For the first time since the Great Recession, the median sales price for existing single-family homes in Manatee County and Sarasota County hit the $300,000 mark in the same month.
The median price for single-family homes in Manatee County rose to $313,496 in November, while in Sarasota County the median price rose to $300,000, according to figures released Wednesday by the Realtor Association of Sarasota and Manatee.
The median price of homes in Manatee County has hoovered around or been higher than $300,000 several times this year. But it was the first time this year that the median price in Sarasota County reached $300,000 as well.
The median is the midpoint of all homes sold; half the homes sold for more, half for less.
Single-family home sales in Manatee County increased 7.6 percent in November, compared to a year ago. Sales rose 4.2 percent in Sarasota.
Condo prices in Manatee County rose by 2.9 percent to $186,500, while they fell by 4.6 percent to $229,000 in Sarasota.
There was a bit of good news for prospective home buyers in Manatee and Sarasota, where tight inventory has made it a seller’s market. In November, the Manatee County supply of homes for sale increased 4.1 percent to 2,229. In Sarasota, the supply increased by 16.3 percent to 3,131 homes.
“As we close out the year, inventory showed an increase from October 2018 to November 2018,” said Greg Owens, 2018 president of the Realtor association. “New listings also start to rise as sellers prepare for post-holiday season buyers.”
New listings increased year-over-year by a combined 2.9 percent. In Manatee County, listings of single-family homes were up 5 percent, while condo listings declined by 1 percent.
In Sarasota County, new single-family home listings were up 6.2 percent, while new listings of condos fell 2.7 percent.
The slight improvement in inventory is tempered by the fact that the market continues to favor sellers. Manatee has a 4.1-month supply of single-family homes and Sarasota has a 4.7-month supply. A six-month supply is considered normal.
Year over year, monthly single-family home sales grew 7.6 percent in Manatee County and 4.2 percent in Sarasota County. Condo sales increased 12.9 percent in Manatee, while decreasing 4 percent in Sarasota County.
While many of the statistical areas tracked by the Realtor association were up in November, there was a decrease in pending sales, or the number of properties that went under contract. Pending single-family home sales in Manatee County were down 8.4 percent. Pending sales of condos were down 31.4 percent.
Likewise, pending singe-family home sales in Sarasota fell 9.8 percent. Pending sales of condos were down 18.8 percent.
“Even with rising median prices and a tight month’s supply of inventory, sellers will need to be patient when it is time to negotiate,” Owens said. “If inventory continues to rise, buyers have more options and likely more time before purchasing a property.”
The typical time that a single-family home in Manatee County spends on the market before selling is 50 days. In Sarasota, the time to selling is 38 days.
Across the state
The statewide median sales price for single-family existing homes was $255,000, up 6.3 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 was $185,000, up 5.1 percent over the year-ago figure.
“Buyers who have been frustrated by a lack of for-sale homes in their areas may be encouraged by signs that too-tight inventory levels are easing,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale.
“In a year-over-year trend that we’ve been seeing now for a few months, new listings rose in November: Up 4.1 percent for existing single-family homes and 1.5 percent for condo-townhouse properties,” Hansen said.
Across the nation
Across the nation, the median existing-home price for all housing types in November was $257,700, up 4.2 percent from November 2017 ($247,200). November’s price increase marks the 81st straight month of year-over-year gains.
The median for existing single-family homes was $260,500 in November, up 5 percent from November 2017. The median existing condo price was $236,400 in November, which is down 1.3 percent from a year ago.
Existing-home sales increased in November, according to the National Association of Realtors, marking two consecutive months of increases. Three of four major U.S. regions saw gains in sales activity last month.