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July Market Update

Jaya Brossard August 14, 2019

Healthy Market Conditions Continue on Longboat Key and in Sarasota

Longboat Key

July 2019 saw 36 residential sales on Longboat Key compared to 39 in July of 2018. This slight year-over-year decrease is consistent with the year-to-date trend of slightly tempered market activity. Inventory was mildly up year over year, with 45 new listings in July 2019 versus 38 a year ago. Properties sold notably faster than a year ago, as days-on-market declined to an average of 141 days, down from an average of 168 days in July 2018. The quicker turnover is most likely due to more realistic pricing by Sellers, as the List/Sell Price Ratio has increased slightly year-over-year. There is currently just over a 6 month supply of inventory indicating a healthy, balanced market of both Buyers and Sellers. 
 
Bar chart shows months of inventory peaking at 16 in February 2019, then declining to about 7 by July.
 
Bar chart of average sale prices: about $725K in 2015, $880K in 2016, $840K in 2017, then $880K in 2018 and 2019.
 

Sarasota

In July 2019 there were 563 residential sales in the City of Sarasota, down from 576 in July 2018. This slight year-over-year decrease is consistent with the year-to-date trend of mildly reduced market activity compared to 2018. The number of new listings in July was down 5% from July 2018, however, inventory is slightly up overall. Average days on market was 76, virtually unchanged from 74 days one year ago. The List/Sell Price Ratio is also unchanged at 96%, as Sellers continue to price appropriately. There is currently about a 4 month supply of inventory, indicating a slight Seller's market. 
 
Bar chart showing months of inventory rising to a February 2019 peak, then declining through July.
 
Bar chart showing average sale prices rising from about $361K in 2015 to $412K in 2019, after a 2016 dip.

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