The median sale price for single-family homes in Sarasota and Manatee counties increased year-over-year by 29.9 percent to an eye-popping $500,000, the highest recorded median sale price for the metropolitan area. According to new data from the Realtor Association of Sarasota-Manatee (RASM), prices for single-family homes in Sarasota County rose by 28.4 percent, to $487,500, while in Manatee County, the median price surpassed the previous record with a 32.9 percent increase, to $525,000.

Closed sales in March 2022, combined for both property types in the two counties, decreased year-over-year by 29 percent. Compared to the previous month, closed sales increased by 29.8 percent to a total of 2,350 sales, compared to 1,811 sales in February.

“Spring is a popular time for the housing market," says RASM president Tony Veldkamp. "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. We’ll be watching the effects of rising interest rates to determine if this is the start of the market beginning to settle down.”

For condos, the median price in Sarasota increased by 27.7 percent from last year, to $370,000, and Manatee prices increased by 30.8 percent to $320,539.

“If new listings continue to outpace the total number of sales each month, inventory will start to level off,” adds Veldkamp. “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.”

At the end of March, there were 1,594 active listings combined in both counties, a 14 percent decrease from March 2021. Compared to last month, active inventory increased by 23.9 percent when combined for the two counties. Unsold inventory sits at a 0.7-month supply for single-family homes and condos, which is up from February’s report of a 0.6-month supply for single-family homes and a 0.5-month supply for condos.

The median time it took for properties to go under contract was just five days in March, a year-over-year decrease of 54.5 percent for single-family homes and a 75 percent decrease for condos. Just last month, properties went under contract at a median of six days.