More homes available for sale in Bradenton, new numbers show. Are prices falling yet?
The inventory of existing single-family homes available for sale in the Bradenton area experienced a healthy upswing in July, while prices remained high even though sales declined sharply from a year ago.
The median price for homes in the Bradenton area was $521,000 in July, up sharply from the same month a year ago when the median was $430,000, the Realtor Association of Sarasota and Manatee reported.
July also saw inventory grow to a 2.5-month supply, compared to less than a one-month supply 12 months ago.
Single-family home sales decreased from last year by 22.2% to 567 sales, while condo sales decreased by 20.9% to 204 closed sales.
Some of the most positive news for prospective buyers was in the number of new listings: 1,131 this July compared to 755 one year ago.
The median price for existing condos in the Bradenton area was $354,500, up from $250,050 a year ago. Bradenton area condo inventory improved to a 1.8-month supply, compared to about a half-month supply a year ago.
In Sarasota County, single-family sales decreased by 23.1% to 678 sales, and condo sales were down by 24.5% to 289 sales.
The median price for Sarasota single-family houses was $535,000, up from $400,000 a year ago.
The median price for Sarasota condos was $390,990, compared to $315,000 a year ago.
”With higher interest rates and inflation impacting our market, the number of sales continues to decrease and the number of properties actively on the market continues to increase,” Tony Veldkamp, Realtor association president, said in a press release.
“While our active inventory of single-family homes has finally reached a two-month supply in both counties, we deem a healthy balanced market as a six-month supply,” he said.
For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.
