Graphic courtesy Realtor Association of Sarasota and Manatee.

A significant jump in active listings could signal a shift in real estate activity in Sarasota and Manatee counties, particularly when it comes to the condominium and townhome market.

The Realtor Association of Sarasota and Manatee released February sales data showing the inventory levels for condos and town homes in Manatee County climbed to 6.2 months, and in Sarasota rose to 6.7 months. In February of 2023, there was just a 3.4-month inventory of units in Manatee and only a 2.8-month inventory in Sarasota, the marks of a definite seller’s market. Realtors consider a 6-month inventory a balanced market, and the numbers from February show that as the current state.

The single-family home markets in both counties also saw a rise in active listings, though both still have less than six months of inventory on the books. In Manatee County, there’s a 4.2-month supply of homes, up from 3.1 months a year prior. In Sarasota, the home inventory climbed to 5.2 months, shy of a balanced market but much higher than the 2.9-month inventory in February last year. The last time the market saw that type of rise in inventory in home listings was in March 2019.

“With increasing inventory, the real estate market is becoming more balanced for buyers and sellers. Rising median home prices and extended days on the market signal a healthier, stabilizing market, offering buyers and sellers ample time to negotiate,” said Tony Barrett, owner of Barrett Realty and president of RASM this year.

The median price of homes continued an upward climb in February, though for condos, it decreased in both counties. In the combined North Port-Sarasota-Bradenton combined metropolitan market, the median price for single family homes sits now at $500,000 compared to $490,000 the same time last year. But for the condo market, the median price market-wide dropped $380,000 in February last year to $375,000 in last month.

Meanwhile, the total number of home sales in both counties increased for the month, while total sales for condos decreased in Sarasota but increased in Manatee. Marketwise, there were 1,124 total home sales, up almost 10% from last February’s 1,023. But the combined total of 466 condo sales was down more than 5% from the 492 sales the same month in 2023.

Graphic courtesy Realtor Association of Sarasota and Manatee.