Seemingly dashing wannabe home-buyers’ dreams, home prices in the Bradenton region hit jaw-dropping levels to close 2017.
The median price for an existing single-family home in Manatee County in December was $317,500, up 11 percent from a month earlier and 11.4 percent from December 2016, according to figures released Wednesday by the Realtor Association of Sarasota and Manatee.
It’s the first time Manatee’s median price has topped $300,000 since the housing crisis hit a decade ago.
Condo prices across the county also saw significant increases in December, with the median rising to $195,000, up 7.6 percent from November and 5.4 percent year over year.
“Buyers are closing out their major purchase for the year,” 2018 RASM president Greg Owens said.
$317,500 The median price for an existing single-family home in Manatee County in December, up 11 percent from a month earlier and 11.4 percent from December 2016.
Closed sales (up 4.1 percent year over year to 511) and pending sales (up 0.5 percent to 426) also increased for single-family homes during the final month of 2017.
In Sarasota County, median prices for single-family homes and condos continue to climb as well.
The median for a single-family home in December was $275,000, up 4 percent year over year, while condos soared 15.2 percent to $250,000.
“Overall, the sales volume is up across the board, indicating the continuation of a solid market in both counties,” Owens said.
Across the state
The statewide median sales price for an existing single-family home in December was $244,185, up 8 percent from the previous year, according to Florida Realtors research.
Meanwhile, the median price for condo-townhouse properties was $180,000, up 7.8 percent year-over-year.
December marked the 72nd consecutive month that statewide median prices for both sectors rose year-over-year.
“For sellers, that’s good news; however, rising prices and tight inventory are putting pressure on first-time homebuyers and those who may be looking for their next ‘move-up’ home,” 2018 Florida Realtors president Christine Hansen said.
Sales of single-family homes statewide totaled 22,903 in December, up 2.6 percent compared to the same month in 2016. Condo sales totaled 9,193, up 6 percent from a year earlier.
Across the nation
U.S. home sales slid 3.6 percent in December, as rising prices and a declining number of available properties stifled purchases.
The National Association of Realtors said that sales of existing homes fell in December to a seasonally adjusted annual rate of 5.57 million units.
The median home sales price across the U.S. increased 5.8 percent from a year ago to $246,800 in December, a pace more than double gains in average hourly earnings.
Despite the monthly setback, sales totaled 5.51 million in 2017. That was the highest level since 2006, yet it marked only a slight 1.1 percent gain from 2016 as the months’ supply of properties on the market fell to the lowest level ever recorded by the Realtors.
Home values are climbing faster than wages because of the dearth of available properties. The median home sales price increased 5.8 percent from a year ago to $246,800 in December, a pace more than double gains in average hourly earnings.
David Berson, chief economist at Nationwide Insurance, said sales should increase modestly in 2018, but they’ll be “held back by a lack of inventory.”
Information from the Associated Press was used in this report.