Interest rates are pushing inventory numbers higher in Sarasota and Manatee counties. But prices continue to rise in the region, according to the Realtor Association of Sarasota and Manatee. That is taking place ever as the Federal Reserve takes steps to cool the market and calm inflation.

There were considerably fewer closed sales in the two-county market in June. The Association reported 2,088 sales for the month in the North Port-Sarasota-Bradenton metropolitan area compared to 2,849 in June of 2021. That’s a 26.7% decline.

“While we're continuing to see month-over-month and year-over-year increases in pricing, the number of closed sales has dropped down to a level that was more typical for a pre-pandemic June,” said Tony Veldkamp, Realtor Association president and a senior advisor at SVN Commercial Advisory Group.

A slow in sales has meant an increase in stock. A year ago, there was barely half a month of residential properties available in the market. But there’s still a short supply on a grander scale, Veldkamp said.

“Meanwhile, the amount of active inventory continues to grow by more than double the number of listings from where we were this time last year. At less than a two-month supply of single-family homes, we are still far from having the six-month inventory required for market equilibrium. The market is shifting as we're seeing changes in the buying process, but today we're still in a seller's market.”

June sales wrapped well before the Federal Reserve decision last week to raise its benchmark interest rates by 0.75% at a July meeting. The Fed in June also voted mid-week to raise rates. That means in the last two months, the benchmark rate jumped from 1% to about 2.5%, part of an effort to rapidly cool inflation.

For the moment, the boost in inventory and climbing rates have not stopped a continuing increase in the median price of homes in Sarasota and Manatee counties. For the first time ever, the median price for single-family homes in Sarasota rose to $500,000. That’s a 25% year-over-year increase. It boosted ever higher in Manatee County to $550,000, a 35.7% hike from last June.

Similarly, condominium unit prices swelled. Manatee County now reports a median price for condo and townhome sales of $356,500, and in Sarasota, the median price sits at $416,250.

While sales have slowed and inventory has started to climb, homes still aren’t sitting on the market for long. The media time reported for condos to go under contract in the market is about seven days. The same goes for houses in Sarasota County, and in Manatee, single-family homes are selling even faster with a median time on market of six days. 

Elisabeth Owen has joined ArtisTree Landscape Maintenance & Design as its newest designer to serve the company’s growing client roster. A Florida Certified Horticulture Professional, Owen will create plans for new builds and renovations. Her 20-plus years in the green industry includes design, managerial and sales experience for residential and commercial clients. Owen graduated cum laude from the University of Florida with a Master of Science degree in environmental horticulture. “Elisabeth’s design creativity, local plant knowledge and outstanding customer service skills are already proving to be an asset to our company,” said Joe Mantkowski, vice president of ArtisTree’s Design Division. “We’re looking forward to doing some great things together.” 

The “No Swim” advisories that have been in place at Siesta Key Beach, Service Club Beach, Casperson Beach and Manasota Key since Thursday, July 28 have been lifted. Florida Department of Health in Sarasota County officials received testing results today that were at a satisfactory level for enterococcus bacteria meeting both the U.S. Environmental Protection Agency (EPA) and state recreational water standards. Residents and visitors may return to swimming and other water sports at these beach sites. Brohard Beach, Venice Fishing Pier, and Ringling Causeway/ Bird Key Park remain under the advisory. The next samples will be taken Monday. The Florida Department of Health in Sarasota County monitors water quality weekly at 16 sites along Sarasota’s 34 miles of beaches. The intent of this program is to provide county residents and visitors with accurate, up-to-date information on the water quality at our beaches. 

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The City Commission has made an exciting and important decision about the future of Bobby Jones Golf Club and how it will operate once its renovation is complete. The commission has approved an agreement with Indigo Sports LLC to manage our historic golf course. Indigo is a reputable company with expertise in managing more than 140 municipal courses like ours across the United States. Indigo’s responsibilities will include overseeing the installation and maintenance of new grass and the reconstruction and restoration of the historic 18-hole, Donald Ross-designed course. Once the course opens, they will manage all golf operations at Bobby Jones, including hiring employees, marketing the course, providing food and beverage service and more. This is a fiscally responsible decision by the commission, which will still retain oversight of the Bobby Jones budget each year. Indigo will be paid with revenues collected from users of the course. We expect the new and improved course to be a popular destination for residents and visitors alike, and we anticipate that Indigo will be able to deliver excellent customer service and a great golf experience for our patrons. In the meantime, as seen in the image below, significant work is underway and the restoration project at Bobby Jones is expected to be completed in spring 2023. 

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In honor of its 100th anniversary, the Sarasota Kiwanis Club and its Foundation gave $100,000 in grants to 28 local nonprofit organizations for 2022. These gifts and the receiving nonprofits were celebrated at the Club’s meeting on Friday, July 22. “Our Club is dedicated every year to giving needed funds through our grants process, as it is part of our mission to support nonprofits in our local community,” said Marla Doss, president of the Sarasota Kiwanis Club Foundation. “This year, as it is our 100th year as a Club, we committed to giving a total of $100,000 in grants. We are blessed to be able to support so many deserving organizations.” A total of 28 nonprofit organizations were gifted checks this year, and at the event, each agency’s representative spoke about the difference the funding will make to their mission. Here is a list of the charitable organizations supported: All Friends Network, Big Brothers/Big Sisters, Boys & Girls Clubs, Child Protection Center, Children First, Children’s Cancer Center, Early Learning Coalition, Easterseals Southwest Florida, Embracing Our Differences, Foundation for Dreams, Girls, Inc., Heart Gallery of Sarasota, Manasota BUDs, Manasota Solve Maternity Homes, The Mark Wandall Foundation, Mayors’ Feed the Hungry, Meals on Wheels Sarasota, Operation Eco Vets, Pines of Sarasota, The Players Centre for Performing Arts, Pregnancy Solutions, Safe Children Coalition, Sarasota School of Innovative Studies, Selah Freedom, Senior Friendship Centers, Sertoma Kids, SPARCC, and SRQ Medical Pregnancy Center. 

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On Saturday, August 20, from 12 to 2 pm, bring the whole family and come see what Sarasota Youth Opera is all about! The whole Opera House will be abuzz with activities. Hear the Youth Opera sing, attend a “Find Your Own Opera Voice” singing session, join in fun acting games, and take a tour of the opera house. You can even get creative and make some props, have fun at the makeup table, explore the beautiful costumes, and more. This event is free to all. For over 35 years, Sarasota Youth Opera has given youth ages 8 to 18 an opportunity to experience opera firsthand through our performance-based program. This fall, our youth performers will present Dean Burry's The Secret World of OG, complete with professional sets, costumes and orchestra on the Sarasota Opera House stage. The opera tells the charming story of the OGs, green, elfin creatures who live under the children’s playhouse. The OGs have a habit of stealing any toys they want, but when they steal the children’s little brother and their dog, the children must go down into the OG’s subterranean world to bring them back! The fall program starts up on August 16th, and auditions for the lead roles will be held on August 23 and 24. No prior experience is necessary, all skill levels are welcome, and all those who enroll this fall will take part in The Secret World of OG!

Sarasota Opera House: 61 N. Pineapple Avenue, Sarasota. 

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