July Housing Market Stats
July 2021 saw a decrease in closed sales for the first time since May 2020. May 2020 was the month after Florida went into lockdown and the resulting number of closed sales is a reflection of that. Most of the closings we saw in May went under contract in April.
July's low numbers are likely related to a lot of factors. Summer is typically a slow month in real estate in Florida since most of our buyers come in the winter months. For those that have kids, they travelled in June and July when school was out and people started getting out. Another factor is buyer fatigue. While some buyers hung in there, submitting offers on multiple properties, others stopped and decided to wait until the market "settled down".
In Sarasota county, we have fewer pending sales, but in Manatee county pending sales are up. With the exception of single family homes in Sarasota, all new listings are down for the month of July. Many Realtors, myself included, think this is largely due to people taking vacations and that summer tends to slow down in real estate.
They are up in all counties. In Sarasota county, the median sale price is up 22% in single family homes and 19.8% in condos. Manatee county saw a 31% increase in single family home prices and 13% increase in condos. Despite what you may be hearing, there isn't a price correction coming. There won't be a wave of foreclosures, and we aren't in a bubble. This is a simple supply and demand issue raising prices. Typically, Florida is middle of the road for the nation in home pricing and we are likely to stay there.
The market is quieter right now. August and September tend to slow down for all businesses, not just real estate. If you are considering a purchase, the next couple of months are likely to have less competition than in previous months. We do anticipate a busy season, which is October through Easter. We will likely see a bump up in activity in October and another huge one in January.
If you have been considering a purchase reach out to me or your favorite Realtor and see what may work for you. August and September are a great time to buy, and prices are not going to come down.