Home News The Median Price of a Single-Family Home in Sarasota-Manatee Right Now Is $500,000

The Median Price of a Single-Family Home in Sarasota-Manatee Right Now Is $500,000

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Median selling price of a single house Housing in Sarasota and Manatee counties It increased by 29.9% year-on-year to a stunning $ 500,000. This is the highest average selling price recorded in metropolitan areas. Sarasota-According to new data from the National Association of Realtors Members of Manatees (RASM), Sarasota County house prices rose 28.4% to $ 487,500, while Manatee County rose 32.9% to $ 525,000.

Closed sales in March 2022 were down 29% year-on-year for both property types in the two counties combined. Compared to the previous month, February sales increased by 29.8 percent compared to February sales of 1,811, for a total of 2,350 sales.

“Spring is a popular time in the home market. The median selling price of single-family homes has reached a new threshold that may be out of reach, especially for many buyers trying to enter the market. Continues to rise. Monitor the impact of rising interest rates and determine if this is the beginning of market calm. “

For condominiums, the median Sarasota rose 27.7% to $ 370,000 and the price of manatees rose 30.8% to $ 320,539.

“Inventory begins to level off as new listings continue to exceed total monthly sales,” Veldkamp adds. “In Sarasota County, single-family home inventories have shown their first positive year-over-year increase since June 2019, and we’re watching if this is another first sign that the market is starting to stabilize. “

As of the end of March, there were a total of 1,594 active lists in both counties, down 14% from March 2021. Compared to last month, active inventory increased by 23.9% when combined in the two counties. Unsold inventory has increased from the February report of single-family home and condominium supply of 0.7 months, single-family home supply of 0.6 months and condominium supply of 0.5 months.

Median property contracts took just five days in March, down 54.5% year-on-year for single-family homes and 75% for condominiums. Just last month, the property signed a deal with a median of 6 days.

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