report, detailing key trends across Sarasota and Manatee Counties. Based on data compiled by Florida Realtors®, the housing market in Manatee and Sarasota Counties shows a clear slowdown, with fewer sales, lower prices, and longer times to sell. There are more homes for sale, and buyers aren’t competing as much, shown by sellers getting lower offers compared to their original asking prices. This change is partly due to high mortgage rates, inflation, and homes becoming less affordable, which has made buyers more cautious. The usual seasonal slowdown in real estate, along with the market adjusting after the pandemic boom, is also playing a role. Sellers now have to wait longer to find buyers, but buyers have more options and slightly better prices. These changes mark an important shift toward a different phase in the local housing market. In this evolving market, working with a REALTOR® is essential to navigating these complexities, whether you’re buying or selling, to ensure you make informed decisions and achieve the best possible outcome.

Key Trends in Sarasota/Manatee November 2024:

Decreased Closed Sales: Both Sarasota and Manatee counties observed a year-over-year decrease in closed sales except for Manatee County single family homes.
Declining Median Sale Prices: Median sale prices have dropped across all property types, especially for townhomes and condos.
Longer Time to Sale: Median time to sale has extended year-over-year, signaling a slower market.
Growing Inventory: Inventory levels have grown in all segments, accompanied by an increase in the months’ supply of inventory

“The current trends show the market is finding its footing after the pandemic-driven surge,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “We’re seeing a return to more balanced conditions, similar to what we experienced before 2020, where buyers and sellers had equal opportunities to navigate the market successfully.”

Single-Family Homes

In Sarasota County, there were 439 single-family home sales in November 2024, an 18.9 percent decrease from the previous year. The median sale price remained stable at $490,000 compared to last month but decreased 2 percent year-over-year. The average sale price increased 7.3 percent to $708,439, reflecting continued strength in the luxury market.

Inventory in Sarasota County increased 18.9 percent year-over-year to 3,220 active listings, with a 5.2-month supply. The median time to contract rose to 53 days, an increase of 112 percent year-over-year, while the median time to sale remained steady from the previous month at 94 days.

In Manatee County, single-family home sales increased 15.5 percent year-over-year, with 635 homes sold. The median sale price dropped 11.5 percent to $430,000, while cash sales accounted for 29.1 percent of closed transactions.

Inventory in Manatee County rose 15.5 percent to 2,442 active listings, with a 3.9-month supply. The median time to contract increased 87.5 percent year-over-year to 45 days, though it was 25 percent shorter than in October 2024. The median time to sale rose 24.4 percent year-over-year to 102 days.

Townhomes and Condos

The townhouse and condo market in Sarasota County experienced a 19.7 percent decline in closed sales year-over-year, with 236 transactions. The median sale price dropped significantly by 31.8 percent to $373,700, while 60.2 percent of sales were cash transactions, signaling continued investor interest.

Inventory grew by 18 percent to 1,843 active listings, with a 6.3-month supply. The median time to contract increased 209.5 percent year-over-year to 65 days, and the median time to sale doubled to 118 days.

In Manatee County, townhouse and condo sales decreased 17.7 percent year-over-year to 163 transactions. The median sale price fell 11.8 percent to $309,900, with cash sales accounting for 48.5 percent of transactions.

Inventory in Manatee County increased 32.2 percent to 1,400 active listings, with a 6.6-month supply. The median time to contract rose 71 percent year-over-year to 53 days, while the median time to sale increased 13.3 percent to 94 days.

“For buyers, the townhouse and condo market has become more accessible,” added Barrett. “Rising inventory and softened pricing mean there’s less pressure and more room for choice, making this a promising time to consider purchasing in this segment.”

