Home sales slowing in Bradenton-Sarasota but median price still over $500K, data shows
The Bradenton-area existing single-family home market experienced a continuing slow down in number of homes sold in November, even though the median price stayed strong.
Home buyers paid a median price of $506,655, compared to $450,411 for the same month a year ago, while the number of homes sold declined 35% to 450, the Realtor Association of Sarasota and Manatee reported Wednesday.
Sarasota also saw continuing strong prices with a median of $499,000, compared to $419,225 a year ago. But sales fell from 833 a year ago to 413 in November.
With the slowing market, the time to contract doubled to 18 days in the Bradenton area. In Sarasota, the time to contract went from seven days to 23.
Town homes and condo sales also experienced a slow down. There were 164 closed sales in the Bradenton area, compared to 258 a year ago. The November median price was $358,108, compared to $300,000 a year ago.
Sarasota condo and town home sales proved to the the outlier in November. The median price actually fell to $345,000, compared to $349,900 a year ago. During November, 225 town homes or condos went to new owners, compared to 351 a year ago.
Inventory was increasing but not enough to pull out of the seller’s market.
“In November, single-family homes in Sarasota County saw the lowest number of closed sales all year, while Manatee County saw the second lowest month of sales for 2022,” Tony Veldkamp, 2022 president of the Realtor Association of Sarasota and Manatee, said in the press release.
“This is most likely due to the effects from Hurricane Ian, where September closings were pushed to October, but the lack of contracts in late September and early October has led to fewer closings in November,” he said.
Manatee County home inventory increased by 328.6% to a three-month supply, while Sarasota increased by 242.9% to a 2.4-month supply.
The months’ supply of condos increased year-over-year by 350% to 2.7-months in Manatee County, and increased by 250% to a 2.1-month supply in Sarasota.
“We’re continuing to see a return to market normalcy, where listings are closing sometime between two to two and a half months, and the months’ supply is increasing up to a two to three month supply, depending on the region and property type,” Veldkamp said.
“It is too early to tell if prices are beginning to soften, as median and average prices tend to fluctuate month-to-month. Prices remain strong, inventory remains low, and interest rates seem to be settling down. It remains a great time to sell,” he said.
