The median price for existing single-family homes in the Bradenton area rose to $478,000 in February, a 26% increase from a year ago, and just $2,000 off the record median price set in January.
Townhouses and condos in the Bradenton area saw an even greater median price increase. The median price was up 41% to $325,000, compared to $230,000 in the same month a year earlier, the Realtor Association of Sarasota and Manatee reported Friday.
The median price is the exact middle point of all homes, from most expensive to least expensive sold during the month.
The housing market in Manatee and Sarasota continues to be affected by a historically low supply of homes.
The overall closed sales combined in the two counties decreased by 17% from February 2021, with a total of 1,811 sales in February 2022.
In Sarasota County, the median price of existing single-family homes rose 25% to $449,900, up from $359,900 a year ago. Sarasota townhouses and condos saw a 29% increase to $368,630, from $283,750 a year ago.
In the single-family home market, closed sales in Manatee County increased year-over-year by 4.3% to 559 sales and decreased in Sarasota County by 16.8% to 691 sales.
Closed sales for condos decreased in both counties: down by 16.8% to 247 sales in Manatee and down by 39.4% to 314 sales in Sarasota.
“The February 2022 housing statistics indicate just how low inventory is and its impact on our market. There simply aren’t enough homes to sell, leaving us with fewer closed sales than the previous year,” Tony Veldkamp, a senior advisor at SVN Commercial Advisory Group and Realtor association president, said in a press release.
“The recent uptick in mortgage rates is beginning to impact affordability for many, especially for first-time home buyers looking to buy as a reaction to rising rent prices,” he said.
This week, the Federal Reserve approved the first interest rate hike in more than three years, which means higher mortgage rates.
“Meanwhile, there is still a large demand coming from out-of-state transplants who are looking to buy in our area of Florida. This imbalance of supply and demand contributes to the rapidly increasing prices we continue to see each month,” Veldkamp said.
The number of properties added to the market in February decreased year-over-year by 0.4% for single-family homes and by 11.2% for condos.
Properties are selling in just under a week with the median time from listing date to contract date reported at six days for both property types, compared to 16 days this time last year for single-family homes and to 30 days for condos.