Real Estate News

Manatee home values are nearing an all-time high. How much higher will they go?

The median sales price for existing single-family homes in Manatee County hit $325,000 in July, the highest median price since the housing crisis and Great Recession more than a decade ago — and near a historic all-time high.

The median sales price for a single-family home in the Bradenton area in November 2005 was $327,000, according to Herald archives. It was a time when the market was moving at a seemingly never-ending feverish rate.

Single-family home prices in the Bradenton area increased by 5 percent from July a year ago, while condo prices decreased by 4.1 percent to $191,000, according to data provided by the Realtor Association of Sarasota and Bradenton.

Single-family home prices in Sarasota County increased by 3.3 percent to $290,000, while condo prices decreased by 3.4 percent to $224,000.

“With holidays and family vacations, July is traditionally a slower month for sales,” 2019 RASM president Amy Worth said. “Single-family homes are showing more pending sales and more new listings this year.

“If prices continue to steady and interest rates stay low, we can expect to see an uptick in sales for the single-family market.”

Craig Cerreta, managing broker for Premier Sotheby’s International Realty, said his analysis of the market from Palmetto to Nokomis shows a market in transition.

Since the Great Recession, homeowners have seen significant appreciation in the value of their property, but the rate of appreciation has begun to slow.

The tight inventory of homes on the market is a factor in the continuing rise of housing prices in the Bradenton area. Bradenton Herald file photo Bradenton

“Somewhere around a year and a half ago, it slowed. People started saying, ‘Where is my house’s appreciation?’ ” Cerreta said.

Even so, people have been buying solidly, coming from inside and outside the market.

“Sales are good; demand has been consistent,” he said.

A contributing factor to the median price of homes staying at or above $300,000 is that the area remains a seller’s market, with less than a full inventory of homes available for sale.

In July 2019, the month’s supply of inventory indicates a seller’s market across the two counties. In Manatee County, single-family home supply decreased by 12.8 percent to a 3.4-month supply, while condos decreased by 2.6 percent to a 3.7-month supply. A six-month supply of homes is considered normal.

Sarasota single-family home supply decreased by 2.6 percent to a 3.8-month supply, while the condo market sits at a 4.9-month supply, a 19.5 percent increase from this time last year.

Across Florida, the statewide median sales price for single-family existing homes was $268,000, up 5.1 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations.