The number of total home sales in the Sarasota-Bradenton market in February dropped by 17%, a result of low inventory in a seller’s market, according to the Realtor Association of Sarasota and Manatee. Prices on homes, meanwhile, continue to increase year-over-year, with the median price of single-family homes in Sarasota County climbing to $478,000.

“The February 2022 housing statistics indicate just how low inventory is and its impact on our market,” said Tony Veldkamp, Association president and a senior advisor at SVN Commercial Advisory Group. “There simply aren’t enough homes to sell, leaving us with fewer closed sales than the previous year.”

The single-family market in Manatee was the one chief sectors of the real estate market where sales increased in February compared to last year, jumping by 559 from 536, a 4.3% boost. But in Sarasota County, single-family home sales dipped to 691 sales, down 16.8% from 297 sales last February.

Condo sales dropped in both markets, by 16.8% in Manatee and by 39.4% in Sarasota. Within the full North Port-Sarasota-Bradenton metropolitan area, sales went from 815 closed sales in February 2021 to 561 closed sales last month, a drop of 31.2%.

Veldkamp suggested a highly competitive market, with just over a half a month’s worth of inventory in the market, that’s impacting the number of sales, but it’s also driving prices higher. That’s good for sellers as units fetch increasingly high amounts. The median price of homes jumped to $458,450 in the market, a 23.9% jump from $544,546 last February. A total of $824.3 million worth of home sales closed in February alone, with the median time to contract sitting at just 6 days. As for townhouses and condos, the dollar volume of sales dropped to $264.9 million, down 28.5% from the $370.5 million in sales last February. But inventory is even lower, with only 381 active listings as of the end of the month in the entire market.

“The recent uptick in mortgage rates is beginning to impact affordability for many, especially for first-time home buyers looking to buy as a reaction to rising rent prices,” Veldkamp said.

“Meanwhile, there is still a large demand coming from out-of-state transplants who are looking to buy in our area of Florida. This imbalance of supply and demand contributes to the rapidly increasing prices we continue to see each month.”

As of the end of February, there were just 906 active home listings in the metro market, down 31.7% from the 1,326 listings last year. That likely means the pressures on the market will continue.