Summary

The housing market in Manatee and Sarasota Counties is showing signs of becoming more balanced, especially when compared to the rapid pace during the pandemic. While it may seem concerning to see fewer sales and longer times to sell, these changes bring the market closer to the steadier patterns we saw before 2020. Back then, prices grew more slowly, and there was less competition, making it fairer for both buyers and sellers. The cooling market today—with more homes for sale and prices leveling out—means buyers have more options and less pressure, while sellers still have opportunities to make good deals. This shift is a step toward a healthier and more stable housing market, where both sides can benefit in the long run.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

OCTOBER 2024 MARKET REVIEW

New Listings have decreased by 8% month over month and have decreased year over year.
Active Listing levels have remained the same from the previous month and are up by 28% compared to last year.
The number of units sold decreased from the previous month and is down by 12% year over year.
Inventory increased by 28% over the same time frame.
Total Sales Volume decreased by 4% month over month and decreased by 12% year over year.
Average Days on Market have increased month over month and are up 51% compared to the previous year.

Real Estate Local Market • August 1, 2024

June ’24 – Inventory Up, Prices too, but Low YOY …

by Gina Larouche

According to The REALTOR® Association of Sarasota and Manatee (RASM) the data highlights a trend towards a more balanced market across both counties, with increasing inventory levels and more moderate price changes. The shift in inventory suggests that buyers may find more opportunities, while sellers may need to adjust expectations in light of the growing competition.

Even with more price reductions, home values are still growing on an annual basis, as they do nearly every year in the housing market. According to the Federal Housing Finance Agency (FHFA), home prices in Florida went up over 6% over the last year. For buyers, more realistic asking prices mean you enter the market with more confidence, knowing prices are stabilizing rather than continuing to skyrocket. For sellers, understanding the need to adjust your asking price can lead to faster sales and fewer price negotiations. Setting a realistic price from the start can attract more serious buyers and lead to smoother transactions.

Another positive sign for all home owners is AM Best, the largest credit rating agency in the world specializing in the insurance industry, announced it is “cautiously optimistic” about the Florida insurance market. The Florida Office of Insurance Regulation reports that at least eight carriers had filed for rate decreases in 2024, while 10 had filed to keep rates flat. It was not clear how many of the more than 7.4 million residential policies in the state would be affected by the decreases, but clearly things are going in the right direction.

The market for single-family homes in Sarasota County showed a decrease in demand, with 692 closed sales, a 10 percent decrease compared to June 2023. The median sale price also decreased by 5.3 percent to $495,000. The total dollar volume decreased to $477 million, reflecting a 16 percent year-over-year decline.

The townhouse and condo market in Sarasota County experienced a decline in demand, with closed sales dropping by 25.7 percent to 283. The median sale price slightly decreased by 1.5 percent to $384,060.

Inventory for townhouses and condos increased by 81.6 percent to 1,941 active listings, resulting in a months supply of inventory of 6.3 months. The median time to contract increased by 68.6 percent to 59 days.

Manatee County’s single-family homes market also saw a decrease in demand, with 728 closed sales, showing a decrease of 4.1 percent compared to June 2023. The median sale price slightly decreased by 1.2 percent to $518,950.

The townhouses and condos market in Manatee County also experienced a decline in demand, with closed sales dropping by 17.2 percent to 246. The median sale price decreased by 6.9 percent to $344,495.

Real Estate Local Market • July 2, 2024

May 2024 Real Estate Market Report: Trends in Sarasota & Manatee Counties

by Gina Larouche

Key Trends in May 2024:

• Sarasota County: Single-family homes are seeing stable sales and rising prices with increasing inventory, suggesting a shift towards a buyer’s market. The condo/townhouse market is showing a decrease in sales, with decreasing prices and increasing inventory, indicating a potential buyer’s market as well.

• Manatee County: Both single-family homes and condos/townhouses are experiencing fewer sales and increasing inventory, indicating a potential shift towards a buyer’s market. Prices for single- family homes are stable, but condos/townhouses are seeing slight decreases.

Complete Report: https://www.myrasm.com/clientuploads/Market_Statistics_PDFs/2024/May/May-2024-Press-Release-and-Statistics.pdf

BUYERS & SELLERS • Real Estate Local Market • June 1, 2024

Understanding Assignability of Contract

by Gina Larouche

Understanding Assignability of Contract

By Meredith Caruso

Many real estate contracts allow buyers to “assign” their rights and obligations under the contract, and sellers can suddenly find themselves working with Joe rather than Sally. What’s a Realtor to do? Ask the right questions – and don’t give legal advice.

