Bradenton-Sarasota home prices see another record month. When will market start to cool?

James A. Jones Jr.
·2 min read

Prices for existing single-family homes in the Bradenton area, which rose at a ferocious rate all year long, set yet another record in December with a median price of $460,000.

The December price was 28.5% greater than in the same month a year earlier when the median was $357,900.

Prices for Bradenton-area townhouses and condos hit $302,965 in December, an increase of 26.8% from the median of $239,000 a year ago.

Tellingly, 100% of homes sold in Bradenton and Sarasota during 2021 went for at or above the original list price.

In all, the Realtor Association of Sarasota and Manatee reported 764 closed sales of Bradenton area single-family houses in December and 255 of those were all-cash deals. There were also 306 closed sales of condos and townhouses with 165 of those all-cash deals.

In Sarasota County, the median price for existing single-family homes rose 24.5% to $435,788, while the median price for condos and townhouses rose 30% to $360,000.

“The demand for housing in our region is strong. As expected, the momentum from 2020’s market carried right into 2021, bringing another banner year of sales and prices,” Tony Veldkamp, president of the local Realtor association, said in a press release.

“On the other hand, buyers are facing a lot of competition. Throughout most of 2021, the monthly supply of homes was less than one month.”

“We anticipate the price growth and velocity of sales to start leveling off, helping to increase inventory,” he said.

For several years, the Bradenton and Sarasota markets have heavily favored sellers. A six-month inventory of homes is considered a balanced market, but in December, both counties had about half of a month of inventory available.

In December, the median time to contract for an existing singe-family home sale in the Bradenton area was six days, compared to 26 days a year earlier. In Sarasota, the number was eight days, compared to 18 a year earlier.

For the year, the median sales price for single-family homes was $420,000 in Manatee and $395,945 in Sarasota.

Cash sales figured prominently in 2021, accounting for 57.3 percent of all single-family home sales in the year. Of all condo sales in the two counties, 40.2% were closed with cash offers, which is a 34.9% increase from the 2020 percentage.

With an increase in closed sales and higher prices throughout the year, the dollar volume in 2021 increased significantly from 2020. Single-family homes brought in $11.1 billion in volume for the two counties, a 42 percent increase from the previous year. The dollar volume of condo sales increased by 57.9 percent to $4.6 billion.

For housing sales figures dating back to 2005, visit www.MyRASM.com/statistics.

1/19/20212--Prices  for existing single-family homes in the Bradenton area set yet another record in December with a median price of $460,000. The December price was 28.5% greater than in the same month a year earlier when the median was $357,900.
1/19/20212--Prices for existing single-family homes in the Bradenton area set yet another record in December with a median price of $460,000. The December price was 28.5% greater than in the same month a year earlier when the median was $357,900.
1/19/20212--Prices  for existing single-family homes in the Bradenton area set yet another record in December with a median price of $460,000. The December price was 28.5% greater than in the same month a year earlier when the median was $357,900.
1/19/20212--Prices for existing single-family homes in the Bradenton area set yet another record in December with a median price of $460,000. The December price was 28.5% greater than in the same month a year earlier when the median was $357,900.