More homes sold in Bradenton area in February
The number of single-family home sales increased by 4.8 percent in Manatee County in February 2019, compared to the same month a year ago, while the median sales price slipped slightly.
In February, the median sales price — the mid-point of all sales for existing single-family homes — fell to $298,500, compared to $300,000 last year, the Realtor Association of Sarasota and Manatee reports.
Manatee County condo prices decreased by 11.4 percent to $189,000, compared to $213,250 in 2018.
“Compared to last month, regular closed sales and cash sales increased, as well as the overall dollar volume,” Amy Worth, second-generation Realtor and 2019 president of the Realtor Association of Sarasota and Manatee, said in a press release. “It indicates our season is ramping up.”
Inventory continued to increase across the two-county area, reaching a more balanced supply.
In Sarasota County, single-family home sales increased by 4.2 percent, while condo sales decreased by 12.1 percent.
Sarasota single-family home prices increased by 5.3 percent to $287,000 and condo prices increased by 10.5 percent to $242,000.
Pending sales, or the number of properties that went under contract during the month, increased in Manatee County, but decreased in Sarasota County.
“Month-over-month, the combined pending sales continue to increase, a good indication of future closed sales,” Worth said. “Buyers are becoming more active in the market, taking advantage of low interest rates and more inventory to choose from.”
Across the two counties, single-family inventory increased year-over-year in February. In Manatee County it was up by 5.2 percent. In Sarasota, it increased by 13.6 percent.
As for Manatee County, the market continues to favor the seller with a 4.5-month supply for single-family homes and a 5-month supply for condos.
Sarasota County has a 5.4-month supply of single-family homes and a 6.5-month supply of condos, favoring buyers.
When the months’ supply of inventory reaches 5.5 months, the market becomes more balanced.
Bradenton Realtor office announced
In addition to reporting the February home sales this week, the Realtor Association of Sarasota and Manatee reported that Halfacre Construction Company of Lakewood Ranch would build its Bradenton office.
The $2.6 million, 7,400-square-foot structure will house offices, meeting rooms and conference rooms. The building will also feature an outdoor meeting area, complete with brick pavers, large aluminum storefront windows and aluminum canopy wraps for protected walkways.“
“We are proud to be part of a growing business community in downtown Bradenton,” Worth said.
“This location strengthens our presence in Manatee County as we continue to fight for private property rights and the dream of home ownership.”
Located at 302 Eighth St. W. in Bradenton, Halfacre Construction Company will also supervise the site work and install the landscaping and hardscaping once construction commences in April. The project architect is Fawley Bryant Architecture.
“We are very excited about the new state-of-the-art building,” said Roger Piro, chair of the RASM Facilities Task Force. “The Riverwalk location will be very convenient for our membership. This has been a long time coming for our Anna Maria, Palmetto, Parrish and Bradenton members, and we look forward to future community events and educational opportunities that we will be able to offer.”
Florida median sales price was $246,500
The statewide median sales price in February for single-family existing homes was $246,500, up 9.6 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 townhouse-condo properties in January was $179,500, up 7.2 percent over the year-ago figure.
February marked 74 months-in-a-row that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year.
National median sales price was $251,400
Nationwide, existing-home sales rebounded strongly in February, experiencing the largest month-over-month gain since December 2015, according to the National Association of Realtors.
The median existing single-family home price was $251,400 in February, up 3.6 percent from February 2018.
The median existing condo price was $233,300 in February, which is up 3.1 percent from a year ago.
Lawrence Yun, NAR’s chief economist, credited a number of aspects for the jump in February sales, including a “powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence.”
Total housing inventory at the end of February increased to 1.63 million, up from 1.59 million existing homes available for sale in January, a 3.2 percent increase from 1.58 million a year ago. Unsold inventory is at a 3.5-month supply at the current sales pace, down from 3.9 months in January but up from 3.4 months in February 2018.