S
arasota and Manatee counties experienced a slowdown in their real estate markets in August, according to the Realtor Association of Sarasota and Manatee's latest report. While closed sales and median prices have softened, inventory remains high, offering more opportunities for buyers. The decline in cash sales suggests a potential shift in investor activity, which could impact the market in the coming months.

    Closed sales declined in both counties, with the association's monthly market report showing a peak in April and May followed by a steady drop throughout the summer. "The extent of these shifts is noteworthy as we approach the prime selling season," the report notes.

    Townhouse and condo sales saw the most significant declines, with Sarasota County experiencing a 22.2% year-over-year decrease to 217 transactions, and Manatee County seeing an 11.2% drop to 215 sales. The median sale price in Sarasota County fell to $345,000, down from July's figure of $365,000 and 10.5% lower than the same period last year.

    In contrast, single-family home sales declined but not as sharply, with prices remaining relatively steady after a slight dip in June. In Sarasota County, closed sales for single-family homes decreased by 1.9%, while Manatee County saw a marginal decline of 0.2%. The median sale price in both counties dropped year-over-year.

    Realtor Association President Tony Barrett attributes the market's adjustment to the post-pandemic correction, stating that "we couldn't sustain those huge price spikes forever."