The Realtor® Association of Sarasota and Manatee recently released the regional sales numbers for the month of July and while the number of residential sales substantially differ from the record numbers we saw in 2015, Sarasota and Manatee counties are starting to see a more normalizing trend as median sale prices and inventory continue to climb.
Over the past year, Manatee County increased in sales from 2015, with a 0.7 percent increase in single family homes and an 11.5 percent increase in condos, but by contrast, Sarasota County sales are more than 20 percent down for both single family homes and condos. Additionally, in 2015 pending sales remained very strong through August, but this year, we saw significant slow-down in pending sales as early as May. In July, records showed that pending sales are 18.5 percent lower than last year for Sarasota and Manatee counties.
However, median sale prices for single family homes in Sarasota County are up 10.5 percent from 2015 to $242,500, while Manatee County experienced an 11.7 percent jump from 2015 to $279,250. Year over year, condo median sales prices rose 7.9 percent from 2015 to $205,000 in Sarasota and 21.9 percent to $185,250 in Manatee.
Inventory is steadily rising as well with single family homes in Manatee and Sarasota each showing a 19.5 percent increase from July 2015, which equates to over 4 month’s supply of inventory.
“July marks the seventh month this year where pending sales are down. This is also the sixth month where listing inventory has been higher than the same period last year. It’s reasonable to expect that the prices will adjust to the slowing demand,” says Linda Formella, 2016 President of the Realtor® Association of Sarasota and Manatee.
If you are interested in buying or selling property, please contact me for further details.