Are Bradenton-Sarasota home prices finally falling? Latest housing report has a surprise
There was a surprise in the latest sales of existing single-family homes in the Bradenton area during May, when the median price fell 6.4% to $515,000, compared to $550,000 in the same month a year ago.
In addition, more homes changed hands than in any month since June 2021.
In recent months, there has been a pattern of declining number of sales year to year, but the median price has generally been higher.
For instance, in April, the Bradenton market set a new record with a median price of $570,000, compared to $515,000 in April 2022, according to the Realtor Association of Sarasota and Manatee.
And there was a 17% increase in the number of homes sold in May: 803 compared to 685 for the same month a year ago. It was the largest number of Manatee closed sales reported in one month since June 2021.
“Despite the persistence of higher home prices and interest rates, buyer demand is still present in the Sarasota and Manatee housing market,” the Realtor Association said.
In May, there was a 2.7-month supply of single-family homes in the Bradenton area, compared to a 1.2-month supply a year ago, a market strongly favoring sellers. The median time to contract was 32 days, compared to six days a year ago.
“In the ever-changing real estate landscape of Sarasota and Manatee, we are seeing a balance between slight upward and downward trends across most of the metrics we measure, leading to what many would call a stable market,” Brian Tresidder, Realtor Association president, said in a press release.
“With high home values and higher interest rates, there is still buyer demand in our area,” he said.
The last buyer’s market
Which begs the question, when was it not a seller’s market in the Bradenton area?
Perhaps in 2012-13.
That stems from the Great Recession of 2007-09, a time of home mortgage foreclosures, short sales and a serious interruption of home building activities.
At one point in the aftermath of the recession, there was as much as an 18-month supply of homes.
“Inventory was definitely favoring the buyers in 2009 and was on a downward trend for a few years until it fell below 5.5 months around 2012/2013, depending on the property type,” according to the Realtor Association.
“The last time the Manatee County single-family home market was considered balanced (at or above 5.5 months) was in July 2012, with a 5.8-month supply,” the association said in response to a question from the Bradenton Herald.
Bradenton condos and townhouses
The Bradenton condo and townhouse market showed gains in May in the numbers sold and the prices paid, compared to a year ago. Sales were up 5% to 356 units and prices were up 3.4% to $382,645.
Supply was up to 3.4 months supply, compared to a one-month supply a year ago. The median time to contract was 37 days, compared to six days a year ago.
Sarasota single-family homes
The sales of Sarasota single-family homes fell 9.7% to 822 homes in May, but the median price was up 3% to $510,000.
Inventory was up to q three-months supply, compared to 1.2 months a year ago. The median time to contract was 25 days, compared to six days a year ago.
Sarasota condos and townhouses
Fewer Sarasota condos and townhouses changed hands in May. Closed sales were down 17.1% to 441 units. The median price was relatively stable: $405,000 in May, compared to $403,000 a year ago.
There was 3.5-months supply of inventory, compared to one month’s supply a year ago. The median time to contract was 27 days, compared to five days a year ago.
This story was originally published June 22, 2023 at 4:50 PM.