ORLANDO, Fla. – Florida Realtors® Legal Hotline fields many calls from members, and some topics come in waves. Currently, one of those waves is made up of Realtors® perplexed by contract paragraphs about assignability. Most callers want to know how it should be completed and whether it applies to their current transaction.

Since Realtors rather than actual buyers or sellers complete form contracts, it’s important to understand the legal concept of assignment, as well as the agent’s role when a customer has an assignable contract.

In the Florida Realtors/Florida Bar contracts (FR/Bar), assignability of contract is addressed in paragraph 7. For the purposes of this article, the examples are based on the FR/Bar residential contracts – but always refer to the contract used in your transaction since it varies.

In paragraph 7, the parties check one box to indicate if the buyer is able to assign the contract (or not), and whether the buyer would be released from liability if the buyer is allowed to assign it (or not).
First, the concept of assigning a contract: If an assignment of contract occurs, it means that one party to an existing contract (the “assignor”) has handed off the contract’s obligations and benefits to another party (the “assignee”). In the context of the FR/Bar contracts, the assignor is the buyer in the contract and the assignee is a non-party, i.e. another buyer not currently part of the contract.
The next step is addressing the release of liability. The assignor may want the assignee to step in and assume all of the contractual obligations and rights, releasing the original buyer from further liability under the contract. This means that if a buyer assigns the contract, that buyer essentially walks away from the transaction, with the assignee taking on all further obligations currently within the contract. It also means that the seller’s recourse, should the assignee fail to comply with the contract, is solely against the assignee and not the initial buyer.

In applying these concepts to language in the FR/Bar contract, a buyer’s agent should ask the buyer if they have any intention of assigning their interests in the contract to another party. If yes, does the buyer want to remain potentially liable under the contract should the assignee fail to perform?

If a seller’s agent receives an offer that is assignable, they should ask the seller if they’re willing to allow the buyer to assign the contract to a third party. If yes, is the seller okay with allowing the initial buyer to just walk away, or do they want to hold the initial buyer to the contract terms as far as liability is concerned?

Please note: These are all questions your customers should answer. A Realtor shouldn’t give legal advice, explain the concept of assignability, or describe potential outcomes or issues that could arise with an assignable contract. If your questions cause customers to ask even more questions about assignability, you should advise customers to seek legal advice from their attorney.

Lastly, understand that this article covers the contract portion of assignability. Assuming the parties agree the contract is assignable, a buyer who later wants to assign the contract still needs to sign a separate legal document assigning their rights/interests in the contract over to the assignee, aka “the new buyer.”

The initial buyer/assignor may need their attorney to assist with drafting this document, which covers their agreement. In other words, paragraph 7 only covers whether the seller and initial buyer agree to the initial buyer being able to assign the contract. A separate assignment document would cover the assignor and assignee’s agreement.

Meredith Caruso is Associate General Counsel for Florida Realtors

Real Estate Local Market • May 22, 2024

Calm before the Storm: Low Inventory, Price Up …

by Gina Larouche

Real Estate Local Market • May 22, 2024

April 2024 Real Estate Market Report: Sarasota and Manatee Counties

by Gina Larouche

April 2024 Real Estate Market Report: Trends in Sarasota and Manatee Counties

Posted by: Communications Department on Wednesday, May 22, 2024

The REALTOR® Association of Sarasota and Manatee (RASM) today released its monthly market report detailing the real estate trends for April 2024. The data reveals a significant shift in the market dynamics of both counties, marked by rising inventory levels, extended time on the market, and varying price trends.

Key Trends in April 2024:

Inventory Surge: The increase in active listings for both single-family homes and condos suggests a growing supply, which could lead to more competitive pricing and longer times on the market.
Sales Activity: Despite the higher inventory, closed sales for both single-family homes and condos have risen, indicating sustained buyer interest.
Market Shift: The substantial increase in the median time to contract and sale times indicates a market shift towards longer selling periods, likely due to the increased inventory and possibly more selective buyers.

