Manatee, Sarasota home sales up again in April

Climbing existing home prices and total home sales in Manatee and Sarasota counties in April mirrored a pattern from the past several years, indicating that summer may bring 2016’s market peak.

Median selling prices rose for all existing housing types in both counties last month, with some categories hitting five-year highs, according to statistics compiled by the Realtor Association of Sarasota-Manatee. In Manatee County, the median price of a single-family home jumped 8.9 percent from the previous April to $279,300 on a volume of 534 closed sales. It is the highest median price seen since the start of 2012.

In Sarasota County, single-family prices were up 12.6 percent to $250,000. Total sales of 733 homes represented a 7.3 percent drop from the same time in 2015.

In the condominium market, prices were also up. In Sarasota County, the median price rose 13.9 percent to $218,000. The Manatee County price was up 14.1 percent to $165,500.

In general, total sales and prices have been climbing in the two-county area since January. The local housing market followed a similar pattern in 2015. That year’s top sales totals came July for single-family homes, and in April for condos and townhomes.

But, as prices rise, affordable homes are becoming scarce.

“Homes priced at $300,000 and under continue to sell at a quick pace, and this trend is likely to continue,” said Linda Formella, president of the Realtors association.

Even so, she indicated the rate of sales may continue to grow as buyers look for the best deals available.

“There is a high demand for quality, affordable housing,” she said.

One factor in the higher median price was the number of homes priced at more than $1 million that sold. Formella said 80 properties in that price range sold in Manatee and Sarasota counties last month. In Manatee County alone, nearly $69 million was spent on 33 homes priced over $1 million between April 18 and May 6.

But even as prices climbed, the local market pushed a little closer to being more in favor of buyers. Housing inventory in the two-county area was in the 4.5 to 5.4 month range, compared to 4.2 to 4.5 months at this time last year. One increase came in number of Manatee County single-family homes on the market. A total of 2,446 homes were for sale at the end of the month, up 14 percent from the same time in 2015.

Six months of inventory is considered to signify a market balanced between sellers and buyers.

Condo inventory grew 25.5 percent in Sarasota County, while Manatee County experienced a 19.8 percent increase year-over-year.

Statewide, market numbers followed a similar pattern as those in the local market. In April, over 34,800 homes and condos sold across Florida on a total sales volume of $9.8 billion. The median price of a single-family home in the state was $213,000. The median price for a condo was $160,000.

This story was originally published May 20, 2016 at 5:02 PM with the headline "Manatee, Sarasota home sales up again in April."