Bradenton-Sarasota housing market bounces back after Irma

One month after the effects of Hurricane Irma took a big toll on home sales in the Bradenton-Sarasota area, the market rebounded well in October, with closed sales and median prices for existing single-family homes in both counties showing year-over-year increases.

According to the Realtor Association of Sarasota and Manatee’s monthly report released Tuesday, the number of closed sales in Manatee County increased 1.9 percent from October 2016, while the median sales price jumped 1.5 percent to $285,995.

Sarasota County saw a 3.2 percent increase in closed sales, while the median sales price soared 18.1 percent to $279,000.

Xena Vallone, the 2017 RASM president, noted that a majority of the sales last month likely were a result of September delays, since October typically is a slower month as sellers ready their properties for seasonal buyers. But an increase in pending sales – a 17.7 percent jump in Manatee and an 8.4 percent increase in Sarasota – “indicates that we’re back in business,” Vallone said.

“Sellers are playing catch-up and listing their properties for the upcoming season,” Vallone added.

For evidence, Manatee County had 685 new listings of single-family homes in October, a 67 percent increase from a month earlier. In Sarasota County, there were 880 new listings, a nearly 85 percent increase from September.

“Compared to Irma’s impact in September, we saw a combined 75 percent increase in new listings from (September to October),” Vallone said.

Meanwhile, the median prices for condos in both counties saw significant year-over-year increases, with Manatee surging 11.4 percent to $195,000 and Sarasota jumping 8 percent to $224,000. Closed sales slumped, likely in anticipation of the season, with Manatee falling 9 percent and Sarasota 11.3 percent.

Across the state

Irma’s impact on Florida’s housing market wasn’t a lasting one, either, with closed sales and median prices showing significant year-over-year increases in October.

“Last month, we talked about how it’s not uncommon for Florida to see a quick rebound in sales of existing homes the month after a hurricane,” Florida Realtors chief economist Brad O’Connor said. “October’s statistics are very encouraging.”

The statewide median sales price for existing single-family homes last month was $235,558, up 7.1 percent from the previous year, while the statewide median for condo-townhouse properties was $170,000, up 5.2 percent over the year-ago figure.

October was the 70th month in a row that statewide median prices for both sectors rose year-over-year.

Sales of single-family homes statewide totaled 20,543 last month, up 2 percent compared to October 2016.

“Areas hit hardest by the hurricane will still take time to recover, but in other parts of the state, real estate activity has returned,” 2017 Florida Realtors president Maria Wells said.

Across the country

Americans bought more homes in October, as sales continued to recover in Texas, which was hit hard by Hurricane Harvey in August.

The National Association of Realtors announced that sales rose 2 percent in October to a seasonally adjusted annual rate of 5.48 million, marking the fastest pace since June.

The median sales price for existing single-family homes in October was $246,800, up 5.6 percent from the previous year; the median condo price was $231,300.

This story was originally published November 21, 2017 at 11:41 AM with the headline "Bradenton-Sarasota housing market bounces back after Irma."