Median Sales Price Tops $500,000 in Sarasota Metro Area
The median sales price for a single- family home in the North Port-Sarasota-Bradenton metro area has been broken once again, according to the Realtor Association of Sarasota and Manatee.
Last month, the median single-family home sold in the two-county area for $500,000 — the first time the median sales price has reached half a million dollars.
Last May was the first time the median sales price broke $400,000 in Sarasota County at $407,000, according to RASM data.
The residential real estate market has been on fire for awhile now, with the median number of days on market hovering around a week since the middle of last year. Realtors have been reporting for months that accurately priced properties in good neighborhoods receive multiple offers, often above list price.
The RASM report noted other sales figures were also up compared to the previous month.
“Between February and March of this year, there was a month-over-month increase in closed sales, pending sales, new listings, and inventory; indicating more activity in our market,” Tony Veldkamp, 2022 RASM president said. “Notably, the median sale price for single-family homes has reached a new threshold that may be out of reach for many buyers looking to enter the market; especially as interest rates continue to increase."
Sarasota County had a slightly lower median sales price than the metro's median. In March, the median Sarasota County single-family home sold for $487,500.
The Manatee County single-family median sales last month came in at $525,000.
Inventory of homes for sale continues to be at or near historic lows, although, the Realtor association said that Sarasota County had more homes enter the market than the previous year, a first since at least June 2019.
“The single-family home market is showing a positive change in new listings when compared to last year. If new listings continue to outpace the total number of sales each month, inventory will start to level off,” Veldkamp said, who's also a senior advisor at SVN Commercial Advisory Group. “In Sarasota County, inventory for single-family homes shows the first positive year-over-year increase since June of 2019. We’ll be watching to see if this is another initial sign of the market beginning to stabilize.”