Closed Sales Decrease in Sarasota and Manatee as Inventory Continues to Grow
SARASOTA, Fla. (August 18, 2022) – The inventory of active listings in the two-county region continues to increase year-over-year in July 2022. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), closed sales have once again decreased overall, while the month supply of inventory increases, along with the median time to contract. Another month of record-high prices coupled with the rising mortgage rates point to the increase in inventory this month, with active listings increasing by more than 100 percent from last year.
REALTORS® participated in 1,738 sales across the two-county region in July, a 22.8 percent decrease from the same month last year. In Manatee County, single-family sales decreased from last year by 22.2 percent to 567 sales, while condo sales decreased by 20.9 percent to 204 closed sales. In Sarasota County, single-family sales decreased by 23.1 percent to 678 sales, and condo sales are down by 24.5 percent to 289 sales.
“With higher interest rates and inflation impacting our market, the number of sales continues to decrease and the number of properties actively on the market continues to increase,” said 2022 RASM President Tony Veldkamp. “While our active inventory of single-family homes has finally reached a two-month supply in both counties, we deem a healthy balanced market as a six-month supply.”
The median sales price in the two-county area continues to increase, with Sarasota County seeing record-high prices. In Sarasota County, the median price for single-family homes increased by 31.3 percent year-over-year to the highest recorded price of $525,000, while condo prices increased by 24.1 percent to $390,990.
In Manatee County, single-family home prices increased year-over-year by 21.2 percent to $521,000. The median price of condos in Manatee County was $354,500, which is a 41.8 percent increase from last year.
At the end of July, there were 4,315 active listings combined in the two counties for both markets, which is a 143.7 percent increase last year. There were 761 more active listings reported at the end of July when compared to the previous month, indicating a month-over-month increase of 21.4 percent.
The months’ supply of inventory, or the number of months it will take to deplete the current inventory given recent sales rates, has increased year-over-year. In the single-family home market, Manatee County inventory is at a 2.5-month supply, which is a 212.5 percent increase from the same month last year, while Sarasota increased by 150 percent to a 2-month supply. The months’ supply for condos increased by 200 percent in Manatee County to a 1.8-month supply and increased by 166.7 percent in Sarasota County to a 1.6-month supply.
The median time it took for properties to go under contract is at 9 days in Manatee County, a 50 percent increase year-over-year. In Sarasota County, the median time to contract is at 10 days, a 66.7 percent increase for condos and a 100 percent increase for single-family homes.
New listings, or the number of properties added to the market last month, increased year-over-year in the North Port-Sarasota-Bradenton MSA by 23.2 percent for single-family homes and by 12.3 percent for condos. Compared to June of 2022, new listings decreased by 4.8 percent for the combined numbers in both counties and both markets.