Bradenton home prices soared in June. There are first signs of buyer fatigue
The souped-up existing single-family home sales market in Bradenton brought on by the COVID-19 pandemic may be starting to see a little buyer fatigue.
But not before flirting in June with a record median price, and setting a record for scarcity of inventory.
In June, the median price for single-family homes in the Bradenton area was $405,305, less than $200 off the record set in April. During June, there were 830 closed sales, compared to 668 in the same month a year earlier, the Realtor Association of Sarasota and Manatee reported.
The market for Manatee County townhouses and condos remained strong as well, with 347 closed sales during the month, compared to 250 a year earlier. The median price soared to $280,000, a 31 percent increase from June 2020.
Joanne Owens, founder/broker of Keller Williams on the Water, said the market may be softening a bit due to buyer fatigue.
“We are seeing houses stay on the market for a few days longer. We are seeing less showings, but the people who see it can actually buy it,” Owens said.
Typically, any house on the market is deluged with offers.
“One of our agents had 30 offers on one house. Where before you might see 15 offers, now you might see five,” Owens said.
In Sarasota County, the median sales price for single-family homes was $400,150 in June, a 31.2 percent increase from last year. Sarasota condos reported a median sales price of $309,700, up from $249,990 a year ago.
The median price is the exact midpoint price for all houses sold.
The median time to sell a home in the Bradenton area was 48 days in June, compared to 103 days a year earlier. In Sarasota, the median time to sale was roughly the same as in Bradenton.
The Manatee and Sarasota housing market marked 12 consecutive month of year-over-year sales growth in June.
“These first six months of 2021 have consistently demonstrated the demand for housing in our area. This past month reported the largest volume of sales ever recorded for the month of June,” Alex Krumm, broker owner of NextHome Excellence, said in a press release.
“Interest rates are still playing a big role in the home-buying ‘frenzy’ here, as well as the desire to live and invest in Sarasota and Manatee counties,” said Krumm, the 2021 Realtor association president.
In June, the inventory of all property types in the two counties decreased by 72.4 percent to 1,537 active listings at the end of the month, the lowest level of inventory recorded in the two counties.
Manatee and Sarasota counties each had about a half-month supply of homes, making it overwhelmingly tilted in favor of sellers. A balanced market needs about a six-month supply to favor neither buyer nor seller.
This story was originally published July 22, 2021 at 11:33 AM.
