Shifting Sands: Sarasota-Manatee Real Estate enters a New Era
A Sarasota home in Gillespie Park.
As the year 2024 drew to a close, the Sarasota and Manatee real estate markets found themselves poised at a turning point. Gone were the frenzied days of the pandemic boom, replaced by a more measured pace.The Year-End 2024 Market Report from the Realtor Association of Sarasota and Manatee (RASM) revealed a clear trend: the market was stabilizing, echoing pre-pandemic norms, while concurrently presenting new challenges. Inventory levels were rising, transaction speeds were slowing, and price declines were becoming more pronounced compared to the rapid growth of 2023.
While sellers who had purchased properties before 2019 still held a strong advantage, wiht median sale prices comfortably exceeding those of 2019, the market dynamic had begun to shift. Both Sarasota and Manatee counties experienced year-over-year price drops across all property types. Townhouses and condos saw steeper declines than single-family homes. However, it’s vital to note that even with these decreases, prices remained considerably higher than pre-2019 benchmarks.
Furthermore, “time to sale” and “time to contract” metrics witnessed a notable increase, reflecting a market that was gradually tilting in favor of buyers. Manatee County, with 7,485 single-family home sales, nearly matched the previous year’s figures with a slight 0.1 percent increase.Although the median sale price dipped by 1.8 percent to $499,875, it had surged by an extraordinary 57.2 percent since 2019. Like its neighboring county, Manatee County’s four-month supply of inventory and extended contract timelines (up 57.6 percent to 52 days) signaled a more balanced market.
Shifting Sands: Navigating the Sarasota-Manatee Real Estate Market
The Sarasota-Manatee real estate market, once a frenzied landscape of record-breaking sales during the pandemic, is experiencing a noticeable shift. Buyers are finding more options and a return to a more balanced market, while sellers are realizing that the “pandemic bump” is no longer a given.
“Florida is still on the radar as a desirable place to go,” notes John Forberger, a local realtor with Douglas elliman. “Condos are in a buyer’s market position, but the luxury condo market—think One Park, Rosewood, The Evolution—is attracting buyers seeking coastal retreats in the sky.”
Forberger observes a disconnect between sellers’ expectations and the current reality. “I think sellers may have to adjust expectations even more going into quarter two of 2025,” he states. “The mindset of a lot of sellers is that the record-breaking buying frenzy of the pandemic years is still on, but the open house volume and data show it has ended. We’re constantly faced with that.”
He adds, “I can’t blame everyone for thinking that way becuase we have so many absentee owners. If you don’t live here, how do you know? For six months, so many people aren’t thinking about it.out of state, out of mind. This is a real conundrum for sellers.”
Hurricane impacts and climate change are also influencing the market. “Everyone is asking about elevation and flooding for both condo and single-family home products,” Forberger reveals. “If it’s a condo, did the elevators flood? Did the garage flood? Did the first floor flood? That’s very top of mind. It’s creating more upfront research on our end before we take a client to see a property. I’m making more calls to agents to learn about hurricane effects first.”
Low interest rates secured by sellers during the pandemic frenzy are further fueling the reluctance to sell. “Many seller conversations boil down to this: ‘If I can get the price I want, I’ll move’,” explains Forberger. “There’s an increasing lack of urgency. When you present the comps to a seller, it’s a reality check—it feels like a cold splash of water.It’s shocking for some people to realize how far we are from the pandemic buying spree.”
Looking ahead, sellers need to be strategic. “I’m telling people to hire a marketing agent, not a real estate agent,” Forberger declares. “The status quo isn’t working. Omnichannel marketing is a must. You can’t just list on the MLS and sit back. exploit all consumer-facing marketing channels to get exposure to sell your home—social media, newsletters, and paid advertising.”
Shifting Sands: Sarasota-Manatee Real Estate Navigates a New Era
The Sarasota-manatee real estate market, after a whirlwind few years fueled by the pandemic boom, is settling into a more tranquil rhythm. Inventory has increased, transaction speeds have slowed, and while prices have seen some adjustments, the market hasn’t stumbled. To grasp this evolving landscape, we sat down with John Forberger, a local realtor with Douglas Elliman, to discuss the latest trends and what they mean for both buyers and sellers.
“Absolutely,” John Forberger affirms, “while the Sarasota-Manatee area remains undeniably desirable, the market is definitely cooling down from the intense pace we saw during the pandemic years. We’re seeing inventory levels rise, transaction times lengthen, and price adjustments, especially in the condo and townhouse segments.” This, he explains, is a natural correction after a period of unprecedented demand and limited supply. Buyers, he notes, now find themselves in a stronger position with more choices and less urgency to engage in heated bidding wars.
Delving deeper into the trends, Forberger highlights a noticeable discrepancy: condos and townhouses are experiencing sharper price declines compared to single-family homes. He attributes this to several factors. “Due to the high interest rate environment, some buyers who couldn’t afford to purchase a single-family home are now finding smaller properties more attainable,” he explains. “The influx of inventory in these smaller properties has created a bit of a saturation, pushing prices down.” Additionally, he points out that some investors who aggressively bought condos during the pandemic’s frenzy are now re-evaluating their holdings as the market cools, leading to more listings.
Navigating seller expectations presents another challenge. “Many sellers haven’t lived through a market slowdown and are struggling to accept the new reality,” Forberger acknowledges. He emphasizes the importance of providing sellers with detailed market data and comparable sales to illustrate the current trends and guide them towards a more realistic outlook. “It can be a tough conversation,” he admits, “but ultimately they need to understand the market dynamics to make informed decisions.”
Forberger also observes a shift in buyer priorities, noting a growing emphasis on environmental concerns. “We’re seeing an increase in inquiries about elevation and flood zone information,” he shares, reflecting a wider awareness of climate change and its potential impact on property values.
The real estate landscape is constantly evolving, and staying ahead of the curve requires adaptability and informed decision-making. Climate change and its impact, particularly coastal flooding, are increasingly influencing buyer priorities. John Forberger,a seasoned real estate expert,sheds light on the current market trends and offers valuable advice for both buyers and sellers.
“Climate change and the increasing threat of coastal flooding are top priorities for many buyers,especially those familiar with the stark effects of recent hurricanes,” shares Forberger. “I find myself spending a lot more time upfront discussing elevation certificates,flood zones,and past flood history with clients. Potential buyers want to know they’re making a safe and sound investment.”
With a surge in inventory, buyers are presented with a wealth of opportunities. Forberger advises, “Buyers, now is a great time to shop around and take advantage of the increased inventory. Be patient, don’t rush into decisions, and don’t be afraid to walk away if the deal doesn’t feel right.”
Sellers, on the other hand, need to adopt a strategic approach. “Be realistic about pricing and prepare your property to be competitive,” emphasizes Forberger. “Embrace strategic marketing strategies, and remember that a great agent can make all the difference in this shifting landscape.”
Forberger concludes, “ultimately, the key to navigating this era is adaptation and versatility. Change is certain, but this market offers opportunities for those who are savvy and prepared to embrace it.”
