July Market Update

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. 

 

 

 

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.