Bradenton home sales were up in August, but median price was flat at $525,000
Sales of existing single-family homes in the Bradenton area were up 6.9% in August, while the median price, $525,000, was unchanged from a year ago.
Altogether, 616 Manatee County homes changed hands in August, compared to 576 for the same month a year ago, according to the Realtor Association of Sarasota and Manatee.
“Florida’s enduring desirability as a place to live, a continued influx of residents, its affordability and spacious housing options compared to the west coast and northeast parts of the county, along with solid job growth, all bolster a continued buyer demand,” Brian Tresidder, president of the Realtor association, said in a press release.
“However, rising mortgage rates will continue to be a factor in this market, contributing to fewer sales than in 2021 and early 2022 when rates were closer to 3%,” he said.
Current 30-year mortgage rates are about 7.18%, according to FreddieMac, the Federal Home Loan Mortgage Corporation.
Manatee County’s single-family home supply increased by 12% to a 2.8-month supply, and condo supply increased by 83% to a 3.3-month supply.
Manatee County continues to be a seller’s market. For a market to be balanced, favoring neither buyer nor seller, a six-month supply of inventory is required.
Manatee County condo sales were flat with 242 sold, compared to 244 in the same month a year ago. The median was up 1.8% to $358,990, compared to $352,495 a year ago.
Manatee single-family homes went under contract within a median of 33 days, a 153.8% increase from last year.
“We are not in the frenzy of the last couple of years,” Lori Bollinger, a Lakewood Ranch-based Realtor with Michael Saunders & Company, said of the sluggish market.
“Buyers are sitting on the fence with the higher interest rates to see how it goes,” she said.
The Federal Reserve announced Wednesday that it is taking a pause in raising interest rates.
When interest rates eventually go down, it will unleash pent-up demand, Bollinger said.
“If the property is priced right, we are seeing them go very quickly,” she said.
Sarasota County sales
In Sarasota County, single-family home sales decreased by 4.9% to 645 sales, and condo sales decreased by 5.7% to 279 sales.
“One of the unique aspects of our local real estate market is the counter-intuitive trend where sales are down, but property values are on the rise,” said Tresidder, who is the strategic growth & sales manager at William Raveis Real Estate.
“A few factors contributing to this market would include our low inventory levels limiting buyer’s options, and the in-migration of people moving to our area that keeps buyer demand relatively high,” he said.
The median price for Sarasota single-family homes increased by 9.2% in August to $519,000, compared to a median of $475,250 a year ago
In the condo market, Sarasota prices increased by 2.8% to a median $385,650, compared to $375,000 a year ago.
While housing inventory remains relatively low in Sarasota and Manatee, there was a gradual increase in new listings in August.
Sarasota County had a 3.3-month supply of single-family homes and a 3.5-month supply for condos, a year-over-year increase of 65% and 118.8%, respectively.
Sarasota homes went under contract in 31 days, a year-over-year increase of 121.4%.
The condo market is showing the highest number of days from listing date to contract date since 2020, with 50 days reported in Manatee County (a 284.6% increase) and 46 days reported in Sarasota County (a 228.6% increase).
