The Sarasota/Manatee County markets continue to trend to a “healthier” inventory levels. June date from the REALTOR® Association of Sarasota and Manatee (RASM) shows that closed sales have again decreased overall. Rising mortgage rates combined with high prices has resulted in active listings increasing more than 100 percent from this time last year.
As we trend towards this healthier market, it is still a great time for sellers, as our months supply of inventory is still WELL below a balanced market, currently trending between 1.5 and 1.5 months of inventory. The higher inventory levels also benefits buyers, allowing them some “breathing room” when considering a purchase.
A summary of the June stats are below:
Sarasota/Manatee County Total Sales in June 2022: 2,088 sales; 26.7 percent decrease from the same month last year
The median sales price in the two-county area continues to increase:
Sarasota County: the median price for single-family homes increased by 25 percent. Condo prices increased by 34.4 percent.
Manatee County: the median price for a single-family increased by 35.7 percent Condos prices increased by 27.3 percent
At the end of June, there were 3,554 active listings combined in the two counties, which is a 131.4 percent increase from last year. There were 998 more active listings reported at the end of June than at the end of May, indicating a month-over-month increase of 39.1 percent.
Properties are still going under contract in seven days or less, with the average time reported at six days for single-family homes in Manatee County and at seven days for single-family homes in Sarasota County. The median time for condos to go under contract is at seven days for both counties.
For FULL reports for June, visit https://www.myrasm.com/june2022/
