‘OMG.’ Bradenton’s median home price soars above $500,000 for the first time
The median price of existing single-family houses took a quantum leap in the Bradenton area in March, hitting $525,000, a 33% increase from the same month a year ago.
The median price in March of 2021 was $395,000.
“OMG,” Greg Owens, broker and operating principal of Keller Williams on the Water, said Wednesday when he heard the latest median sales price.
“If you are a homeowner, your houses probably made more money last year than you did,” Owens said of the appreciation in home prices.
The median price is the exact midpoint of all homes sold, from the lowest price to the highest. The previous median price record for the Bradenton area was $480,000, set in January.
As eye-popping as the median price numbers were in March, the average price was even greater — $703,385 in March, compared to $536,981 for the same month a year ago.
Prices for townhouses and condos in the Bradenton area also saw a big jump in March. The median price rose to $320,539, 31% more than the median of $245,000 a year ago.
“Notably, the median sales price for single-family homes has reached a new threshold that may be out of reach for many buyers looking to enter the market, especially as interest rates continue to increase. We’ll be watching the effects of rising interest rates to determine if this is the start of the market beginning to settle down,” Tony Veldkamp, a senior advisor at SVN Commercial Advisory Group, and president of the Realtor Association of Sarasota and Manatee, said in a press release.
“Spring is a popular time for the housing market. Between February and March of this year, there was a month-over-month increase in closed sales, pending sales, new listings, and inventory, indicating more activity in our market,” Veldkamp said.
In Sarasota, the median price for existing single-family homes rose 28% to $487,500, compared to $379,695 last year.
Prices for Sarasota townhouses and condos rose 28% to $370,000, compared to $289,750 a year ago.
Homes are going under contract quicker than any month prior, the Realtor Association of Sarasota and Manatee said.
Of the Bradenton area’s 724 closed single-family home sales in March, 278 were all-cash deals.
There were fewer single-family home sales in March 2022 when compared to the same month last year, decreasing by 20.2% in Manatee County, and by 26.5% in Sarasota County.
In the condo market, closed sales decreased year-over-year by 39.9% in Manatee and by 36.4% in Sarasota.
The Bradenton and Sarasota areas each have less than a month’s supply of inventory, resulting in a market heavily favoring sellers over buyers.
The median time to contract in the Bradenton area in March was five days, compared to nine days a year ago.
“I do believe at some time in the future this will even out, this will change. Right now it is an extremely hot market, and Florida is a very desirable area,” Owens said. “Who knows? I don’t have a crystal ball. It will be tough for first-time home buyers.”