Inventory continues to be a topic of discussion in April 2024. In Sarasota County, inventory increased year-over-year by 81.2 percent to 3,305 for single-family homes and 91 percent to 2,124 for condos. In Manatee County, inventory increased by 60 percent to 2,450 for single-family homes and 92.4 percent to 1,512 for condos.

“The significant rise in inventory across both counties is a clear indication of a shifting market dynamic. Buyers now have more options to choose from, which is reflected in the extended time properties are staying on the market,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty.

In April, the months’ supply of inventory (MSI) for single-family homes decreased from one month ago from 5.3 months to 5.1 months in Sarasota County and from 4.1 months to 3.9 months in Manatee County. For townhomes and condos, the MSI decreased from 6.8 months to 6.7 months in Sarasota County and from 6.4 months to 6.3 months in Manatee County.

There was a total of 1,496 closed sales for single-family homes in Sarasota and Manatee, a 6.2 percent increase from the same time last year. Closed sales for condos increased by 10.6 percent to 707 sales across both counties.

“It’s encouraging to see closed sales increase, even with the higher inventory levels. This indicates that buyers are still actively engaging with the market, taking advantage of the increased options available to them,” added Barrett.

The median time to contract in Sarasota County is 40 days for single-family homes and 48 days for condos, a year-over-year increase of 90.5 percent and 118.2 percent respectively. In Manatee County, the median time to contract increased by 57.1 percent to 44 days for single-family homes and by 63 percent to 44 days for townhomes and condos.

The median sales price for single-family homes in Sarasota County increased year-over-year by 3.8 percent to $540,000 and remained steady at $399,000 for townhomes and condos. In Manatee County, condo prices decreased by 7.5 percent to $352,420, and single-family home prices decreased by 7 percent to $530,000.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.

Real Estate Local Market • April 19, 2024

2024 RE Market in Sarasota & Manatee: Trends and Predictions

by Gina Larouche

The 2024 Real Estate Market in Sarasota and Manatee Counties: Trends
and Predictions.

See FULL REPORT HERE

SARASOTA, Fla. (April 18, 2024) – 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. This press release provides an overview of these
changes, based on the latest data released by Florida Realtors®, and offers insights into the implications for the remainder of the year.

Key Trends in Q1:
• Increased Inventory Levels: Inventory grew 64.6 percent for single-family homes and 90.9
percent for townhomes and condos across both Sarasota and Manatee Counties since Q1 2023,
significantly shifting market dynamics.
• Extended Time on Market: Median time to contract for single-family homes and condos
increased to an average of 43 days in Sarasota County and 51 days in Manatee County in Q1 of
2024, indicating that properties are taking longer to reach the closing phase.
• Price Adjustments: Median sales price decreased year-over-year in March 2024. Single-family
homes decreased 0.6 percent and townhouses and condos decreased 6.1 percent combined across
Sarasota and Manatee counties.
• High Cash Sales: In Q1, cash sales increased by a total of 5.9 percent across Sarasota and
Manatee counties for single-family homes and condo transactions. This trend highlights a
significant portion of buyers and investors, who prefer or can bypass traditional financing routes.
The data suggests that both Sarasota and Manatee counties are transitioning towards market conditions that favor buyers, with more negotiating power due to increased supply. However, the high rate of cash sales continues to impact the dynamics, potentially sidelining first-time homebuyers and those reliant on financing.

“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,” said Tony Barrett, 2024 RASM President and Broker/Owner of Barrett Realty. “Particularly, buyers have more options and leverage, while sellers might need to adjust expectations regarding pricing and time on market.”

March 2024 Statistics

Inventory/listings, has more than doubled in both counties when compared to March of 2023. In Sarasota County, inventory increased year-over-year by 76.6 percent to 3,374 for
single family homes and 100.3 percent to 2,153 for condos. In Manatee County, inventory increased by 51.3 percent to 2,581 for single family homes and 78.9 percent to 1,519 for condos.

