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Just when the median price for existing single-family homes seemed to be trending down month-to-month, the Bradenton market set a record in April of $570,000.
That compares to a median price of $491,988 in March 2023, and $515,000 in April 2022, according to the Realtor Association of Sarasota and Manatee.
While the median price was up, fewer Bradenton area homes changed hands in April than a year ago: 662 versus 692.
Homes were also taking longer to sell and sellers weren't always getting their asking price.
The median time to contract was 28 days in April, compared to five days a year ago.
Rob Sartore, an associate with ReMax Platinum Realty, says he is consistently seeing price reductions by sellers for single-family homes and condos.
"No price point is immune. It's happening across the board on high-end properties to lower mid-range properties. This is because those homes were overpriced and a direct result of the fallout from the pandemic buying spree aberration that existed until June 2022," Sartore said.
"Sellers that still want to overprice their homes are experiencing longer wait times to sell those homes, and that's because buyers are being more careful about their home choices now. Nonetheless, some properties will sell in one day if they are appropriately priced and are perceived as a good value by the buyer," he said.
During April in Sarasota County, the median price for existing single-family houses was $520,000, up 8% from a year ago. There were 747 closed sales during the month, down 6% from a year ago.
Sarasota condo and townhouse sales fell 23% year to year, while the median price rose 1% to $399,000.
Pending sales showed signs of growth, while closed sales and new listings declined, reflecting an evolving market, according to the Realtor Association of Sarasota and Manatee.
The real estate market in North Port-Sarasota-Bradenton demonstrates a mixed scenario with rising prices and growth for pending sales, but a decrease in closed sales and new listings, Brian Tresidder, Realtor association president, said in a press release.
Just when the median price for existing single-family homes seemed to be trending down month-to-month, the Bradenton market set a record in April of $570,000.
That compares to a median price of $491,988 in March 2023, and $515,000 in April 2022, according to the Realtor Association of Sarasota and Manatee.
While the median price was up, fewer Bradenton area homes changed hands in April than a year ago: 662 versus 692.
Homes were also taking longer to sell and sellers weren't always getting their asking price.
The median time to contract was 28 days in April, compared to five days a year ago.
Rob Sartore, an associate with ReMax Platinum Realty, says he is consistently seeing price reductions by sellers for single-family homes and condos.
"No price point is immune. It's happening across the board on high-end properties to lower mid-range properties. This is because those homes were overpriced and a direct result of the fallout from the pandemic buying spree aberration that existed until June 2022," Sartore said.
"Sellers that still want to overprice their homes are experiencing longer wait times to sell those homes, and that's because buyers are being more careful about their home choices now. Nonetheless, some properties will sell in one day if they are appropriately priced and are perceived as a good value by the buyer," he said.
During April in Sarasota County, the median price for existing single-family houses was $520,000, up 8% from a year ago. There were 747 closed sales during the month, down 6% from a year ago.
Sarasota condo and townhouse sales fell 23% year to year, while the median price rose 1% to $399,000.
Pending sales showed signs of growth, while closed sales and new listings declined, reflecting an evolving market, according to the Realtor Association of Sarasota and Manatee.
The real estate market in North Port-Sarasota-Bradenton demonstrates a mixed scenario with rising prices and growth for pending sales, but a decrease in closed sales and new listings, Brian Tresidder, Realtor association president, said in a press release.
Seeing that here in Charlotte County too. Houses on the market longer and price slashes.
The housing market has cooled in recent years, but it’s still hot in some parts of the U.S.
Many real-estate markets in the south are still seeing strong demand from home buyers, despite a sharp rise in mortgage rates and an inventory squeeze, according to a new report by Bankrate. The 30-year fixed rate is above 6%, more than double where it was two years ago, and buyers are finding fewer new home listings to choose from. The number of new listings fell by 24% in May, real-estate brokerage Redfin RDFN said last Thursday.
In fact, the five hottest housing markets in the U.S. are all in the South, according to a Bankrate report published on Monday.
