Condo Prices Fall in Sarasota and Manatee Counties While Single-Family Homes Remain Steady

The July real estate report from the Realtor Association of Sarasota and Manatee (RASM) indicates distinct trends within the region.

While Sarasota’s single-family home sales have risen by 12.6 percent year-over-year to 723 closings—keeping the median price steady at $470,000—Manatee County has faced a downturn, with sales declining by 9 percent to 624 and the median price falling by 1.8 percent to $489,900. Interestingly, this is the first time in years that Sarasota’s median is lower than Manatee’s.

Stephanie Coffey, a local realtor, observed, “Many snowbirds were spooked by last year’s hurricanes. They still intend to purchase, but are taking longer.” Buyers are exercising greater negotiating power as home listings now linger on the market for over 100 days and sellers are more willing to concede discounts.

In terms of competition, new construction homes in areas like Lakewood Ranch are enticing buyers with significant incentives, such as offering interest rates as low as 2.99 percent and $20,000 in incentives. Coffey emphasized that resale homes struggle to compete unless sellers are willing to make substantial price adjustments. “The days of testing a high price are over,” she noted.

Homes are taking longer to sell compared to the previous year. In Sarasota, the median time to sale increased to 105 days from 94 days a year ago, while in Manatee, it increased slightly to 102 days from 100 days. Conversely, sellers in Sarasota received merely 88.3 percent of the original list price for condos, while Manatee sellers held at 91 percent, showcasing a softer market for sellers.

The condo market appears more pronounced in its decline. Sarasota’s condo sales dropped 16.1 percent year-over-year, with the median price plummeting nearly 18 percent to $300,000. In contrast, Manatee’s condo sales fell 10.7 percent, but the median price only dipped 2.7 percent to $320,000. “After the storms, many buyers have moved inland as new construction condos come online, leading to cautious buyer behavior in outdated waterfront buildings amid insurance concerns,” Coffey stated.

Condo inventory is rising sharply, with Sarasota ending July with 2,000 active listings—a 12.5 percent increase from last year, translating to a 7.5-month supply. Manatee’s listings rose 20.3 percent to 1,517, marking a seven-month supply. Both markets are currently favoring buyers, which explains sellers’ necessity to accept lower prices.

Legislative changes post-Surfside collapse have also impacted the condo market, necessitating structural inspections that raised costs for homeowners. Recent laws provide some flexibility for associations, allowing them greater financial maneuverability for necessary repairs.

Florida’s overall market trends reinforce local shifts: the North Port–Sarasota–Bradenton area, previously a hotbed for real estate growth, is now seeing declining demand due to rising insurance costs and taxes.

Cash sales remain a core component of the market, accounting for 37.8 percent of single-family sales and 60.7 percent of condo sales in Sarasota. Manatee exhibited similar trends, with 29.5 percent of single-family and 46.8 percent of condos sold outright, indicating a robust cash buyer presence. Coffey remarked, “In the luxury segment, cash buyers are increasingly prevalent.” Additionally, though inventory initially surged in 2025, it is now trending down, leading to a more balanced market.

As fall approaches, Coffey expresses cautious optimism, noting increased buyer inquiries. “If we don’t experience another harsh storm season, I’m hopeful for favorable outcomes for both buyers and sellers,” she stated.