It’s a seller’s market in Bradenton as median home price goes up and supply goes down
The median price buyers paid for existing single-family homes in the Bradenton area in November was $319,995, up 2.1 percent over the same month a year earlier.
It continued to be a seller’s market in Manatee County during November with a year-long trend of declining inventory of houses and median prices at — or more than — $300,000, according to the Realtor Association of Sarasota and Manatee.
During the month, there were 550 closed sales in the Bradenton area, and 143 of those were all-cash deals.
The median time to contract was 43 days, and the median time to sale was 86 days.
“Even with an ongoing inventory challenge, we see some positive indicators in November,” Amy Worth, 2019 president of the Realtor association, said in a statement. “The significant increase in pending sales could encourage future home sales. Some of this movement could be attributed to more favorable interest rates compared to last year or motivated buyers seeking home ownership tax benefits before the New Year.”
Inventory in the two-county area declined year-over-year and the number of pending sales increased as buyers moved to close before the new year.
Single-family home inventory decreased by 10 percent in Manatee. Condo inventory in Manatee decreased by 14.5 percent.
Median home prices for single-family homes decreased by 6.7 percent in Sarasota to $280,000.
Condo prices increased by 11.4 percent to $207,750 in Manatee and increased by 6.9 percent to $244,745 in Sarasota.
The inventory of single-family homes in Manatee decreased by 14.6 percent to 3.5-months in November. A 5.5 month inventory of homes is considered a balanced market.
Statewide, the median sales price for single-family existing homes was $265,000, up 3.9 percent, according to the Florida Association of Realtors.
“The November data shows that many home buyers are eager to find the Florida home of their dreams — but demand and a tight inventory in many local areas continues to put pressure on prices,” Florida Realtors President Eric Sain said in a statement.
Nationwide, sales fell in November. The median price for an existing single-family home price was $274,000, up 5.4 percent from November 2018.
“Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than two million job gains in the past year,” Lawrence Yun, chief economist for the National Association of Realtors, said in a statement.
