Bradenton home prices saw year’s steepest decline in October

Bradenton

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.

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It was also the first time since February 2022 that the median fell below $500,000.

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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.

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“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.

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“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.

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Housing inventory in Manatee County increased to a 3.3-month supply in October, up from a 2.8 month supply a year earlier.

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A six-month supply of housing inventory is considered a balanced market, favoring neither buyers nor sellers.

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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.

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Bradenton condo and townhouse market

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During October, condo and townhouse units managed a slight increase in median price to $370,000, up from $368,000 a year ago.

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Closed sales were up 7.5% to 215 units.

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“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.

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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.

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Sarasota single-family homes

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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.

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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.

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“The good news is that we’ve been trending upward and we’re getting closer to the benchmark for a balanced market,” Tresidder said.

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Sarasota condos and townhouses

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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.

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Sarasota condos increased by 144.4% to a 4.4-month supply.

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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.