Good news for those who owned a home in 2017 in the Bradenton-Sarasota region: Year-end data showed significant increases in value thanks to a real estate market basking in the glow of a thriving economy.
According to figures released Tuesday by the Realtor Association of Sarasota and Manatee, the median sales price for an existing single-family home in 2017 in Manatee County was $295,000, up 7.2 percent from a year earlier.
Sarasota County homeowners fared similarly, with a 7.6 percent year-over-year increase to $269,000.
“The Sarasota and Manatee markets had another strong year and early indications expect this trend to carry in 2018,” said Greg Owens, the 2018 RASM president. “The data spoke volumes about how our market has recovered and continues upward.”
$295,000The median sales price for an existing single-family home in 2017 in Manatee County.
Indeed, prices across the two-county area are significantly higher than they were six years ago, as the market continues to rebound from the housing meltdown that occurred during the Great Recession.
▪ The median price for a single-family home in Manatee County soared from $195,000 at the end of 2012 to $295,000 to close 2017, a 51 percent increase.
▪ In Sarasota County, the median jumped from $175,000 in 2012 to $269,000 to close 2017, a 54 percent surge.
A big reason for the surging prices: It’s a seller’s market as a short supply of single-family homes and townhomes across the region continues to drive median prices closer to pre-Great Recession levels.
“Inventories remain tight in both areas,” Owens said. “We are also an upward trend in pricing with low supply and a continuous demand.”
Townhomes also saw significant year-over-year rises, with Manatee County increasing 5.9 percent to $180,000 and Sarasota County soaring 7.1 percent to $225,000.
The soaring price gains “have certainly been great news for homeowners, and especially for those who were at one time in a negative equity situation,” said Lawrence Yun, the chief economist for the National Association of Realtors. “However, the shortage of new homes being built over the past decade is really burdening local markets and making homebuying less affordable.”
That’s especially true locally as prices have jumped more than 50 percent since 2012, but incomes have increased only about 15 percent during that time, according to Bloomberg.