September 2022 Market Update
The most recent September data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM) indicates that the Manatee and Sarasota FL housing market continue to show the same trend of fewer sales and more inventory for September 2022.
In addition, Hurricane Irma’s arrival resulted in a few closing delays, pushing these closings into October. Despite these challenges, the increase in inventory is not significant and the prices remain strong, which means it is still a good market for sellers in Manatee and Sarasota counties.
Real estate markets typically rebound quickly after natural disasters like Hurricane Ian, but given current conditions with higher interest rates and inflation, that may not be the case this time around. We could see the market remain level instead of seeing values bounce back up as they have in the past.
In this post, we’ll take a look at the latest market statistics for Sarasota County, Florida. We’ll see how the market has been performing over the past few months and the changes sellers and buyers can expect in the coming months.
Recent Sarasota Stats – Single Family
Recent Sarasota Stats – Condominium
Median Sale Price
In Sarasota, the median sale price increased by 22.2 percent from one year ago to $497,275. For condos, the median sale price is $399,999 which is a 23.1 percent increase from September 2021.
Months Supply of Inventory
The months supply of inventory refers to the number of months it would take for the current inventory to deplete itself. At 6 months of inventory it is considered a balanced market. Currently, the Sarasota FL housing market is at a 2.1 month supply for single family homes and a 1.6 month supply for condominiums. These numbers indicate that the Sarasota real estate market is still a seller’s market.
Median Time to Contract
Since June 2022, the median amount of days it takes for a property to go under contract has been increasing. For example, in Sarasota, single family homes took 20 days and condominiums 18 days to go under contract– this is up from 7 days in September 2021.
What homes are available at the median price point?
Recent Bradenton Stats – Single Family
Recent Bradenton Stats – Condominiums
Median Sale Price
In Bradenton, the median sale price increased by 20.3 percent to $517,193. For condos, the median sale price is now $337,00 which is a 18.2 percent increase from September 2021.
Months Supply of Inventory
The months supply of inventory refers to the number of months it would take for the current inventory to deplete itself. At 6 months of inventory it is considered a balanced market. For September, the Manatee County real estate market was at a 2.7 month supply for single family homes and a 1.9 month supply for condominiums. These numbers indicate that it is still in a seller’s market.
Median Time to Contract
The median time it took for properties to go under contract was 19 days for single family homes and 15 days for condominiums in Bradenton. This is an increase from the 6 day median in September 2021.
What homes are available at the median price point?
If you are thinking of selling, it is still a good market, but there are a few changes you should be aware of.
Contingencies Have Returned
Contingencies are back. Contingencies are items like inspections, financing, or appraisals that can potentially kill a real estate deal. In the past, if you didn’t waive contingencies, chances were your offer wouldn’t be accepted. In today’s market, we’re seeing more accepted offers with contingencies.
Bidding Wars Have Ended
Over the past two years, seller’s took advantage of the market’s low inventory and priced their homes high, expecting to get multiple offers, and they did. Now that we have a little more inventory, we’re seeing a return to more realistic pricing and as a result, bidding wars have all but disappeared.
Home Presentation is Key
A homes condition didn’t seem to matter over the past couple of years. Buyers are now back to being more selective and are looking for homes that show well, are priced correctly, and don’t need a lot of work.
If your home is in need of repairs or updating, it’s going to be more difficult to sell, so you may want to consider making some home improvements before listing your home.
If you’re thinking of selling your home in the near future, it’s important to stay up-to-date on the latest market conditions. I’d be happy to provide you with a complimentary market analysis of your home. Just give me a call or send me an email and I’ll get right to work for you.