Home sales dropping, prices ‘leveling off’ in Bradenton and Sarasota, new data shows
The median price for an existing single-family home in the Bradenton area remained above $500,000 in September, new data shows, although the number of sales dropped off sharply from the same month a year ago.
The $517,193 median price was up 20% from $430,000 a year ago, but September’s 422 sales were down 37.5%, the Realtor Association of Sarasota and Manatee reported Thursday.
The number of all-cash buyers was also down. A year ago, there were 267 and this September there were 141, a decrease of 47%.
Powerful market forces like inflation and rising interest rates helped drive down the number of sales in September. Hurricane Ian’s approach may also have been a factor.
“We are continuing the trend that we’ve seen for several months now where the number of closed sales is dropping, and prices are leveling off,” Tony Veldkamp, president of the Realtor Association of Sarasota and Manatee, said in a press release.
“Inventory has also leveled off; sellers seem to have a wait and see attitude regarding the economy. Prices continue to be very strong, but inventory has not increased significantly, which means that it is still a great time to sell,” he said.
Prices for Bradenton area townhouses and condos remained strong at a median of $337,000, an 18% increase from a year ago, but the number of sales fell 36%.
Sarasota saw similar sales numbers. The median price for existing single-family homes remained strong at $497,275, up 22% from a year ago, but the number of sales fell 45%.
The median price for Sarasota townhouses and condos was $399,999, up 23%, but sales fell 29%.
Inventory continued to improve in both counties. Last year, both Bradenton and Sarasota had a less than one-month supply of single-family homes and condos.
In September, Bradenton area had a 2.7-month supply of single-family homes and 1.9 month supply of townhouses and condos.
Sarasota had a 2.1 month supply of homes and a 1.6 month supply of townhouses and condos in September.
Homebuyer worries
A new national survey from U.S. News & World Report’s released this week found that 74% of recent homebuyers worry about the impact of climate change and natural disasters on their homes, with 45% of recent buyers indicating worry about the value of their home declining.
The nationwide poll of 2,000 households were weighted in order to be representative of the U.S. population.
The survey found that 78% of recent homebuyers say inflation has impacted their home repair or renovation plans, with more than two in three saying supply chain issues have impacted their home repair or home renovation plans.
“The ramifications of the pandemic on our economy and way of life at home continue to be felt,” Scott Nyerges, U.S. News’ 360 Reviews senior insurance editor, said in a press release.
Other survey highlights:
▪ 83% of recent homebuyers have experienced homeowner anxiety since buying their home.
▪ 69% of recent homebuyers admit to having buyer’s remorse since purchasing their homes, with 33% of this group admitting to having frequent buyer’s remorse.
▪ 59% of recent homebuyers worry about home break-ins.
▪ 36% of recent homebuyers worry about whether they’ll eventually be able to resell their home.
