Sarasota-Manatee saw price declines in July and homes stayed on the market longer

The Sarasota-Bradenton area real estate market has experienced a “market correction,” with conditions now more similar to those before the COVID-19 pandemic than the heightened buying frenzy that began after the health crisis subsided, with bidding wars and record prices, according to a report on July sales.

The Realtors Association of Sarasota and Manatee's latest monthly report noted that both counties experienced a “cooling off of market activity” in July, suggesting that properties remained on the market longer than usual over the past three years.

Other signs that the housing market has fully returned to pre-COVID levels include the number of homes on the market being above 2019 levels and a decline in the average price of a home sold. Prices for homes just coming on the market are also declining.

Despite the less than rosy statistics, real estate professionals see the return to a balanced market as a good thing, as it will give buyers more leverage and require sellers to be more realistic when setting prices.

Previous reporting:Sarasota-Manatee condo market collapses while single-family home prices remain high

“The market is returning to what it was before the pandemic, and while it may seem like things are cooling down, that's actually a good thing,” said Tony Barrett, president of the 2024 Realtor Association of Sarasota and Manatee and brokerage owner of Barrett Realty. “This means we're in a more balanced market, which is good news for both buyers and sellers.”