In November, sales continued to slow down in the market of existing single-family houses in Bradenton, although the median value remained high. The median price of a local home was $506,655 compared to $450,411 in November 2021. At the same time, the number of sold properties reduced by 35%, down to 450, as reported by the REALTOR® Association of Sarasota and Manatee.
Prices remained high in Sarasota too. The median value of a home was $499,000 this November compared to $419,225 last November. The sales dropped from 833 units to 413 units.
As the market slowed down, the closing time doubled and reached 18 days in Bradenton. In Sarasota, it increased from 7 to 23 days.
Sales of townhouses and apartments are down too. 164 sales were closed in Bradenton compared to 258 a year earlier. The median value of these homes was $358,108 in November compared to $300,000 last year.
Sales of apartments and townhouses in Sarasota were the least affected. The median value actually dropped to $345,000 from $349,900 a year ago. This November, 225 apartments and townhouses changed hands in this city, compared to 351 properties last year.
The supply increased but not enough to turn the seller’s market into a buyer’s market.
Tony Veldkamp, President at REALTOR® Association of Sarasota and Manatee, observes that November saw the smallest amount of closures on single-family houses in Sarasota County in the entire year, while Manatee County was the second by this indicator in 2022.
It probably had to do with the consequences of Hurricane Ian, as September closures were rescheduled to October, but the lack of contracts in late September – early October caused a smaller number of closures in November, he opines.
The supply of residential properties in Manatee County surged by 328.6%, reaching a three-month inventory, and by 242.9% in Sarasota (a 2.4-month inventory).
The monthly supply of apartments skyrocketed by 350% compared to last year, up to 2.7 months, in Manatee County and by 250%, up to 2.1 months, in Sarasota County.
Mr. Veldkamp explains that the market is still returning to normal, when it takes two – two and a half months to close a sale and the monthly supply increases to two – three months, depending on the region and the property type. It is still too early to say that the value is beginning to decrease, as median and average prices tend to fluctuate month-on-month. Prices remain high, so the supply is still low and the interest rates seem to be stabilizing. In Mr. Veldkamp’s opinion, it is still a great time to sell.