Why did Bradenton see a surge in home sales? How Hurricane Ian disrupted the market
The number of existing single-family homes sold in the Bradenton area increased by 47% in September compared with a year ago, when Hurricane Ian disrupted the market.
In September, 620 existing single-family homes changed hands in Manatee County up from 422 a year ago.
The median price fell to $503,495 from $517,193 last year, the Realtor Association of Sarasota and Manatee reported.
It’s a striking departure in sales volume with a “remarkably high year-over-year increases in closed sales,” the Realtor Association said in a news release.
Greg Owens, broker and operating principal of Keller Williams on the Water, said despite the disruption caused by Hurricane Ian last year, he believes home sales are returning to a more normal market.
“We didn’t have a normal market during COVID. We had a free-for-all,” Owens said.
Existing home sales should remain strong through the end of the year as home buyers push to close by Dec. 31 so that they can be homesteaded for 2024, he said.
“Despite the current market fluctuations, median sale prices in Sarasota and Manatee counties remain relatively stable,” Brian Tresidder, president of the Realtor association, said in a news release.
“Home prices are maintaining their value and only experiencing a marginal decrease from previous highs,” Tresidder said.
Manatee condo sales
Bradenton-area condo and townhouse sales were up 47% in September, with 220 sold, compared to 148 a year ago.
The median price was $350,000, up 4% from $337,000 a year ago. And 58% of those were cash deals.
The supply of available condos increased 74% to 3.3 months, compared to a 1.9-month supply a year ago.
Sarasota single-family homes
The sale of existing single-family homes in the Sarasota area was up 39% with 638 sales closed, compared to 458 a year ago.
The median price fell slightly to $494,000 from $497,275 a year ago.
Inventory was up 67% to a 3.5-months supply, compared to 2.1 months a year ago.
“The real estate market in the North Port-Sarasota-Bradenton MSA is a constant ‘tug-of-war’ between new listings and pending sales,” Tresidder said.
An MSA is another name for a region, in this case a metropolitan statistical area.
“This dynamic is contributing to a slow but steady rise in the month’s supply of inventory,” he said.
Sarasota condos
In contrast to Bradenton, where prices were up, Sarasota condo and townhouse prices fell 1% in September: $395,750, compared to $399,999 a year ago.
Closed sales were up 24% to 292, compared to to 235 a year ago.
Inventory rose to a 3.8-month supply.
All segments of the Bradenton-Sarasota housing market favor sellers. A balanced market is one with six months of inventory, favoring neither buyer nor seller.
For comprehensive statistics dating back to 2015, visit www.MyRASM.com/statistics.
This story was originally published October 19, 2023 at 12:59 PM.
