Bradenton homes selling ‘at an incredible pace with no sign of slowing’
Just when you thought the Bradenton home market couldn’t get any hotter, along comes January.
Buyers paid a median price of $370,000 for existing single-family houses in the Bradenton area, up 12 percent from the same month a year ago, an all-time record, according to the Realtor Association of Sarasota and Manatee. The median price is the exact mid-point for all houses sold.
A year ago, the median time to contract was 41 days. This January, it was 17 days.
January also saw 25.6 percent increase in the number of houses changing hands: 515 this year, compared to 410 a year prior.
Buyers also turned up the heat in the Bradenton condo and town home market with the median sales price rising 10 percent to $231,000. The Bradenton condo market saw 265 units changing hands in January, a 20.5 percent increase compared to the same month a year ago.
The sales of existing single-family homes in Sarasota were up 18 percent in January with 666 sold, compared to 565 a year ago. The median price rose to $340,000, compared to $296,000 a year ago, a 15 percent increase.
Sales of existing town homes and condos in Sarasota rose 32 percent in January with 456 units trading hands, compared to 344 a year ago. The median price of Sarasota condos rose 9 percent to $302,250.
“Our sales tend to be strong through fall and winter, but what we’re seeing right now is unprecedented. There are far more buyers than sellers, which reinforces the trend of rising prices and competition in our marketplace,” Realtor association president Alex Krumm, broker owner of NextHome Excellence, said in a press release.
“Buyers can expect to see stiff competition in the marketplace, but should feel good about getting a home with a record low interest rate that’s almost certain to increase in value this year,” Krumm said.
“Home prices are increasing at an incredible pace with no sign of slowing, and sellers can take advantage of a very favorable climate to fetch good prices and great terms,” Krumm said.
New listings in the two-county area decreased year-over-year in January in both property type categories. Single-family home new listings decreased by 20.9 percent in Manatee and by 18.2 percent in Sarasota. Condo new listings decreased by 35.8 percent in Manatee and by 10.6 percent in Sarasota.
This story was originally published February 19, 2021 at 11:27 AM.
