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Sarasota region's home sales decline 24% in October

Inflation and interest rates are putting downtown market pressure on home sales in the North Port-Sarasota-Bradenton metro area.


Single-family home sales in the North Port-Sarasota-Bradenton metropolitan statistical area were down 24.1% in October compared to October 2021.
Single-family home sales in the North Port-Sarasota-Bradenton metropolitan statistical area were down 24.1% in October compared to October 2021.
Photo by Andrew Warfield
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As the pandemic-fueled scorching national housing market is rapidly cooling, the North Port-Sarasota-Bradenton metropolitan statistical area is in the middle of the pack in terms of year-over-year decline in home sales. 

According to research by industry trade publication Construction Coverage, the region ranks No. 41 among the nation’s 61 midsize and No. 131 among all 220 metro areas with a drop of 24.1% in home sales in October 2022 compared to October 2021. 

New listings, pending sales and prices are all on the decline after a two-year frenzy in the market. In October, home sales nationally fell to 439,596 — a year-over-year decline of nearly 30% — while the median time spent on the market is now 35 days compared to 15 days in June and July of 2021. 

Researchers calculated the percentage change in home sales in October 2022 compared to October 2021, then ranked metros accordingly.



Median days on market (2022)Median days on market (2021)Change in home salesChange in median days on market
North Port-Sarasota-Bradenton298-24.1%+262.5%
Florida4028-26.0%+42.9%
U.S.3521-28.8%+66.7%


Among the primary factors driving the downward market trend are inflation, including for housing costs. During the pandemic, the median home sale price in the U.S. jumped by more than 38%, from $329,000 in the first quarter of 2020 to $454,900 in the third quarter of 2022. This has been accompanied by inflation with the Consumer Price Index topping 5% for 18 straight months, driven by increases in major expenses like food and rent. The effects of inflation, combined with the rise in interest rates, have left potential buyers with less ability to save up for a purchase.

The slowdown has also affected pricing. Earlier this year, the median sold single-family home price in Sarasota topped $500,000. According to realtor.com, the median listing home price is now $535,000 and the median sold home price is $464,000.

Meanwhile, the neighboring Punta Gorda area ranks No. 1 among the nation’s small metro areas with a home sales decline of 51.7%, which also ranks first among all metros regardless of size.  

At No. 41, North Port-Sarasota-Bradenton ranks around the middle of the state’s midsize metro areas. They include:

21. Port St. Lucie: -28.5%
22. Pensacola-Ferry Pass-Brent: -28.5%
30. Tallahassee: -26.2%
38. Naples-Marco Island: -24.5%
44. Palm Bay-Melbourne-Titusville: -22.5%
58. Deltona-Daytona Beach-Ormond Beach: -18.1%
71. Lakeland-Winter Haven: -11.3%
74. Ocala: -9.2%

Among the state’s large metros:

6. Jacksonville: -29.2%
21. Miami-Fort Lauderdale-Pompano Beach: -30.9%
43. Orlando-Kissimmee-Sanford: -24.1%
49. Tampa-St. Petersburg-Clearwater: -21.6%

 

author

Andrew Warfield

Andrew Warfield is the Sarasota Observer city reporter. He is a four-decade veteran of print media. A Florida native, he has spent most of his career in the Carolinas as a writer and editor, nearly a decade as co-founder and editor of a community newspaper in Mecklenburg County, North Carolina.

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