Market Report
Q2 | 2024
Market Report
Q2 | 2024
EXECUTIVE SUMMARY
by Chip Murphy, Vice President of Business Development
The second quarter of 2024 reflects a continued shift towards a more balanced market. As we examine the latest data and trends, it becomes clear that the market is adjusting to increased inventory and evolving economic factors, leading to more choice for buyers.
A significant development this quarter is the marked increase in inventory levels across the markets we serve. This rise in available properties has been most pronounced in the condominium segment, largely due to escalating master insurance costs and mandatory reserve studies. The overall growth in listings is contributing to a more competitive landscape, where buyers have greater leverage and options.
With the surge in inventory, we are starting to see slight declines in pricing, particularly in the condominium market. The median sale price for single-family homes has stabilized, showing only a modest 1% increase, while the condominium market has seen a more substantial price correction, with median prices down approximately 7% compared to Q2 2023. These trends suggest that the market is beginning to adjust with prices softening slightly as a result.
Sales activity, while still healthy, is starting to reflect the changing dynamics. Buyers are becoming more selective, and properties are taking longer to sell, indicating that the market is gradually transitioning towards a more balanced state. This shift underscores the importance of strategic pricing and presentation for sellers, who must now navigate a market where quick sales and bidding wars are becoming less common.
Looking ahead, the forecast for the upcoming months indicates continued buyer activity, but with a clear emphasis on careful pricing and negotiation. The increase in inventory is providing buyers with more options and greater bargaining power, making it crucial for sellers to adjust their strategies accordingly. As the market normalizes, extended times to contract and closing are expected to become more common, reflecting the new reality of a more buyer-centric market.
Overall, the second quarter of 2024 highlights the importance of adaptability in a market that is increasingly favoring buyers. Thoughtful pricing and well-informed decisions will be essential for sellers looking to capitalize on opportunities in this evolving landscape.
Q2 | 2024
SINGLE FAMILY HOME OVERVIEW
• Sarasota County
• Manatee County
• Charlotte County
• Tri-County
CONDOMINIUM OVERVIEW
• Sarasota County
• Manatee County
• Charlotte County
• Tri-County
Manatee County Sarasota County
Charlotte County
Q2 | 2024
single family homes | sarasota county
Q2 | 2024
single family homes | sarasota county
Q2 | 2024 condominiums | sarasota county
Q2 | 2024
condominiums | sarasota county
Q2 | 2024 single family homes | manatee county
Manatee County * Source Trendgraphix
Q2 | 2024
single family homes | manatee county
Q2 | 2024
| manatee county
$350,000 $400,000 $450,000 $500,000
Q2 | 2024
condominiums | manatee county
Supply Demand Analysis
Q2 | 2024 single family homes | charlotte county
Q2 | 2024
single family homes | charlotte county
Q2 | 2024 condominiums | charlotte county
Overview Q2 | 2024
condominiums | charlotte county
Supply Demand Analysis