“The momentum in the housing market has shifted to the Sun Belt, and especially to Georgia, the Carolinas and Florida,” Jeff Ostrowski, an analyst at Bankrate, said in the report.
“While many parts of the U.S. are experiencing price declines, home values have held steady in the Southeast. This region’s comparatively affordable prices are attractive to buyers moving in from more expensive parts of the country, but the still-strong values create challenges for first-time buyers,” he added.
Gainesville, which is an hour’s drive north of Atlanta, took the top spot. That metro area was followed by Knoxville, Tenn., Cape Coral-Fort Myers, Fla., North Port-Sarasota-Bradenton, Fla., and Charlotte-Concord-Gastonia, N.C.-S.C.
Bankrate — which ranked the top metro areas in the U.S. by population size as part of a study titled the “Bankrate Housing Heat Index”— looked at factors such as house-price appreciation, job growth, population growth, listings’ days spent on the market, and more, to identify the “hottest” real-estate markets in the U.S.
Prices are up at the high end of the market around me. Search "Homerun Drive North Port"...$1M+ homes selling like hotcakes, across from the Braves stadium. Of courses some prices have been lowered when the snow birds left...the season for buying cools off when they all leave.
Location: Sarasota/ Bradenton - University Pkwy area
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Press release from the Sarasota Manatee Board of Realtors:
Manatee County’s Median Home Price Surpasses Previous Record
SARASOTA, Fla. (May 18, 2023) – The housing market in Sarasota and Manatee counties reported year-over-year increases in the median sale price for both property types, with single-family homes in Manatee County reaching a new record. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), pending sales show signs of positive growth, while closed sales and new listings have declined, reflecting an evolving market.
Closed sales across the two-county region decreased year-over-year by 10.4 percent to 2,048 sales combined for both property types. For single-family homes, Manatee County closed sales decreased year-over-year by 4.3 percent to 662 sales and Sarasota County sales decreased by 5.7 percent to 747 sales. Condo sales decreased by 15.8 percent to 256 sales in Manatee County and by 22.9 percent to 383 sales in Sarasota.
“The real estate market in the North Port-Sarasota-Bradenton MSA demonstrates a mixed scenario with rising prices and positive growth for pending sales, but a decrease in closed sales and new listings,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “The numbers from April represent a market offering both opportunities and challenges for buyers and sellers.”
Single-family homes in Manatee County hit a record median sale price of $570,000 in April. This is a year-over-year increase of 10.7 percent and a 15.8 percent increase from last month when the median sale price was $491,988. For Manatee condos, the median sale price increased year-over-year by 8.8 percent to $380,795. Year-over-year in Sarasota County, the median sale price for single-family homes increased by 7.7 percent to $520,000 and condo prices increased by one percent to $399,000.
Pending sales, or the number of homes that went under contract last month, increased across all markets except for Sarasota County single-family homes. For single-family homes, pending sales increased year-over-year by 30.2 percent in Manatee County, but decreased by 12.5 percent in Sarasota. Condo pending sales increased by 4 percent in Manatee and by 6.9 percent in Sarasota. For condos, this is the first year-over-year increase in pending sales reported since May of 2021.
The median number of days between listing date to contract date for single-family homes decreased from the previous month in both counties, but increased year-over-year. In April, Manatee County single-family homes went under contract within a median of 28 days, a year-over-year increase of 460 percent. For Manatee condos, the median time to contract is at 27 days, a 440 percent increase from this time last year. In Sarasota, the median time to contract for single-family homes increased by 250 percent to 21 days, and condos increased year-over-year by 340 percent to 22 days.
“The increase in the median time to contract and month’s supply of inventory indicates a changing market, necessitating informed decision-making for all stakeholders,” added Tresidder. “Real estate is local, even down to the zip code, which is why we encourage all buyers and sellers to work with a REALTOR® to help them navigate the real estate market and ensure a smooth transaction.”
