Single-family home prices take another big jump in Manatee. Cash buyers looking to deal
Bradenton’s frenzied real estate market shows no signs of calming down anytime soon.
The price for an existing single-family house took another big jump in February with the median price hitting $380,000, $10,000 more than in January. A year ago, the median price in the Bradenton area was $325,000.
The median price is the exact midpoint of all houses sold from most expensive to least expensive.
Other telling statistics from the Realtor Association of Sarasota and Manatee:
▪ There were 536 sales in February and 169 of those were all-cash deals, reflecting in part the influx of buyers from the Northeast, Midwest and West.
▪ Median time to contract was 13 days, compared to 47 days a year ago.
▪ The month’s supply of housing inventory fell to less than one month, compared to 3.4 months supply a year ago. A six-month supply of homes is considered a balanced market, favoring neither buyer nor seller.
Bradenton townhouses and condos also saw an uptick in sales with the median price rising 9.5 percent to $230,000. There were 297 sales, with 161 of those all-cash deals. The month’s supply of units fell 75.6 percent in February from a year ago, plummeting to a 1.1 month supply.
“As long as there are more buyers than sellers in our market — and right now that imbalance is as high as it’s ever been — prices will continue to rise. Sellers are often able to choose from multiple offers with great terms while buyers are struggling to find traction with immense competition,” Realtor association president Alex Krumm said in a press release.
“Rising interest rates and a seasonal feeding frenzy have created significantly more demand for homes than the number of homes that are actually for sale, but all markets turn eventually. Regardless, it is clear that now is one of the best times in history in which to sell a home,” said Krumm, broker owner of NextHome Excellence.
In Sarasota County, buyers bought 831 existing single-family homes, compared to 618 a year earlier. The median price rose to $359,900, up 18.4 percent from February 2020 when the median was $304,000.
Sarasota County was feeling a shortage of inventory with about a one-month supply. A year ago, Sarasota had a 3.6-month supply.
Buyers were also snapping up Sarasota townhouses and condos. Sales rose 37.8 percent in February to 518 in February, with 306 of those all-cash deals. The median price was up 9 percent to $284,750. Inventory fell 66.7 percent to a 1 1/2-month supply, compared to a 4 1/2-month supply in February a year ago.
“With multiple offers on most homes right now, the trend of cash purchases will continue because they don’t require an appraisal and there’s no financing contingency,” Krumm said. “Cash sales may also be rising because interest rates have been so low over the past few years that even buyers who could pay cash were choosing to get mortgages. But, with interest rates increasing again, they’re instead choosing to purchase in cash.”
