The median price for existing single-family houses in the Bradenton area fell 12.8% to $479,000 in October, the largest decline this year.
It was also the first time since February 2022 that the median fell below $500,000.
At the same time, closed sales increased 6.5% to 609 homes changing hands, compared to 572 for the same month a year earlier, according to the Realtor Association of Sarasota and Manatee.
“Compared to the rest of the country where home sales are declining in most markets, our housing market is telling a different story,” Brian Tresidder, president of the Realtor association, said in a news release.
“This month’s data showcases an increase in sales, a rise in new listings, a leveling of the time from listing to contract, and strong inventory growth — all signs that point toward a more balanced market in our future,” he said.
Housing inventory in Manatee County increased to a 3.3-month supply in October, up from a 2.8 month supply a year earlier.
A six-month supply of housing inventory is considered a balanced market, favoring neither buyers nor sellers.--
Single-family homes in Sarasota and Manatee counties went under contract within a median of 29 days, a year-over-year increase of 45% in Sarasota and 20.8% in Manatee.
Bradenton condo and townhouse market
During October, condo and townhouse units managed a slight increase in median price to $370,000, up from $368,000 a year ago.
Closed sales were up 7.5% to 215 units.
“Inventory has been on this steady increase since 2022, and while we’ve hit the highest it’s been all year, it’s still not quite back to pre-pandemic levels,” Tresidder said of the condo market.
The supply of condos and townhouses in Manatee County was up 65% to a 3.8-month supply, compared to 2.3-month supply a year ago.
Sarasota single-family homes
The median price for existing single-family houses in Sarasota fell 3.3% to $520,000 in October, while the number of houses sold rose 3.5% to 538.
For single-family homes, the month’s supply of inventory in Sarasota increased year-over-year by 77.3% to a 3.9-month supply.
“The good news is that we’ve been trending upward and we’re getting closer to the benchmark for a balanced market,” Tresidder said.
Sarasota condos and townhouses
The number of condos and townhouses sold in Sarasota in October was down 1.6% to 246 units, but the median price was up 10.3% to $426,500, the highest recorded price in 2023.
Sarasota condos increased by 144.4% to a 4.4-month supply.
The median time to contract was 32 days for Sarasota condos and 30 days for Manatee, an increase of 14.3% and 36.4% respectively.