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The median price for single family homes in the North Port-Sarasota-Bradenton region hit an all-time high last month.
The area recorded a 29.9% increase year-over-year, for an average single family home price of $500,000 in March. The data was reported by Florida REALTORS and compiled by the REALTOR Association of Sarasota and Manatee (RASM). The area also saw more new listings and closed sales in March compared to February.
“Spring is a popular time for the housing market,” says Tony Veldkamp, RASM President, in a news release. “Notably, the median sale price for single-family homes has reached a new threshold that may be out of reach for many buyers looking to enter the market; especially as interest rates continue to increase.”
Veldkamp, also a senior advisor at SVN Commercial Advisory Group, adds that RASM will continue to watch the effects of rising interest rates to determine if the market is slowing down.
The average single family in Sarasota County alone rose 28.4% to $487,500, whereas Manatee County recorded a median price of $525,000.
“The single-family home market is showing a positive change in new listings when compared to last year. If new listings continue to outpace the total number of sales each month, inventory will start to level off,” Veldkamp says. “In Sarasota County, inventory for single-family homes shows the first positive year-over-year increase since June of 2019. We’ll be watching to see if this is another initial sign of the market beginning to stabilize.”
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