With the combined inventory of single-family homes and condos in Manatee and Sarasota reaching its highest point in nearly five years, it’s no surprise the two-county area bucked the national trend and saw a significant increase in sales last month.
According to figures released Wednesday by the Realtor Association of Sarasota and Manatee, sales of existing single-family homes had a 14.7 percent month-over-month increase in February in Manatee County and a 9.3 percent surge in Sarasota County.
“With more active listings on the market, buyers are able to take time to view and compare more properties, and are not under pressure to jump on the first property they see,” RASM president Xena Vallone said. “We are seeing this translate into longer time on the market.”
There were more than 8,500 properties on the market in February, the most in the two-county area since April 2012. As a result, sales soared, with 406 single-family homes closing in Manatee (up from 354 in January) and 518 in Sarasota (up from 474).
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With more active listings on the market, buyers are able to take time to view and compare more properties, and are not under pressure to jump on the first property they see.
RASM president Xena Vallone
Median sales prices for single-family homes also continued to climb in both counties in February, continuing their recent trend:
▪ The median in Manatee County reached $289,752, up from $279,000 in January and a nearly 14 percent increase from $255,000 a year earlier.
▪ In Sarasota County, the median jumped to $257,500, up from $250,000 in January and $252,250 in February 2016.
Condo median prices posted solid year-over-year gains, climbing 5.8 percent to $174,500 in Manatee County and 15.4 percent to $219,245 in Sarasota.
$289,752The median price for a single-family home in Manatee County in February, up from $279,000 in January and a nearly 14 percent increase from $255,000 a year earlier.
Continuing the trend of the past few months, there was a significant decrease in foreclosures for single-family homes and condos in both counties.
Nationally, sales of existing homes fell 3.7 percent in February compared to January, when sales surged to their fastest pace in a decade. But over the past 12 months, sales are up solidly, according to the National Association of Realtors.
“The underlying story is still very positive for the housing market,” said Jennifer Lee, a senior economist at BMO Capital Markets. “The February drop is just a blip in the overall trend.”
In February, sales of existing homes slumped in the Northeast, Midwest and West, while the South eked out a slight gain.
Information from Herald wires was used in this report.