Median price for existing single-family homes rises to more than $300,000 in Manatee

The median sales price for an existing single-family home in Manatee County climbed 2 percent in May from a year ago to $305,000, according to the Realtor Association of Sarasota and Manatee.

It was a $10,000 increase from April when the median price in Manatee County, was $295,000.

Sarasota also saw an increase in the median price of existing single-family homes, rising 8 percent to $280,750.

Overall, Manatee County single-family home sales increased by 2.6 percent to 641, while Sarasota County decreased by 0.2 percent to 820.

The median price of condominiums in Manatee County decreased by 1.3 percent to $183,750 in May, while they increased by 4 percent to $234,675 in Sarasota County.

"The condo market in both counties has had an upward trend in pricing and sales so far this year," said Greg Owens, president of the Realtor Association of Sarasota and Manatee. "Combined with the continuing strength in the single-family homes, we are seeing a very robust market. This makes it a great time to contact your local Realtor to sell, buy or invest in real estate."

The two-county area reported 2,191 total closed sales, a 1 percent increase from May 2017. In the condo market, Sarasota sales increased by 6.4 percent to 452, while Manatee condo sales increased by 16.8 percent to 278.

The number of properties that went under contract in May increased by 8.2 percent from May of 2017. In the two-county area, condo pending sales increased by 6.6 percent, while single-family homes increased by 9 percent.

Pending sales can be a good indicator of future closed sales.

Year-over-year, the month’s supply of inventory continues to decrease, indicating a seller’s market. Manatee condos represent a 4.5-month supply and Sarasota condos are at a 4.8 month-supply. Manatee single-family homes are at a 4.3-month supply and Sarasota single-family homes are at a 4.2-month supply.

Inventory may be tight, but the median time to contract showed an increase this month. Manatee condos stayed on the market 14.9 percent longer to 54 days. For single-family homes, the median time to contract is up by 12.8 percent in Manatee to 53 days, while Sarasota was down to 45 days, a 2.2 percent decrease.

Prices, sales were up across Florida

In May, Florida's housing market reported more sales, higher median prices and more new listings from owners ready to sell, according to the latest housing data released by Florida Realtors.

"Strong demand from buyers, coupled with a lack of for-sale inventory, continues to have an impact on rising median prices in many local housing markets," says Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale.

"Home sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in May received 96.7 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95.1 percent (median percentage), Hansen said.

May was the 77th consecutive month that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.

Existing home sales fell nationally in May

Nationally, existing-home sales fell back for the second straight month in May, as only the Northeast region saw an uptick in activity, according to the National Association of Realtors.

The median existing-home price for all housing types in May was $264,800, an all-time high and up 4.9 percent from May 2017 ($252,500). May’s price increase marks the 75th straight month of year-over-year gains.

The median existing single-family home price was $267,500 in May, up 5.2 percent from May 2017. Existing condominium and co-op sales increased 1.6 percent to a seasonally adjusted annual rate of 620,000 units in May, but are still 3.1 percent below a year ago. The median existing condo price was $244,100 in May, which is 2.5 percent above a year ago.

This story was originally published June 20, 2018 at 2:35 PM with the headline "Median price for existing single-family homes rises to more than $300,000 in Manatee."