Bradenton-area home sales are up in the latest report. Are house prices going down?
The sales of existing single-family homes in the Bradenton area were up 22% in November while the median price fell 4% to $485,861 from the same month a year ago.
It was the second consecutive month that the median price dipped below $500,000. Previously — since February 2022 — the monthly median price had been north of $500,000.
“Despite the high prices, high interest rates, and insurance concerns, the housing demand in the area remains strong, keeping home sales and prices steady,” Brian Tresidder, president of the Realtor Association of Sarasota and Manatee, said in a news release.
Homes went to contract in 24 days, compared to 29 days a year ago.
With strong demand, the Bradenton-Sarasota area remains a seller’s market. The monthly inventory of homes improved slightly to 3.4 months supply, up from three months a year ago.
Traditionally, a six-month supply of homes is considered a balanced market, favoring neither buyer nor seller.
Sarasota home sales
The Sarasota area saw a 31% increase in single-family home sales in November with 541 units changing hands, compared to 413 a year ago.
The median price was virtually unchanged: $500,000 this November versus $499,000 a year ago. Homes went to contract in 25 days. A year ago, it took 23 days to go to contract.
The inventory of homes rose to a 4.3-month supply from 2.4 months a year ago.
Manatee townhouses and condos
In November, 198 condos and townhouses were sold in the Bradenton area, up 21% from 164 units a year ago.
The median price of $351,500 was down 1.8% from $358,108 from a year ago.
Time to contract was 31 days, up 72% from 18 days a year ago.
Inventory rose to a 4.4-month supply, up from a 2.7-month supply a year ago.
Sarasota townhouses and condos
Sarasota saw a huge jump in condo and townhouse median price in November: $547,704, up 58.8% from $345,000 a year ago.
The Realtor Association had the reason why.
“The surge in closings and median sale prices in the Sarasota condo market can be directly attributed to the completion of Sarasota’s newest luxury condo building, marking the culmination of construction and the closing of a significant portion of the units for sale, providing a boost to the local real estate market,” Tresidder said.
The condo building referred to in the news release is the Bayso, an 18-floor tower by Kolter Urban.
In November, 34% of all Sarasota condos sold at or above $1 million.
Inventory increased to a 4.9-month supply, up from a 2.1-month supply from a year ago.
Regional inventory
The inventory of active listings in Manatee-Sarasota is at its highest for the year, approaching the level of inventory present leading up to the pandemic.
For comprehensive statistics dating back to 2015, visit https://www.myrasm.com/statistics.
