Bradenton-Sarasota among state’s costliest regions when shopping for a home

Housing costs in the Bradenton-Sarasota-North Port region continue rise, though not as fast as most metropolitan areas throughout the state, according to a report from the Florida Realtors.

The median price for a single-family home that sold in March in Manatee and Sarasota counties was $275,000, a year-over-year increase of 7.8 percent. Across the state, prices in 22 metropolitan areas rose by an average of 10.4 percent during the past year, according to the report.

Only five metropolitan areas had home prices grow at a slower year-over-year rate than Bradenton-Sarasota-North Port:

▪ Punta Gorda (7.7 percent);

▪ Naples-Immokalee-Marco Island (7.1 percent);

▪ Lakeland-Winter Haven (6.3 percent);

▪ Crestview-Fort Walton Beach-Destin (4.8 percent);

▪ Gainesville (1.7 percent).

Still, the Bradenton-Sarasota area remains one of the Sunshine State’s costliest when shopping for a home. Only Naples-Immokalee-Marco Island ($450,000) and Miami-Fort Lauderdale-West Palm Beach ($326,000) had higher median sales prices in March.

“Higher demand, coupled with a shortage of available homes for sale, continues to put pressure on prices – so buyers are eager to make an offer when they find the right property,” said Maria Wells, the president of Florida Realtors. “Sellers ... continue to receive a higher sales price as inventory remains scarce.”

That’s especially true in Manatee and Sarasota counties, though inventory has improved in recent months as it pushes toward a balanced market. According to the Realtor Association of Sarasota and Manatee, the inventory of single-family homes for sale last month rose by 10.5 percent in Manatee and 13 percent in Sarasota as compared to March 2016.

In its March sales report released last week, RASM said there were 579 listings in Manatee County in the $300,000-$399,999 price range, while Sarasota County had 739 homes in the $200,000-$299,999 range.

“Typically there are more homes available above the respective median price for each county,” RASM president Xena Vallone said. “With a lower supply of single-family homes listed under $300,000 we see that the median time to contract is shorter for these homes that it is for homes listed in the higher ranges.

“Buyers are quicker to jump on a sale when they know their supply is limited.”

Nearby, the Tampa-St. Petersburg-Clearwater metropolitan area, which encompasses Hillsborough, Pinellas, Pasco and Hernando counties, had a $214,200 median price in March, a 14.5 percent jump from a year earlier.

The statewide median price for townhome-condo properties in March was $171,000 up 9.4 percent year-over-year. In Manatee County, last month’s median price was $175,000, a 9.4 percent increase from March 2016, while Sarasota County’s was $230,000, a 17.3 percent surge.

March marked the 64th consecutive month that median prices for single-family homes and townhomes-condos increased statewide year-over-year.

This story was originally published April 25, 2017 at 1:43 PM with the headline "Bradenton-Sarasota among state’s costliest regions when shopping for a home."