Summer is traditionally “low season” around here, even when it comes to the real estate market. Still, Manatee County saw year-over-year sales growth in July. Sarasota County, however, maintained its high prices but dropped in number of sales. And although inventory is up compared to last year, fewer new listings were added to the market last month in the North Port-Bradenton-Sarasota MSA, according to the latest data compiled by the Realtor Association of Sarasota and Manatee (RASM).

Both condos and single-family home sales in the North Port-Sarasota-Bradenton MSA saw 1,772 sales in July—a year-over-year increase of 2 percent. In June, closed sales decreased by almost 20 percent.

July also marks the third month in a row showing year-over-year increases in closings for both single-family homes and condos in Manatee County. Single-family home sales there increased by just over 10 percent, to 624 sales, and condo sales increased by just over 22 percent, to 249 sales. In Sarasota County, single-family sales decreased by 6.6 percent, to 633 sales, and condo sales decreased by 8 percent, to 266 sales.

Prices haven't budged much compared to last July. Single-family home prices in Manatee County decreased year-over-year by 1.2 percent, to $515,000. In Sarasota County, they increased by just under 2 percent, to $535,000. Condo prices decreased by 1.3 percent, to $350,000, in Manatee County, and decreased by less than 1 percent, to $389,500, in Sarasota. 

“I think Manatee County is desirable because it’s still more affordable than Sarasota, and is closer to higher-paying jobs located in the Tampa MSA," says Daniel Jittu, owner of 27 State Realty in Sarasota, where he’s also a broker. "Plus, certain areas like Parrish are expanding, so there are lots of options for buyers.” 

July also showed the lowest number of new listings added to the market so far in 2023. At the end of the month, there were 2,051 new listings combined for both property types in the North Port-Sarasota-Bradenton MSA, a decrease of almost 27 percent from last year and a decrease of 10.6 percent from June of this year. Broken down for each property type, there were 1,439 new listings for single-family homes and 612 new listings for condos, representing a year-over-year decrease of 31.2 percent and 12.9 percent, respectively.

“Two years ago, investors could come in and buy and sell faster, but higher interest rates are slowing that down," Jittu says. "Plus, if you sell, where do people go unless they leave the state?”

"You’re also seeing subpar houses being overpriced," he continues. "People can't afford to renovate but are still seeking top dollar.”

The median number of days from the listing date to the contract date continues to increase, too. 

Manatee homes went under contract in a median of 29 days—more than three times longer than last year—and Sarasota homes went under contract in 25 days, more than double the time of  last year. The condo market is showing the highest number of days from listing date to contract date since 2020, with 47 days in Manatee County compared to nine days last year, and 36 days reported in Sarasota County compared to 10 last July.

Going into the winter, “I think we’re going to be a truer market—not overly accelerated—and grow strong and steady unless some cataclysmic event takes place," Jittu says. "But left to its own devices, [the market] will be strong. I think Sarasota is still going to be the darling this season. It’s expensive to live there, but still not as expensive as other major metros."