More Bradenton-area homes are for sale and it’s affecting prices, latest report says
The Bradenton area saw a 3.5% increase in single-family home sales in April with 685 homes changing hands. For the same month last year, there were 662 home sales.
While there were more homes sold, the median price of $530,000 was down 7% from the $570,000 a year ago, according to the Realtor Association of Sarasota and Manatee.
The time to contract was up 57% to 44 days. A year ago it was 28 days.
Helping to balance the market was a 60% larger pool of inventory: 2,450 homes in April, compared to 1,531 homes a year ago.
The significant rise in inventory across Manatee and Sarasota counties is a clear indication of a shifting market dynamic, Tony Barrett, president of the Realtor Association, said in a news release.
“Buyers now have more options to choose from, which is reflected in the extended time properties are staying on the market,” Barrett said.
“It’s encouraging to see closed sales increase, even with the higher inventory levels. This indicates that buyers are still actively engaging with the market, taking advantage of the increased options available to them,” he said.
Manatee townhouses and condos
The sales of Bradenton area townhouses and condos rose 8% with 276 closed sales in April.
The median price fell 7.5% to $352,420, compared to a year ago when the median was $380,795.
With the inventory up 92% from a year ago to 1,512 units, the time to contract was taking longer: 44 days versus 27 days. There is now a 6.3-month supply of townhouses and condos in Manatee County.
Sarasota single-family houses
Sarasota County saw an increase in the number of homes sold as well as in the median price in April, compared to a year ago.
Closed sales were up 9% to 811 homes, while the median price was up 4% to $540,000. The median price 12 months ago was $520,000.
The median time to contract was up 91% to 40 days. Last year the time to contract was 21 days.
Inventory was up 81% to 3,305 homes. That’s a five-month supply. The previous April there were 1,824 homes on the market.
Sarasota townhouses and condos
Sarasota has a 6.7-month supply of condos and townhouses: 2,124 units, compared to 1,112 a year ago, a 91% increase.
Nevertheless, there was no change in the median price, remaining steady at $399,000. The number of closed sales reached 431 units, an increase of 13% from 12 months ago.
The time to contract was 48 days, up from 22 days, an increase of 118%.
