Median home sales price, available inventory increase in Manatee, Sarasota

MANATEE -- Inventory of available properties is increasing in both Manatee and Sarasota counties, local real estate leaders reported Wednesday.

Inventory of single-family homes in Manatee County rose 5 percent from March 2015, and 5.6 percent in Sarasota County, according to the Realtor Association of Sarasota and Manatee. Condo inventory is up in both counties, with a 21.5 percent increase in Manatee and 22.1 percent in Sarasota year over year.

That places inventory in the range of 4.7 to 5.4 months' worth this year, compared with 4.5 to 4.8 months last year -- the time it would take to sell all the active listings on the market at the current month's rate of sales. Six months is the benchmark for a balanced market, according to the RASM release.

"The moderate inventory increase is encouraging as it translates to more options for potential buyers," RASM president Linda Formella said in the release. "In the broad picture, we are seeing a return to normalization, however in price points under $400,000, inventory is tight, selling quickly, and resulting in multiple offers."

The median sale price also rose in both counties. Single-family median sales prices increased slightly in Manatee County, up 1.8 percent to $269,735, and increased 17.4 percent in Sarasota County to $244,000. Condo sales prices rose 2.2 percent in Manatee, to $160,000; Sarasota County condo median price rose 8.4 percent to $196,000.

Manatee County single family homes sales rose from last

month to 522 total sales, up 26.8 percent, but were down 5.4 percent from March 2015. Total single-family home sales in Sarasota County were up 33.9 percent from last month, at 765 total sales, but down 2.9 percent from this time last year.

Condo sales in Manatee increased 28.2 percent in March, closing at 273, and up 11 percent from last year. Sarasota condo sales were up 24.4 percent from last month, reaching 364 total sales, but down 11.7 percent from last year.

The percentage of foreclosures and short sales fell, which RASM said "signals a sign of health in the market." Distressed sales for single-family homes in the two-county area represented 10.3 percent of all closed sales in March, compared with 20 percent last year. Distressed condo sales represented 4.4 percent of closed sales, compared to 8.66 percent last year. At their peak a few years ago, 48 percent of all sales were distressed, according to the release.

Statewide, Florida's housing market reported higher median prices in March, according to Florida Realtors. The statewide median sales price for single-family homes was $209,500, up 10.3 percent from March 2015, according to their news release. The statewide median price for townhouse-condo properties in March was $155,000, up 3.3 percent over 2015. Statewide, single-family home sales totaled 23,758, down 0.6 percent from March 2015.

This story was originally published April 20, 2016 at 11:53 PM with the headline "Median home sales price, available inventory increase in Manatee, Sarasota ."