by Chip Murphy, Vice President of Business Development
SINGLE-FAMILY HOME & CONDOMINUM
OVERVIEW
SARASOTA COUNTY
MANATEE COUNTY
CHARLOTTE COUNTY
TRI-COUNTY
The fourth quarter often marks a period of transition, highlighting both conclusions and fresh beginnings. In 2024, the market faced ongoing challenges ranging from rising interest rates and insurance costs, loss from back-to-back hurricanes, and a steady increase in inventory.
Q4 set the stage for what we will likely see in 2025 – a year of challenges that accompany opportunities. As we enter 2025 with interest rates that are mainly unchanged from the fourth quarter, the consumer is now more accepting of these rates that had historically kept buyers waiting on the sidelines. With that, you will be reading more about inventory than you will about interest rates. The data shows a continuation of the increase in inventory that we saw throughout 2024, with a 28% increase in the number of properties for sale as compared to this time last year.
Where challenges exist, opportunities present themselves. Sellers had the greater challenge of 2024, as presentation and strategic pricing were imperative to securing a successful sale. Although you may still hear the occasional story of multiple offers, that trend is primarily in the rearview mirror. Importantly, demand has remained strong, which has kept prices stable with a slight rate of appreciation. The seller challenge presented buyers with something that had been longing for – choice! While buyers may now experience stress from rate pressure, gone are the days where buyers were forced to act with haste.
As we look into the preliminary 2025 data, we continue to see inventory building. This is a common trend during this time as the first half of the year is typically our peak buying season. Given our prevailing market dynamics, this may very well be the opportune time for discerning buyers to explore the market for the right property.
Saunders
YEAR-TO-DATE – % CHANGE 2024 vs. 2023
Sarasota County’s single-family home market experienced a shift as inventory levels continued to rise, leading to more stable pricing trends in Q4. The data shows a decline in the number of homes sold, with 1,555 transactions compared to 1,929 in Q4 2023, which could largely be due to the hurricane impact we saw in 2024. Despite this decrease in sales activity, the average sold price saw only a slight dip from $710,000 to $704,000,
indicating that prices are stabilizing rather than declining. However, properties are taking longer to sell, and the list-tosale price ratio also slightly softened to 91%, underscoring the growing need for competitive pricing strategies amidst higher inventory levels. These trends suggest that while demand remains, buyers have more options, leading to a market that is adjusting to new conditions with steadier price points.
Saunders REPORT
Q4 | 2024 MARKET REPORT
SARASOTA COUNTY SINGLE–FAMILY HOMES
Supply Demand Analysis
$1,000,000
units sold in Q4 compared to 562 the previous year, the influx of closings in the upper-end segment played a key role in buoying the average price. The St. Regis closings have undeniably skewed market averages, highlighting the influence a single high-profile development can have on overall pricing trends in Sarasota’s condominium sector. A story of the St Regis: how one development impacts market
The Sarasota County condominium market in Q4 2024 saw a significant influence from the closing of 67 units at the highly-anticipated St. Regis Longboat Key, with prices ranging from $2.1 million to $21 million. These high-end sales contributed to a notable increase in the average sold price, which rose from $899,667 in Q4 2023 to $1,240,000 in Q4 2024. While overall sales volume declined, with 424
Saunders REPORT
Q4 | 2024 MARKET REPORT
SARASOTA COUNTY CONDOMINUMS
Supply Demand Analysis
$1,000,000
Saunders REPORT
Q4 | 2024 MARKET REPORT
MANATEE COUNTY
HOMES
– % CHANGE 2024 vs. 2023
Average sold price remains flat for two consecutive years.
Manatee County single-family home market continued to experience stagnant price trends, with the average sold price remaining largely unchanged for the second consecutive year. Year-todate figures show an average sold price of $667,667 in 2024, compared to
$673,000 in 2023, reflecting a marginal decline of 0.8%. Despite fluctuations in sales volume, pricing resilience suggests a balanced market where supply and demand are aligning.
Saunders REPORT
Q4 | 2024 MARKET REPORT
MANATEE COUNTY SINGLE–FAMILY HOMES
Supply Demand Analysis
$1,000,000
Continued impact of home insurance rates to the number of condominiums sold.
Manatee County’s condominium market faced a notable decline in sales, with transactions decreasing from 315 units in Q4 2023 to 226 units in Q4 2024. A significant factor contributing to this downturn is the historical escalating cost of home insurance in Florida. Between 2019 and 2024, some regions in the state experienced up to a 4x increase in insurance premiums, causing many condo HOA fees to
increase. Additionally, new safety regulations enacted in response to the 2021 Surfside condominium collapse have mandated regular structural inspections and increased reserve funds for repairs, further elevating those fees. Fortunately, we are seeing insurance premiums across Florida stabilize, and in some cases, slightly decrease.
Saunders REPORT
Q4 | 2024 MARKET REPORT
MANATEE COUNTY CONDOMINIUMS
Supply Demand Analysis
* Source Stellar MLS
Saunders REPORT
Q4 | 2024 MARKET REPORT
Number of homes sold rose for the first time in two years.
Charlotte County’s single-family home market saw an encouraging shift at year end, with the number of homes sold rising for the first time in two years. This increase in sales activity signals renewed buyer confidence, despite ongoing challenges such as rising mortgage rates and insurance costs. However, the market continues to experience
longer selling periods, with the average days on market increasing from 61 to 92, a 52.5% rise year-over-year. While average sold prices dipped slightly, the growth in sales volume suggests that buyers are finding more opportunities in a market with expanded inventory and competitive pricing.
Saunders REPORT
Q4 | 2024 MARKET REPORT
CHARLOTTE COUNTY SINGLE–FAMILY HOMES
Supply Demand Analysis
$1,000,000
Condominium market continues to face ongoing pressure.
The total number of condominiums sold in Charlotte County declined to 113 units, down from 157 in the same period last year, representing a 28% decrease. Rising insurance premiums, stricter regulatory requirements, and increasing homeowners association (HOA) fees have contributed to affordability concerns. Additionally, the
average sold price decreased, reflecting a market adjusting to shifting demand. With the average days on market rising from 76 to 90, sellers are facing longer selling periods and increased competition.
