Home prices across the Manatee-Sarasota region remained on the rise with seemingly no end in sight to close 2017, jumping nearly 4 percent year-over-year in December.
Good news for homeowners, indeed.
As for the not-so-good news: For the eighth straight month, prices in the two-county region trailed gains accumulated across Florida as well as the United States.
According to figures released this week by real estate researcher CoreLogic, home prices in the Bradenton-Sarasota-North Port metropolitan area jumped 3.8 percent year-over-year in December, a solid increase but below gains enjoyed across Florida (5.8 percent) and the country (6.6 percent).
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Home prices continue to rise as a result of aggressive monetary policy, the economic and jobs recovery and a lack of housing stock.
Frank Martell, the president and CEO of real estate researcher CoreLogic
The median sales price for an existing single-family home in December in Manatee County was $317,500, according to the Realtor Association of Sarasota and Manatee. In Sarasota County, it was $275,000.
As has been the case for the past several months, would-be buyers continue to be forced to compete for a low inventory of properties.
“The number of homes for sale has remained very low,” Frank Nothaft, the chief economist for CoreLogic, said in the report. “Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers.
“The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”
Looking ahead to the rest of the year: CoreLogic analysts see another year of growth across Florida, where prices are projected to increase by 6.4 percent during 2018, outpacing the 4.3 percent forecast for the U.S.
“Home prices continue to rise as a result of aggressive monetary policy, the economic and jobs recovery and a lack of housing stock,” said Frank Martell, CoreLogic’s president and CEO. “As home prices and the cost of originating loans rise, affordability continues to erode, making it more challenging for both first-time buyers and moderate-income families to buy.
317,500 The median value for an existing single-family home in December in Manatee County, according to the Realtor Association of Sarasota and Manatee.
“At this point, we estimate that more than one-third of the 100 largest metropolitan areas are overvalued.”
Washington (12.0 percent), Nevada (11.0), Utah (10.7) and Idaho (10.7) saw prices rise by double digits in December.
TOP U.S. METRO AREAS
1. Las Vegas, 11.2 percent
2. San Francisco, 10.1 percent
3. Denver, 8.0 percent
4. Los Angeles, 7.8 percent
5. San Diego, 7.6 percent
6. Boston, 5.9 percent
7. Chicago, 3.7 percent
7. Houston, 3.7 percent
9. Miami, 3.6 percent
10. Washington, 3.4 percent