The Sarasota and Manatee County real estate market in July, the latest month for which statistics are available, marked the 7th month this year where both sales and pending sales were down and the 6th month where the supply of homes available for sale has been higher than in the same period a year ago. At the same time, the median price of single-family homes and condos/townhomes rose again although the rate of price increases is moderating.
Sarasota County recorded closings on 680 single-family homes sales and 255 condo/townhomes sales compared to 868 single-family homes and 338 condos and townhomes in July, 2015 for an overall drop year-over-year of 22.4%. In Sarasota County the drop was across both single-family homes and condo/townhomes. In Manatee County, there were 578 single-family homes and 214 condo/townhomes closings in July of this year versus 574 single-family homes and 192 condos/townhomes in the same month in 2015 for an overall year over year sales volume increase of 3.4%.
Looking over the past 12 months, Sarasota County single-family home sales volumes have decreased by 21.7% from 2015 levels while condo and townhome sales decreased by 24.6% while Manatee County single-family home sales increased slightly by 0.7% from year-ago levels while condo/townhome sales increased by 11.5%.
In Sarasota County, the median price of single-family homes rose from $219,500 last year to $242,500. The median price in Sarasota County of condominiums/townhomes rose from $190,000 last year to $205,000. In Manatee County, the median price of single-family homes rose from $250,000 last July to $279,250 in July. while in Manatee County the median price of condos and townhomes rose from $152,000 last year to $185,250 this July.
One might ask how prices can continue to rise when sales volumes are down. The answer is because there is still a significant shortage of homes available on the market. As a result, the Sarasota-Manatee County real estate market remains a seller’s market with just slightly over a 4 month supply of properties on the market (4.2 months in Sarasota County; 4.4 months in Manatee County) compared to a 6-month supply which is considered to represent a balance between buyer and seller pressures.
It should be noted, however, that median price data for a single month’s statistics can be distorted. Yet, as noted above July marks the 7th month this year where pending sales, an indication of future closed sales, are down and the 6th month where the supply of homes available for sale has increased. Based on market dynamics, it is reasonable to expect that prices will adjust to the slowing demand and the increase in the number of properties on the market.
Linda Formella, Realtors Association of Sarasota and Manatee President said recently, “I believe we will see these price increases slow down as the supply of homes on the market continues to grow." If these trends continue, there will be opportunities for those planning to come to the Florida Sun Coast this fall and winter looking to invest in a home here on the Florida Sun Coast.
If you are considering investing in a home or condominium here in the Sarasota Manatee County Sun Coast area, please contact me now to begin to learn about the many residential offerings available both on the mainland and out on our beautiful barrier islands like Longboat Key, Lido Key, Bird Key and Siesta Key. I would be pleased to answer all of your questions. Call me at 941.228.9682 or visit my Sarasota FL real estate website to learn more.