Home Prices Hold Steady in January 2023, Despite a Downturn in Sales

The Sarasota and Manatee housing market starts off 2023 with a continued rise in the supply of homes for sale. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), the month’s supply of inventory for both property types increased year-over-year by more than 400 percent in the North Port-Sarasota-Bradenton MSA.

Home prices continue to increase year-over-year in January 2023, showing no sign of decreasing back to pre-pandemic levels. Across the two-county region, there were 1,168 closed sales reported in January, a year-over-year decrease by 33.9 percent. For single-family homes, closed sales decreased by 31.7 percent to 368 sales in Manatee County and by 37.1 percent to 411 sales in Sarasota County. Condo sales decreased by 24.4 percent to 170 sales in Manatee County and by 37.2 percent in Sarasota County to 219 sales.

The median sale price for condos remains higher than the same time last year with a 14.6 percent increase to $345,000 in Manatee County and a 19.3 percent increase to $417,500 in Sarasota County. For single-family homes, Manatee County increased by 5.4 percent to $505,710, while the Sarasota median home price decreased by one percent to $459,999.

The month’s supply of inventory was at 3.2 months for both property types in Manatee County, a 700 percent increase for condos and a 433.3 percent increase for single-family homes, representing the largest year-over-year increase to date. In Sarasota County, there was a 2.7-month supply for condos and a 2.8- month supply for single-family homes, an increase of 350 percent and 366.7 percent respectively.

The total inventory for both property types at the end of the month was 5,236 active listings in the North Port-Sarasota-Bradenton MSA, a 288.4 percent increase from the same time last year. Broken down for each property type in the MSA, condo inventory increased by 317.6 percent to 1,633 listings and single-family home inventory increased by 276.5 percent to 3,603 active listings.

In January, a total of 2,580 listings were added to the market for both property types in the two-county region, a year-over-year increase by 14.4 percent. When compared to December of 2022, new listings in the North Port-Sarasota-Bradenton MSA increased by 56.8 percent.

The median time from listing date to contract date was 26 days for condos in Manatee County, a 333.3 percent increase, while Sarasota County condos increased by 171.4 percent to 19 days.

For single-family homes, the median time to contract was 29 days in Sarasota County and 32 days in Manatee County, an increase of 314.3 percent and 357.1 percent respectively.

Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.