Home sale market is slowing down in Bradenton, but how do prices compare to last year?
The sales of existing single-family homes in the Bradenton area continued at a slower pace in February with fewer sales, which typically took longer to close, but at a higher median price than the same month a year earlier.
For the month, there were 503 closed sales, compared to 559 a year ago, requiring 88 days to sell compared to just 43 days a year ago, the Realtor Association of Sarasota and Bradenton reported.
The median price in February was $490,000, compared to $478,000 a year ago.
Although the median price was higher year to year, February also marked the first month since March 2022 when the median was under $500,000.
There were also fewer townhouses and condos changing hands in February: 195 this year compared to 247 a year ago.
But the median sales price of $369,900 for townhouses and condos was 14% greater than the median $325,000 paid in the same month a year ago.
Local housing still a seller’s market
“February continued the trend of fewer transactions in our area along with an increase in new listings when compared to last year. We also saw an increase in median sales price as well, which is not surprising considering we are still in what many call a seller’s market with less than 3.5 months of inventory,” Brian Tresidder, Realtor association president, said in a news release.
“One thing to note is that pending sales, or the number of properties that went under contract this month, are closer to what we saw last year, which should indicate more closed sales in March,” he said.
Sarasota County also saw fewer single-family home sales in February — 520 versus 691 — than a year ago, and sales were 47% slower at 63 days.
Sarasota townhouse and condo market saw 297 closed sales in February, compared to 314 a year ago.
The median price for Sarasota townhouses and condos rose 4.4% to $385,000.
There were about three months of housing inventory available in all sectors of the Bradenton-Sarasota market.
A six-month supply of inventory is considered a balanced market favoring neither buyer nor seller.
For more information on Bradenton-Sarasota housing sales dating back to 2005, visit www.MyRASM.com/statistics.
This story was originally published March 21, 2023 at 3:19 PM.
