The Sarasota-Bradenton area real estate market has undergone a “market correction,” with conditions more similar now to those before the COVID-19 pandemic, than the supercharged a buying frenzy that resulted after the health crisis eased, with bidding wars and record prices, according to a report on July sales.
The Realtors Association of Sarasota and Manatee’s most recent monthly report noted that both counties “experienced a cooling in market activity” in July, pointing to properties sitting on the market longer than has been typical over the past three years.
Other signs the real estate market has fully returned to pre-COVID conditions include the number of homes on the market above levels in 2019 and a decrease in the median price of a sold home. The pricing of properties just entering the market has also been on the decline.
Despite the less than rosy statistics, real estate professionals view a return to a balanced market as a good thing, when buyers have more leverage with sellers needing to be more realistic on pricing.