Bradenton home sales are up by a record-setting $100,000. ‘This is the new reality.’
Prices for existing single-family homes in the Bradenton area took another big leap into record territory in November with a median price of $450,411.
The median price is $20,000 more than the previous record set earlier this year, and $100,000 more than the median price in November 2020.
The median price is the exact midpoint between the most expensive and the list expensive houses sold during the month.
“It’s not surprising that our market is now priced higher than it’s ever been before. New listings that come to market are being sold in a matter of hours, and there are far more buyers than there are homes to sell them,” President Alex Krumm, broker-owner of NextHome Excellence, and president of the Realtor Association of Sarasota and Manatee.
“I expect we’ll continue to see higher prices next year,” Krumm said.
Greg Owens, broker and operating principal of Keller Williams on the Water, said that market supply and demand dictates prices, and he doesn’t expect much change in the super-heated market until more more inventory is available.
In November, the Bradenton area had only about two weeks of inventory, which heavily favors sellers. A six-month supply of inventory is considered a balanced market, favoring neither buyer nor seller.
Helping drive the market is an influx of buyers from out-of-state, who are moving in part because of changes in society caused by the pandemic, and partly because Florida remains a destination for retirees.
“I saw a report from the National Association of Realtors that we can anticipate having another eight to nine years of baby boomers retiring to Florida,” Owens said.
“At some point, the rate of price increases has to slow down, but this is the new reality. Everything is being sold now at retail, not wholesale,” Owens said.
With the tight inventory of homes, the number of closed sales decreased 2.5% year to year, helping drive prices upward. Of the 699 homes sold in the Bradenton area in November, 252 were all-cash deals.
The market for townhouses and condos in the Bradenton area remained hot as well with the median price hitting $300,0000 in November, up from $237,250 a year ago. But the number of closed sales fell from 323 a year ago to 258 this November.
In Sarasota, existing single-family houses sold for a median of $419,225 in November, compared to $349,695 for the same month a year ago.
The median price for townhouses and condos in Sarasota was $349,900 in November, compared to $271,999 a year ago.
“High season for home sales is upon us. Florida—and Sarasota and Manatee counties in particular—continues to be the go-to destination for buyers from around the country. Expect a very busy winter and spring,” Krumm said.
The median time from listing date to contract date hovers around one week in the two counties. The median time to contract for all property types in the North Port-Sarasota-Bradenton MSA was seven days in November, while the median time from listing date to sale date was 48 days.
This story was originally published December 22, 2021 at 12:29 PM.
