Home Prices Hold Steady in January, Despite a Downturn in Sales
SARASOTA, Fla. (February 21, 2023) – The Sarasota and Manatee housing market starts off the year with a continued rise in the supply of homes for sale. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), the month’s supply of inventory for both property types increased year-over-year by more than 400 percent in the North Port-Sarasota-Bradenton MSA. Home prices continue to increase year-over-year in January, showing no sign of decreasing back to pre-pandemic levels.
Across the two-county region, there were 1,168 closed sales reported in January, a year-over-year decrease by 33.9 percent. For single-family homes, closed sales decreased by 31.7 percent to 368 sales in Manatee County and by 37.1 percent to 411 sales in Sarasota County. Condo sales decreased by 24.4 percent to 170 sales in Manatee County and by 37.2 percent in Sarasota County to 219 sales.
“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. 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,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “It’s important for potential homebuyers and sellers to consult with experienced REALTORS® who can provide up-to-date information on local trends as well as guidance so that they may make the most informed decisions regarding their real estate needs.”
The median sale price for condos remains higher than the same time last year with a 14.6 percent increase to $345,000 in Manatee County and a 19.3 percent increase to $417,500 in Sarasota County. For single-family homes, Manatee County increased by 5.4 percent to $505,710, while the Sarasota median home price decreased by one percent to $459,999.
“Historically, inventory levels are still relatively low, but they have increased significantly over the course of the past 12 months. Additionally, we’re seeing fewer closings at or higher than the original asking price when compared to last year,” added Tresidder. “As for pending sales, there were 60.8 percent more pending sales for single-family homes this month than the previous month, which signals that future closings may not drop to the large levels we’re currently seeing.”
The month’s supply of inventory was at 3.2 months for both property types in Manatee County, a 700 percent increase for condos and a 433.3 percent increase for single-family homes, representing the largest year-over-year increase to date. In Sarasota County, there was a 2.7-month supply for condos and a 2.8-month supply for single-family homes, an increase of 350 percent and 366.7 percent respectively.
The total inventory for both property types at the end of the month was 5,236 active listings in the North Port-Sarasota-Bradenton MSA, a 288.4 percent increase from the same time last year. Broken down for each property type in the MSA, condo inventory increased by 317.6 percent to 1,633 listings and single-family home inventory increased by 276.5 percent to 3,603 active listings.
In January, a total of 2,580 listings were added to the market for both property types in the two-county region, a year-over-year increase by 14.4 percent. When compared to December of 2022, new listings in the North Port-Sarasota-Bradenton MSA increased by 56.8 percent.
The median time from listing date to contract date was 26 days for condos in Manatee County, a 333.3 percent increase, while Sarasota County condos increased by 171.4 percent to 19 days. For single-family homes, the median time to contract was 29 days in Sarasota County and 32 days in Manatee County, an increase of 314.3 percent and 357.1 percent respectively.
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS.
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