SARASOTA, Fla. (November 21, 2024) – The REALTOR® Association of Sarasota and Manatee (RASM) has released its October 2024 real estate market report, detailing key trends across Sarasota and Manatee Counties. Based on data compiled by Florida Realtors®, the housing market in Sarasota and Manatee counties showed clear signs of cooling in October 2024, with decreased sales activity, extended time to close transactions, and rising inventory across all property types. Median and average sale prices experienced varied trends, with slight declines for single-family homes and more pronounced drops for townhouses and condos in both counties. Buyers appeared more hesitant, with fewer cash sales and longer timeframes to contract and sale completion. These shifts indicate a market transitioning away from the frenzied activity of previous years, reflecting broader economic factors and changing buyer behaviors. Additionally, the lingering impacts of Hurricane Milton and other recent hurricanes may have contributed to market disruptions, delaying transactions, affecting property conditions, and influencing buyer confidence in vulnerable areas.
