Home prices did not break records in February in the Sarasota-Manatee area, following three straight months that saw escalating home prices march higher and higher.
The median sales price for a single-family home in Sarasota and Manatee counties was $458,450, about 24% higher than last February, according to the Realtor Association of Sarasota and Manatee.
The median sales price in January 2022 for the two-county area was $470,000, according to RASM data.
Of note in the RASM report, both closed sales and pending sales dipped last month as “historically low” inventory of homes for sale impacts the local real estate market.
Closed sales in the two-county area declined by 17% from last February, although sales compared to January 2022 were up 2.6%.
“The February 2022 housing statistics indicate just how low inventory is and its impact on our market. There simply aren’t enough homes to sell, leaving us with fewer closed sales than the previous year,” said 2022 RASM President Tony Veldkamp, a Senior Advisor at SVN Commercial Advisory Group.
Increasing interest rates could also be impacting the market, Veldkamp said in a news release.
“The recent uptick in mortgage rates is beginning to impact affordability for many, especially for first-time home buyers looking to buy as a reaction to rising rent prices,” he said. “Meanwhile, there is still a large demand coming from out-of-state transplants who are looking to buy in our area of Florida.”
Veldkamp said that “imbalance of supply and demand” has contributed to “rapidly increasing prices.”
Properties continue to be bought at a rapid rate, with the median day to contract after listing of just six days. Last year at this time, the median day to contract was 16.
Fewer properties came onto the market this February compared to last February, although, the decrease was just 0.4% for single-family homes and 11.2% for condo properties.
In both counties, there were just 906 single-family homes for sale and 381 condo or townhome properties for sale, both at or near all-time lows for the two county area.
The number of properties added to the market in February decreased year-over-year by 0.4 percent for single-family homes and by 11.2% for condos. Since last month, new listings for condos increased by 3.4% from January 2022, while single-family new listings decreased by 0.8% from January 2022.
“The inventory of single-family homes decreased year-over-year by 35.2% in Sarasota County and by 27% in Manatee County. As for condos, Sarasota is down by 63.2% from last year and Manatee decreased by 48.8%,” according to the report.
This article originally appeared on Sarasota Herald-Tribune: Report: Low inventory impacting Sarasota, Manatee real estate market