Prices remain high for homes sold in August in Bradenton, but there are fewer available
Existing single-family homes in the Bradenton area sold for a median price of $430,000 in August, tying the record set in July.
Prices were up 19.4% from the same month a year ago when the median was $360,000. The average sales price, $579,647, was $98,744 more than the same month last year.
The number of existing homes that changed hands in August was down 2.7% from the same month a year ago, when “pandemic-induced frenzy” had taken over the local housing market, according to the Realtor Association of Sarasota and Manatee.
The price of townhouses and condos also saw a spike in August, increasing 23% to $275,000 from $223,000 a year ago. But the number of sales compared to the same month in 2020 was down 12%.
“We’re just a few months out from our high season, and right now we have about half the number of available homes that we did this time last year. There is still enormous buyer demand — expect competition, and therefore prices, to continue to rise,” Alex Krumm, broker-owner of NextHome Excellence and president of the Realtor association, said.
“Inventory almost always creeps up in the late summer and this year is no exception. It will be interesting to see what happens as we enter the season with one-third of the available homes we had last year,” Krumm said.
A significant number of buyers in the Bradenton single-family home market, 138, paid in cash. The median time to contract was five days, compared to 30 days a year ago. For condos, there were 251 all-cash buyers, and the median time to contract was seven days, compared to 46 days a year ago.
The median refers to the midpoint of all sales.
There was less than a month of inventory in the Bradenton market in August, compared to a 3.3-month supply a year ago. In a balanced market favoring neither seller nor buyer, there is a six-month supply of homes.
August marked the fifteenth consecutive month of year-over-year price increases for single-family sales in the Bradenton-Sarasota area.
The single-family home price in Sarasota was $390,093 in August, an increase of 18.2 percent. In the condo market, Sarasota condos reported a 26.3 percent increase to a median price of $315,000.
“High competition for the limited number of available homes is tempting buyers to make sacrifices in price or condition in order to purchase. Buyers should be patient in finding their home, aggressive when offering for a home, and above all, make sure that their offers allow them the opportunity to do their due diligence,” Krumm said.
