‘It’s unbelievable.’ Real estate demand in Bradenton stays near record in October

James A. Jones Jr.
·2 min read

High prices, limited supply, intense competition.

In October, that summed up the existing single-family housing market in Bradenton.

The median price, $425,000, was just $5,000 off the record, and represented an increase of 18.1 % from the median of $360,000 the same month one year ago.

The year-long clamor for houses in the Bradenton area has kept inventory at less than a one-month supply. In October, the number of sales fell 12.3% to 672, compared to 766 for the same month a year earlier.

Greg Owens, broker and operating principal of Keller Williams on the Water, said the shortage of inventory even extends into the market for luxury homes with a price tag of $1 million or more.

New home construction takes a year to complete, and with the unprecedented demand for existing homes, Owens said he sees no relief in sight for the run-up in prices.

The United States recently lifted its ban on international travel because of COVID-19. That means there could be even more competition for Florida homes with buyers from Canada and Europe looking to buy.

“It’s unbelievable,” Owens said.

The price for Bradenton-area townhouses and condos also remained high in October. The median price hit $278,000, compared to $255,000 a year ago. The number of closed sales fell from 292 a year ago to 258 this October.

The median price is the exact midpoint between the highest and the lowest price paid for all units sold during the month.

“Make no mistake: prices are going to rise in 2022, and most likely by a lot. There simply aren’t enough homes coming to market to offset the enormous demand for homes,” said Alex Krumm, president of the Realtor association, and broker-owner of NextHome Excellence.

“It is more critical than ever to set a game plan with your Realtor to figure out the best way for you to buy or sell. The market is complicated, and it looks like it might get even trickier,” Krumm said.

Many buyers continue to pay with cash. In Manatee County, 230 home sales were all-cash deals, and 134 condo sales were all-cash deals.

“Buyers should be prepared to be patient. Competition will be fierce for the foreseeable future, and there isn’t a market correction around the corner,” Krumm said.

“Buyers who have already taken advantage of this market are being rewarded handsomely, and we expect those rewards will keep on coming through the first part of the year,” Krumm said.

The median time from listing date to contract date continues to hover around one week.

In Sarasota County, the median price for an existing single-family home was $410,000 in October, up 19% from $345,000 for the same month a year ago.

The median price for Sarasota townhouses and condos in October was $332,990, up 27% from $261,998 from the same month a year ago.

5/21/2021--The median price for existing single-family homes in the Bradenton area in October was $425,000, and represented an increase of 18.1 % from the median of $360,000 that buyers paid in the same month one year ago. 
5/21/2021--The median price for existing single-family homes in the Bradenton area in October was $425,000, and represented an increase of 18.1 % from the median of $360,000 that buyers paid in the same month one year ago.