Median home sale prices in Manatee County continued to climb in June, according to a report released Thursday by the Realtor Association of Sarasota and Manatee.
The sale price of single-family homes was up 12.4 percent over June 2015 to $285,000, while condos were up 11.6 percent to $173,000.
There were also more homes sold in June than any other month in 2016. Manatee County saw 610 single-family homes sold, a 1.2 percent increase over May.
“The rise in median prices reflects the continued popularity of the area and the impact of our current low inventory levels,” RASM president Linda Formella said in the release.
That low inventory led to fewer home sales year over year in June. There was a 2.4 percent decrease in single-family home sales in Manatee County compared to 2015. The drop in condo sales was 4.4 percent.
“The market seems to be balancing out compared to the high number of sales we saw last year,” Formella said. “We see an improvement in distressed properties, inventory on the rise, as well as an increase in median sales prices.”
The number of distressed properties, foreclosures and short sales were down for Manatee and Sarasota counties. Manatee County had only 36 foreclosures in June, compared to 74 in 2015, a decrease of more than 50 percent.
“Florida’s housing market is growing at a more moderate pace,” Florida Realtors President Matey H Veissi, a broker and co-owner of Veissi & Associates in Miami, told BayNews9. “While tight housing supply is having an impact in many areas, still-low mortgage rates, increased jobs and economic growth will continue to boost housing demand.”
In Sarasota County, sale prices for single-family homes rose 7.8 percent in June to $248,000. Sarasota was also up in number of home sales for the month to 792, a 5.2 percent increase compared to 2015.