Manatee County home sales increase as prices drop

Home values have dropped and the frenzy of multiple offers on a first-day listing have waned, but local realtors say there’s no need to panic. Manatee County is still in the midst of a seller’s market.

According to a press release from the Realtor Association of Sarasota and Manatee, single-family home prices in Manatee decreased by 4.5% to $525,000, which is a $25,000 drop from June 2022. Year-to-date sales are down about 7%, yet June of this year saw 759 single-family home sales when only 645 sold in June of last year. 

“It’s not uncommon during our summer months, but I preface everything as pre-COVID. COVID changed everything when the market had such low inventory,” 2023 RASM President Brian Tresidder said, “But we always typically saw a slight drop of a percentage or two on the median home price sales during the summer months.” 

Tresidder attributes the dip to those listings that were on the market during season and didn’t sell. After six months, sellers are often open to a lower offer rather than waiting another six months. 

Inventory levels play a major role in whether the market is considered to be a sellers or buyers market. Inventory is calculated in months. If no new listings came onto the market at the current rate that properties are selling, how long would it take to sell out? In Manatee, it would take about three months right now. 

“A balanced market is generally considered to be six months of inventory,” Tresidder said. “So three to three and a half months of inventory, when you average the single-family and the condos, is still a pretty significant sellers market.”

During the pandemic, inventory dropped to less than a month. Tresidder said there were a lot of buyers putting in five to six offers and still not coming out with a house, so many of those buyers stepped back, but homes are still selling and receiving multiple offers.

“Our inventory is very low. We still have a good amount of buyers in the market. People want to continue to live here and retire here,” Micheal Saunders Realtor Diane Fogo-Harter said. “If the property is priced well and in impeccable, model perfect condition, we’re still seeing multiple offers.”