Bradenton remains seller’s market as area housing prices tick up in October

Median prices for single-family homes in Manatee County increased by 4.2 percent to $298,000 in October, while Sarasota prices decreased by 3.2 percent to $270,000, according to the Realtor Association of Sarasota and Manatee.

Condo prices in Manatee decreased by 1.9 percent to $191,250, while increasing by 4.4 percent to $233,745 in Sarasota County. Compared to last year, the Manatee and Sarasota market statistics report more closed sales and inventory and a general rise in median prices in October 2018.

Year-over-year, combined closed sales in the two-county area increased by 8 percent. The condo market improved with a 27.3 percent increase in Manatee County and a 10.3 percent increase in Sarasota.

Manatee single-family home sales increased by 14 percent, while Sarasota single-family home sales decreased by 2.1 percent.

“Real estate sales in October remained strong for both counties with a just a slight drop in single family home sales and prices in Sarasota,” said Greg Owens, 2018 president of the Realtor Association of Sarasota and Manatee.

“This shows our market continues to remain solid as we go into season, which differs from other parts of the country where there has been a dramatic shift downward in price and sales. The data for October again reflects the axiom that all real estate is local,” Owens said.

In Manatee County, pending sales for single-family homes increased by 2.8 percent, while condos decreased by 3.6 percent. Pending sales in Sarasota County decreased by 4.7 percent for condos and by 6.3 percent for single-family homes.

Aside from a decrease in the Manatee condo market, new listings increased year-over-year.

For single-family homes, new listings increased by 12.5 percent in Sarasota and by 5.1 percent in Manatee. Condo new listings increased by 1.7 percent in Sarasota and decreased by 4.9 percent in Manatee.

Inventory was up by 6.1 percent, compared to last year’s two-county area totals. Sarasota single-family home inventory increased by 12.8 percent to 2,866, while Manatee single-family homes increased by 0.5 percent to 2,092. Sarasota condo inventory increased by 6.9 percent to 1,624, while Manatee condo inventory is down by 2.4 percent to 810 available properties.

With month’s supply of inventory falling under 5.5 months, a sellers’ market remains. Single-family homes in Sarasota increased by 10.3 percent from last year to a 4.3-month’s supply.

Manatee single-family homes sit at a 3.9-month supply, a 7.1 percent decrease. As for condos, Manatee County decreased by 14.6 percent to a 3.5 month’s supply and Sarasota is at a 4.6 month’s supply, a 6.1 percent decrease from last year.

Median home prices rise statewide

The statewide median sales price for single-family existing homes was $251,610, up 4.9 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.

The statewide median price for condo-townhouse units in September was $182,500, up 5.5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.September was the 81st month-in-a-row (over six and a half years) that statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year.

This story was originally published November 21, 2018 at 10:34 AM.