BRADENTON, FL – While the area of Bradenton, Florida has experienced an ongoing uptick in the median prices existing single-family homes – especially when compared to the same period of time one year ago – the area has also reported a slower rate of home sales recently, in addition to an increase in the amount of time that these sales take to close.
In February 2023, there were 503 closed sales that required 88 days to sell, representing a contrast in real estate activity in the region year over year; in February 2022, Bradenton recorded the number of closed home sales at 559, with just 43 days required to sell in this instance.
Despite the slowed sales activity in Bradenton, the current prices of homes continue to escalate when compared to the same period of time one year ago; in February 2023 the median sales price of an existing single-family home was $490,000, as opposed to the $478,000 that they were fetching in February 2022.
But while the median sales price of homes experienced a jump year over year, February was also distinctive due to the fact that it represented the first month since March 2022 when that amount was less than $500,000.
In addition, there was a decrease in the number of townhouses and condominiums that were sold in February, with only 195 changing hands this year, as opposed to the 247 that were purchased in 2022.
Following the recent trend in home prices, however, the median sales price for townhouses and condos in February 2023 was $369,900, which represents a 14 percent increase in prices year over year.
Overall, real estate in Bradenton currently remains what is known as a “sellers’ market,” according to Realtor Association President Brian Tresidder.
“February continued the trend of fewer transactions in our area along with an increase in new listings when compared to last year,” he said. “We also saw an increase in median sales price as well, which is not surprising considering we are still in what many call a seller’s market with less than 3.5 months of inventory. One thing to note is that pending sales, or the number of properties that went under contract this month, are closer to what we saw last year, which should indicate more closed sales in March.”
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.