The month’s supply of inventory continues to increase across the two counties. In Manatee County, condo supply increased by 337.5 percent to a 3.5-month supply, and single-family home supply increased by 237.5 percent. In Sarasota County, there was a 3.5-month supply for condos and a 2.9-month supply for single-family homes, a year-over-year increase of 337.5 percent and 190 percent respectively.
At the end of the month, there were 5,253 active listings combined for both property types in the North Port-Sarasota-Bradenton MSA, a 166.8 percent increase from the same time last year. For single-family homes, there were 3,355 active listings and there were 1,898 active listings for condos across the two-county region.
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.
Press release from the Sarasota Manatee Board of Realtors:
Manatee County’s Median Home Price Surpasses Previous Record
SARASOTA, Fla. (May 18, 2023) – The housing market in Sarasota and Manatee counties reported year-over-year increases in the median sale price for both property types, with single-family homes in Manatee County reaching a new record. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), pending sales show signs of positive growth, while closed sales and new listings have declined, reflecting an evolving market.
Closed sales across the two-county region decreased year-over-year by 10.4 percent to 2,048 sales combined for both property types. For single-family homes, Manatee County closed sales decreased year-over-year by 4.3 percent to 662 sales and Sarasota County sales decreased by 5.7 percent to 747 sales. Condo sales decreased by 15.8 percent to 256 sales in Manatee County and by 22.9 percent to 383 sales in Sarasota.
“The real estate market in the North Port-Sarasota-Bradenton MSA demonstrates a mixed scenario with rising prices and positive growth for pending sales, but a decrease in closed sales and new listings,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “The numbers from April represent a market offering both opportunities and challenges for buyers and sellers.”
Single-family homes in Manatee County hit a record median sale price of $570,000 in April. This is a year-over-year increase of 10.7 percent and a 15.8 percent increase from last month when the median sale price was $491,988. For Manatee condos, the median sale price increased year-over-year by 8.8 percent to $380,795. Year-over-year in Sarasota County, the median sale price for single-family homes increased by 7.7 percent to $520,000 and condo prices increased by one percent to $399,000.
Pending sales, or the number of homes that went under contract last month, increased across all markets except for Sarasota County single-family homes. For single-family homes, pending sales increased year-over-year by 30.2 percent in Manatee County, but decreased by 12.5 percent in Sarasota. Condo pending sales increased by 4 percent in Manatee and by 6.9 percent in Sarasota. For condos, this is the first year-over-year increase in pending sales reported since May of 2021.
The median number of days between listing date to contract date for single-family homes decreased from the previous month in both counties, but increased year-over-year. In April, Manatee County single-family homes went under contract within a median of 28 days, a year-over-year increase of 460 percent. For Manatee condos, the median time to contract is at 27 days, a 440 percent increase from this time last year. In Sarasota, the median time to contract for single-family homes increased by 250 percent to 21 days, and condos increased year-over-year by 340 percent to 22 days.
“The increase in the median time to contract and month’s supply of inventory indicates a changing market, necessitating informed decision-making for all stakeholders,” added Tresidder. “Real estate is local, even down to the zip code, which is why we encourage all buyers and sellers to work with a REALTOR® to help them navigate the real estate market and ensure a smooth transaction.”
The month’s supply of inventory continues to increase across the two counties. In Manatee County, condo supply increased by 337.5 percent to a 3.5-month supply, and single-family home supply increased by 237.5 percent. In Sarasota County, there was a 3.5-month supply for condos and a 2.9-month supply for single-family homes, a year-over-year increase of 337.5 percent and 190 percent respectively.
At the end of the month, there were 5,253 active listings combined for both property types in the North Port-Sarasota-Bradenton MSA, a 166.8 percent increase from the same time last year. For single-family homes, there were 3,355 active listings and there were 1,898 active listings for condos across the two-county region.
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.
Why further down the coast, in Southwest FL I see more price reductions compared to Sarasota or Bradenton? Is it due to Ian or was the market more inflated down in this end? I see houses sitting on the market in southwest FL longer and price reductions in a number of cases, especially the uber expensive homes.
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