2023 Market Preditions
The total number of closed sales across the two counties in 2022 decreased by 23.9 percent to 21,885 sales. For single-family homes, yearly closed sales decreased from 2021 by 26.5 percent to 7,940 sales in Sarasota County and decreased by 19 percent to 6,968 sales in Manatee County. Condo sales decreased by 27 percent to 4,107 sales in Sarasota and decreased by 23 percent to 2,870 sales in Manatee County.
The median sale price for 2022 surpassed the previous record reached in 2021 for both property types across the two-county region. The yearly median price for single-family homes was $493,000 in Sarasota and $520,000 in Manatee County, a year-over-year increase of 24.5 percent and 23.8 percent respectively. For condos, the median price for 2022 increased by 22.2 percent to $385,000 in Sarasota and by 33.2 percent to $346,250 in Manatee County.
“There is still significant buyer demand in our area, but a lot of buyers who were planning on financing their purchase were priced out of the market by sharp increases in prices and interest rates,” added Tresidder. “We anticipate those buyers will re-enter the marketplace when they are able to secure more favorable rates to buy a property.”
According to Dr. Lawrence Yun, chief economist for the National Association of REALTORS®, inflation has been dropping over the past six months, and “consumers can expect mortgage rates to soon follow.”
Despite the record high sale prices, the dollar volume in 2022 decreased from 2021 due to fewer yearly sales. Single-family homes brought in $10.2 billion in volume for the two counties, an 8.8 percent decrease from the previous year. The dollar volume of condo sales decreased by 17.6 percent to $3.5 billion.
Cash sales were less prominent in 2022 for single-family homes, accounting for 42 percent of all single-family home sales in the year. However, condo sales experienced a five percent increase from 2021, with 62 percent of condo sales closed with cash offers in 2022.
Foreclosures and short sales only represented 0.3 percent of all closed sales in 2022. In the North Port-Sarasota-Bradenton MSA, there were a total of 73 distressed sales (foreclosures and short sales) which is a 49.3 percent decrease from the number of distressed sales in 2021.
There was a slight increase in new listings added to the single-family home market in 2022. Across both counties, 19,492 new listings were reported, an increase of less than one percent from 2021. For condos, 8,386 new listings were added to the market which is a 3 percent decrease from 2021.
December Market in 2022
In the last month of 2022, the combined closed sales of all property types in both counties decreased year-over-year by 34 percent to 1,530 sales. For single-family homes, closed sales decreased by 41.9 percent to 486 sales in Sarasota County and by 29.7 percent to 537 sales in Manatee. Condo sales decreased by 33.3 percent to 275 sales in Sarasota and decreased by 24.2 percent to 232 sales in Manatee.
December 2022 reports a year-over-year rise in prices with single-family homes reaching a median price of $505,500 in Sarasota and $507,000 in Manatee County, an increase of 16 percent and 10.2 percent respectively. Condo prices increased by 8.3 percent to $390,000 in Sarasota County and increased by 13.7 percent to $344,475 in Manatee County.
The median time from listing date to contract date was reported at 25 days for single-family homes across both counties, a 257 percent increase from the same month last year. As for condos, the median time to contract is at 19 days, a 171.4 percent increase. This is a large increase from December of 2021 when the median time to contract was at 7 days for both property types across the two-county region.
The month’s supply of inventory in December was 3 months for single-family homes in Manatee County, a 400 percent increase and the largest year-over-year increase this year. In Sarasota County, there was a 2.5-month supply for single-family homes, a 316.7 percent increase. Condos in Sarasota increased by 266.7 percent to 2.2 months while condo supply in Manatee increased by 440 percent to 2.7 months.
At the end of the year, the inventory of all active listings was 4,834 for both property types in the North-Port-Sarasota-Bradenton MSA, a 235.7 percent increase from last year when the inventory of all active listings was 1,440.