With inventory continuing to fall in Manatee County, the median price of single-family homes increased by 6.8 percent to $315,000 in September, compared to the same month a year ago.
Meanwhile, condo prices increased by 6.7 percent to $199,000 in Manatee County last month, according to figures released Tuesday by the Realtor Association of Sarasota and Manatee.
“It’s always a good time to sell a home in our market and with low mortgage rates, buyers are even more attracted to make their purchase,” Amy Worth, the 2019 RASM president, said in a press release. “With the rise in sales this month, it’s clear that the buyers are here. Now we just need more sellers to add to our inventory.”
Single-family home inventory decreased by 9.2 percent in Manatee County, while single-family sales increased by 15.2 percent to 538 sales. Single-family home sales recorded the highest year-over-year gains since November 2016.
The median sales price for single-family homes in Sarasota County increased by 6.4 percent to $298,000.
In September 2019, closed sales increased in the two counties with single-family homes showing the best year-over-year gains this year.
The combined number of properties sold in Sarasota and Manatee counties increased by 17.1 percent from September 2018 to September 2019. In Sarasota County, single-family home sales increased by 25.7 percent to 689 sales.
The condo market showed sales growth in Sarasota while falling in Manatee. Manatee condo sales showed an 8.6 percent decrease to 181 sales in September 2019. Sarasota condo sales increased by the highest percentage so far this year, with a 22.1 percent increase to 315 sales.
More listings were added to the market in September compared to this time last year. For single-family homes, new listings increased by 8.7 percent in Manatee County and by 4.5 percent in Sarasota. New condo listings in Manatee increased by 36.2 percent, while Sarasota increased by 7.9 percent.
“In the markets where we see a rise in sales, we also see a decrease in inventory,” Worth said. “The rise in new listings (in September) could help supply from being outpaced by sales. If inventory continues to shrink, we can expect prices to keep increasing.”
Combined inventory for both markets in both counties decreased year-over-year by 5.3 percent. Condo inventory in Manatee County increased by 6.5 percent while Sarasota decreased by 1 percent. Single-family home inventory decreased by 8.1 percent in Sarasota and decreased by 9.2 percent in Manatee County.
The area remains a sellers’ market with the month’s supply of homes below the 5.5-month benchmark for a balanced market. Manatee County’s inventory of single-family homes fell 13.2 percent to a 3.3-month supply in September. The supply of single-family homes in Sarasota fell 10.5 percent to a 3.4-month supply.
The supply of Manatee condos increased by 11.8 percent to a 3.8-month supply. In Sarasota, condo supply increased by 4.8 percent to a 4.4-month supply.
The combined data for the two counties shows a 12.6 percent increase in pending sales. Single-family pending sales increased by 10.7 percent in Sarasota County and decreased by 0.4 percent in Manatee County. Condo pending sales increased by 16.5 percent in Sarasota and by 7.7 percent in Manatee. An increase in pending sales can indicate more closed sales in the coming months.