In March, the months supply of inventory (MSI) for single-family homes increased to 5.3 months in Sarasota County and 4.1 months in Manatee County. For townhomes and condos, the MSI increased to 6.8 months in Sarasota County and to 6.4 months in Manatee County. Florida Realtors® states that the benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory.

The median time to contract in Sarasota County is at 40 days for single-family homes and 51 days for condos, a year-over-year increase of 60 percent and 183.3 percent respectively. In Manatee County, median time to contract increased by 10.9 percent to 51 days for single-family homes and by 134.8 percent to 54 days for townhomes and condos.

The median sales price for single-family homes in Sarasota County decreased year-over-year by 2.5
percent to $515,000 and decreased by 8.9 percent to $385,775 for townhomes and condos. Manatee
County condo prices decreased by 2.8 percent to $342,988, while single-family home prices increased by 1.4 percent to $498,805.

In March 2024, cash sales remained high.

Sarasota County reported 44.5 percent of single-family home sales and 70.3 percent of townhome and condo sales were paid for in cash.

Manatee County had 33.4 percent of single-family homes and 51.8 percent of townhome and condo sales paid for in cash.

There were 1,453 closed sales for single-family homes in Sarasota and Manatee, an 8.2 percent decrease from the same time last year. Closed sales for condos decreased by less than one percent to 686 sales.

As the market begins to shift to more competitive levels, these current trends provide opportunities for buyers but require sellers to be more strategic in their approach.

——————————————————————————————————–

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For
comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics. The REALTOR® Association of Sarasota and Manatee (RASM) is the largest real estate trade association in Sarasota and Manatee counties, serving over 9,000 members. For more information, call (941) 952-3400 or visit www.myrasm.com.

Real Estate Local Market • January 17, 2024

** Foreign Buyer Registration has begun today … 1/17/2024

by Gina Larouche

FREC’s Affidavit Rule Effective Today

By Amy Connolly

FREC adopted a rule to implement a portion of Senate Bill 264 entitled Interests of Foreign Countries.

ORLANDO, Fla. – A rule containing buyer affidavits went into effect today, Jan. 17, 2024. It was created by the Florida Real Estate Commission (FREC) with the help of industry partners. It relates to SB 264, which, in part, regulates the sale, purchase and ownership of certain Florida properties to foreign principals, persons and entities, and went into effect on July 1, 2023.

Buyers are to sign the applicable affidavit (one form is for buyers who are natural persons, and one form is for buyers that are entities) “at the time of purchase,” which the rule specifies is at closing. There is no responsibility for a real estate licensee to provide the affidavit to the buyer. Instead, real estate licensees should advise the parties in the transaction to seek the advice of counsel when they are seeking answers to their legal questions as they relate to this law.

SB 264, the rule and requirements, along with the affidavit, can be found on the Florida Administrative Code and Register website.

DECEMBER 2023 – HAPPENINGS IN SARASOTA !!

by Gina Larouche

Experience the enchantment of the 45th Annual Holiday Night of Lights, transforming St. Armands Circle into a Gulf Coast holiday haven. Immerse yourself in the festive kick-off at 5:30 p.m., followed by a joyous Christmas Carol Sing-a-long at 6 pm. Help Santa count down the final 10 seconds to illuminate the Circle with our 60-foot Christmas tree!

December 1–3

Siesta Beach Seafood & Music Festival

Partake in the festivities at the 6th Annual and enjoy fresh seafood and live music at Siesta Key Pavilion. Indulge in a diverse menu featuring locally sourced, sustainable seafood, meat and vegetarian options, and a variety of side dishes and desserts. Quench your thirst with a selection of alcoholic, non-alcoholic, and fruit drinks. Bring family and friends for a delightful weekend by the Gulf Coast.

Understanding Assignability of Contract

April 2024 Real Estate Market Report: Trends in Sarasota and Manatee Counties

Key Trends in April 2024:

FREC’s Affidavit Rule Effective Today

Related resources and earlier stories: