More Bradenton-area houses for sale, report says. How does that affect home prices?

In February, the Bradenton area’s existing single-family home market saw nearly 9% more sales than a year earlier, along with a 2% increase in the median price to $499,990.

For the month, 547 homes changed hands, up from 503 a year earlier, according to the Realtor Association of Sarasota and Manatee.

But at the same time, sales were taking longer: 57 days to contract, versus 39 days last year.

The trend to a more balanced market, favoring neither buyer nor seller, was more evident with 2,641 active listings, compared to 1,732 a year ago, a 52% increase.

“With increasing inventory, the real estate market is becoming more balanced for buyers and sellers. Rising median home prices and extended days on the market signal a healthier, stabilizing market, offering buyers and sellers ample time to negotiate,” Tony Barrett, the local Realtor Association president, and broker/owner of Barrett Realty, said in a news release.

Nationally the median existing-home sales price rose 5.7% from February 2023 to $384,500 this February.

“Additional housing supply is helping to satisfy market demand,” Lawrence Yun, chief economist for the National Association of Realtors, said in a news release.

“Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices,” Yun said.

Bradenton-area townhouses and condos

Sales of condos and townhouses in the Bradenton area were flat in February with 196 units being sold, up only one from February of 2023, while the median price fell 5.5% to $349,494.

The median time to contract was 52 days, up 79% from 29 days a year ago.

Active listings were up a whopping 87 % to 1,469 units from 786 last year.

There was a 6.2-month supply of inventory, up from a 3.4-month supply last year.

Sarasota single-family home sales

Sarasota saw an 11% increase in the sales of existing single-family homes: 577 sold in February compared to 520 last year.

The median price rose 2.5% to $507,500.

The median time to contract was up 96% to 40 days.

For prospective buyers, the good news was that active listings increased 86% to 3,337, and the supply rose 79% to 5.2 months, compared to three-month supply a year ago.

Sarasota townhouses and condos

Although there were 9% fewer sales in February than a year ago — 270 versus 297 — the median price was up 1.2% to $389,750.

The time to contract was up sharply, 121%, taking 42 days in February, versus 19 days a year ago.

Active listings were up 128% to 2,119, compared to 929 a year ago.

There was also a 6.7-month supply of inventory, versus a 2.8-month supply a year ago.