Sarasota, Bradenton home prices show ‘no sign of falling back to pre-pandemic levels’
Even with a marked slow down in home sales in January and increased inventory to choose from, Bradenton home buyers faced prices that were significantly higher than a year ago.
Home prices are “showing no sign of falling back to pre-pandemic levels,” the REALTOR Association of Sarasota and Manatee said Tuesday in a news release.
For the month, buyers bought 368 existing single-family homes in the Bradenton area, compared to 539 a year ago at a median price of $505,710. A year ago, the median price was $480,000.
In Sarasota, 411 existing single-family homes changed hands, compared to 653 a year ago and the median price fell 1% from $464,500 to $459,999.
“The real estate market in Sarasota and Manatee counties continues to be less active than the same time last year with significant decreases in the number of closed sales across all property types,” Brian Tresidder, Realtor association president, said in a press release.
“Despite the decrease in sales, median sales prices for all property types are still higher than last year, with the exception of Sarasota single-family homes, indicating that property values are holding steady,” he said.
Both counties saw an increase in inventory from less than a month’s supply to about three month’s supply. A six-month supply of inventory is considered a balanced market, favoring neither buyer nor seller.
The market for condos and townhouses also saw a slowdown in January.
The Bradenton area saw 170 units changing hands during the month compared to 225 a year ago. The median price increased to $345,000. A year ago, the median was $301,000.
Sarasota recorded 219 closed sales. Last year there were 349. The median price was $417,500, an increase of $67,000 from a year ago.
The median time from listing date to contract date for single-family homes was 32 days in the Bradenton area, and 29 days in Sarasota County. For condos, the median time was 26 days in Manatee County and 19 days in Sarasota County.
For more information, visit www.MyRASM.com/statistics.
This story was originally published February 22, 2023 at 2:59 PM.
