Housing supply still falling

Available inventory in the Sarasota-Manatee residential real estate market continues to drop on a monthly and annual basis, part of an overall positive economic outlook on the region.

In Sarasota, inventory fell 9.2% in June over May, and 25.2% over June 2011, according to a Re/Max Alliance Group report. In Manatee County, meanwhile, inventory fell 6.7% in June over May, and 20.3% over June 2011.

Moreover, the monthly housing supply figure in both counties dropped significantly over the past year. In Sarasota, the supply is at 4.3 months, down 49.2% from June 2011, when it was at 8.5. The drop was similar in Manatee County, where the supply is 4.6 months, down 47.4% from June 2011, when it was 8.7.

But despite the drop in supply, both actual sales and pending sales in the region decreased on a monthly basis in June. Re/Max attributes the drop to Tropical Storm Debby, which pounded the region late last month. In Sarasota, sales dropped 8.8% in June over May, according to the report, while pending sales fell 12.9%. In Manatee, the actual sales figure fell 11.7%, while pending sales dropped 11.6%.

Sales and pending sales on an annual basis are still up in both counties, the report shows. The median price is also up in both Sarasota and Manatee counties on an annual basis.