New Bradenton-Sarasota housing market data is out. Are local home prices going down?
Existing single-family home sales increased in Manatee County for March in comparison to the same month a year ago, while prices decreased.
The Realtor Association of Sarasota and Manatee reported closed sales were up 4.4% from a year ago, 756 sales compared to 724 in Manatee County. The median sale price decreased 6.3% to $491,988.
Sarasota County, however, saw closed sales from existing single-family homes decrease by 3.8% in March compared to one year ago, while the median price increased 8.3% for a price of $528,013.
For condos and townhomes in the Bradenton area, the median sale price increased 10.1% to $353,000 in March compared to the median sale price of $320,539 for the same month a year ago. And closed sales were down 7.7% .
In Sarasota, the median price soared to $423, 245 — an increase of 14.4% — while closed sales were down 11.7% .
“Manatee County’s single-family home market has bucked the trend we’ve seen in recent months, showing the first year-over-year increase in sales since February 2022 and the first year-over-decrease in median prices since February of 2019,” said Brian Tresidder, president of the Realtor association, said in a news release. “Meanwhile, single-family home sales for Sarasota and the condo markets for both counties have followed an opposite trajectory in March, albeit one similar to recent trends.”
The amount of single-family homes on the market rose significantly with 1,706 listings compared to 431 a year ago in the Bradenton area and 1,911 listings compared to 690 a year ago in Sarasota.
For the first quarter of 2023, median sales prices increased 1.8% from $490,000 to $499,000 for single-family homes in Manatee County, with closed sales decreasing 10.7% in comparison to the first three months of 2022.
Sarasota County’s first quarter of 2023 saw median sales prices increase 7.5% to $500,000 compared to the same three-month period in 2022. And closed sales for the first quarter were down 20.2% in 2023 compared to one year ago.
