Home Sales Dip As July Prices Rise In Sarasota, Manatee Counties

SARASOTA COUNTY, FL — Closed home sales decreased in Sarasota and Manatee counties in July compared to the same time last year, marking the first year-over-year dip since May 2020 for the area, according to a news release from the Realtor Association of Sarasota and Manatee (RASM).

Despite this, the July 2021 market stays on trend with rising home prices and decreasing inventory, according to data from Florida Realtors and compiled by RASM.

“The real estate market is as hot as it's ever been. The demand for homes is so high that we're selling homes as quickly as they come available—almost every home you see for sale this week won't be available next week,” Alex Krumm, RASM president and broker/owner of NextHome Excellence, said. “Interest rates are still playing a big role in the homebuying ‘frenzy’ here, as well as the desire to live and invest in Sarasota and Manatee counties.”

Closed sales decreased year-over-year regionally by 7.2 percent to 2,252 total sales in July. All sales closed at or above the original list price, RASM said.

In Sarasota County, single-family sales decreased by 9.8 percent to 882 sales, and condo sales decreased by 3.8 percent to 383 sales.

In Manatee County, single-family sales decreased by 5.8 percent to 729 sales and condo sales decreased by 6.5 percent to 258 sales.

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In Manatee County, the median price for single-family homes breaks yet another record-high price this year at $430,000 in July, an increase of 19.8 percent over last year. Meanwhile, the single-family home price in Sarasota was $400,000 in July, a 22.2 percent increase.

In the condo market, Sarasota condos reported a 31.3 percent increase to $315,000, and Manatee reported a 13.7 percent increase to a median price of $250,050.

“The incredible price increases we've seen are forecast to subside, but not recede, over the next year. Those who want to purchase in the next few years are wise to purchase now; there is no imminent correction coming,” Krumm said. “It is entirely likely that we're seeing a permanent correction upward as Florida home prices, which are historically in the middle-of-the-road nationally, trend toward the values of the states from which our buyers are migrating.”

New pending sales showed a year-over-year decline, RASM said. Combined for both counties, new pending sales decreased by 25.4 percent for single-family homes and by 22.3 percent for condos.

Newly listed homes totaled between the two counties grew year-over-year by 3 percent for single-family homes and decreased by 15.5 percent for condos.

The inventory of all property types in the two counties decreased year-over-year by 65.7 percent to 1,771 active listings at the end of July. Compared to the previous month, inventory across the two counties increased by 15.3 percent from June.

“Inventory is up slightly from last month, but that might be a one-time coincidence, not a trend,” Krumm said. “Late summer is always a slower time for real estate sales in Florida — regardless, we're a long, long way from a balanced market.”

The month’s supply of inventory for single-family homes decreased by 66.7 percent to .8 months in Sarasota and decreased by 65.2 percent to .8 months in Manatee. The .8 months of single-family inventory is, however, an improvement from the .6 months reported in June 2021, RASM said.

Condo inventory decreased by 84.6 percent to a .6-month supply in Sarasota and dropped by 83.3 percent to .6 months in Manatee County.