SARASOTA, FL – Despite an overall slowdown in the number of sales in January and an escalating amount of inventory on the market, home prices in Sarasota and Bradenton continue to climb – prices are currently at much higher levels they were just one year ago – and are showing no signs of returning to pre-pandemic levels, experts say.
In January, 368 existing single-family homes in Bradenton were sold, with the median price being $505,710; in contrast, 539 homes in the area were sold in January 2022, with the median price at the time being $480,000.
In Sarasota, 411 existing single-family homes were sold at a median price of $459,999, which represents a mere one percent drop in price from January 2022, when 653 homes were purchased.
According to Realtor Association President Brian Tresidder, real estate activity in the region has slowed down in recent months, but despite that, prices are still ranging from holding firm or, in many instances, still increasing by leaps and bounds.
“The real estate market in Sarasota and Manatee counties continues to be less active than the same time last year with significant decreases in the number of closed sales across all property types,” he said. “Despite the decrease in sales, median sales prices for all property types are still higher than last year, with the exception of Sarasota single-family homes, indicating that property values are holding steady.”
The inventory of homes available for sale in Sarasota and Bradenton continues to climb as well, growing from a single month’s supply to three months currently; a six-month supply is the sign of a “balanced” market, putting buyers and sellers on an equal playing field.
Existing single-family homes aren’t the only segment of the market feeling the market slowdown; sales of condominiums and townhouses also dropped in January, with Bradenton seeing 170 units sell during the month for a median price of $345,000, as opposed to the 225 that sold in January 2022 when the median was $301,000.
In Sarasota, 219 condos and townhouses sold in January for a median price of $417,500; one year prior, 349 were sold at a median price of $350,500.
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.