Bradenton home prices still at record high but the market is starting to see change
Rising interest rates and record high prices across the country are helping shift the housing market in the Bradenton-Sarasota area, which has been adding inventory the past two months.
The median price for existing single-family houses in the Bradenton area remained at a record $550,000 in June for the second month, an increase of 35.7% from June of 2021.
The median price of condos in Manatee County was $356,500, a 27.3% increase from the same month last year.
In Sarasota County, the median price for single-family homes increased by 25% to a record $500,000, while condo prices increased by 34.4% to $416,250.
“While we’re continuing to see month-over-month and year-over-year increases in pricing, the number of closed sales has dropped down to a level that was more typical for a pre-pandemic June,” Tony Veldkamp, president of the Realtor Association of Sarasota and Manatee and a senior advisor at SVN Commercial Advisory Group, said in a press release.
“Meanwhile, the amount of active inventory continues to grow by more than double the number of listings from where we were this time last year. At less than a two-month supply of single-family homes, we are still far from having the six-month inventory required for market equilibrium. The market is shifting as we’re seeing changes in the buying process, but today we’re still in a seller’s market,” he said.
At the end of June, there were 3,554 active listings combined in the two counties for both markets, a 131.4% increase from last year.
There were 998 more active listings reported at the end of June than at the end of May, indicating a month-over-month increase of 39.1%.
In the single-family home market, Manatee County’s inventory was at a 1.8-month supply, which is a 200% increase from the same month last year, while Sarasota County’s inventory increased by 142.9% to a 1.7-month supply.
In Manatee County, single-family sales decreased from last year by 22.3% to 645 sales, while condo sales decreased by 23.6% to 265 closed sales.
In Sarasota County, single-family sales decreased by 26.9% to 802 sales, and condo sales were down by 34.6% to 376 sales.
The months’ supply for condos is 1.5-months, a 200% increase in Manatee County, and a 150% increase for Sarasota County.
Properties are still going under contract in seven days or less, with the median time reported at six days for single-family homes in Manatee County and at seven days for single-family homes in Sarasota County.
The median time for condos to go under contract is at seven days for both counties.
