There could be early signs of a stabilized housing market in Manatee and Sarasota counties.
According to the latest Realtor Association of Sarasota and Manatee's report, inventory growth is slowing, "indicating a potential shift toward market stabilization as new listings and pending inventory increases begin to level off."
There were 672 single-family home sales in April, marking a 1.9% decrease year-over-year. The median sale price also dropped to $464,000. That's a 12.5% decrease compared to April 2024.
The county ended April with a 5.2-month supply of inventory. While that is still higher than the 3.9-month supply from April 2024, the month-over-month inventory growth is slowing.
The median time to contract increased to 50 days from 44 days year-over-year, and the median time to sale increased 4.5% to 92 days compared to April 2024.
"The single-family home markets in both Sarasota and Manatee counties are showing encouraging signs of stabilization," president Debi Reynolds said in a news release. "While we're seeing a natural correction from the record highs of recent years, the steady pace of sales and the more moderate growth in inventory indicate a return to healthier market conditions."
Manatee County had a 1.1% decrease in townhome and condo sales, while the median sales price fell 14.8% to $300,220 year-over-year in April.
There is an 8.2-month supply of townhouses and condos, while the median time to contract increased from 44 days to 63 days and the median time to sale was up from 91 days to 98 days year-over-year.
"The condo and townhome market is showing more pronounced price softening, primarily due to a steady increase in inventory," Reynolds said in the news release. "This means buyers have more negotiating power, but it also challenges sellers to be strategic in ensuring their properties are priced competitively and well-presented."
In Sarasota County, the median sale price plummeted 13% from $540,000 to $470,000 for single-family homes year-over-year. The median time to contract and median time to sale stayed roughly the same at 43 days and 82 days, respectively. The monthly supply of inventory was 37.3% higher than April 2024 for single-family homes. It's at seven months.
For townhomes and condos, the median sale price dropped nearly $60,000. It's at $339,500 for April. The monthly inventory is at a 9.6-month supply. The median time to contract increased to 61 days from 48 days compared to April 2024. The median time to sale increased 13 days to 104 days in April year-over-year.