It might be time to sell your house. Sales, prices in Bradenton set records in 2020
Anyone driving around a Bradenton neighborhood looking for a home to buy will need the patience of a senior citizen waiting for their number to turn up in the COVID-19 vaccine lottery.
Homes on the market are that scarce.
In December, there were 831 closed sales of existing single-family homes in the Bradenton area, compared to 587 a year earlier. The median price rose 6.8 percent to $357,000, according to the Realtor Association of Sarasota and Manatee.
Manatee County ended the year with a 1.5-month supply of inventory, compared to a 3.3-month supply a year earlier, pushing the market even further into the seller’s favor. A balanced market, favoring neither the seller nor the buyer, is a six-month supply.
The median selling price of singe-family homes — the exact midpoint between the most expensive and least expensive homes sold — has been bumping along since June in the rarefied record, or near record, price range.
In Sarasota County, sales were just as fast and furious as in Manatee County. There were 1,038 closed home sales in Sarasota in December, compared to 746 a year earlier, an increase of 39 percent. The median price rose 17.8 percent to $350,000.
“This is one of those weird moments when it’s a great time to sell, but it’s also a great time to buy. If this trend continues— and data is showing that to be the likeliest forecast — then sellers can get top dollar in record-short timeframes, while buyers can lock in record-low interest rates and buy a home that is going to be worth much more a year from now. And if they do both, they can get the best of both worlds,” Alex Krumm, broker owner of NextHome Excellence, and the president of the Realtor association, said in a press release.
Pending sales increased year-over-year in December. For single-family homes, pending sales increased by 49 percent in Manatee and by 33.9 percent in Sarasota. Condo pending sales increased by 41.9 percent in Manatee and by 24 percent in Sarasota.
Manatee County townhouse and condo sales also enjoyed a big bump in December. Closed sales rose 45 percent to 338, while the median price rose 19.5 percent to $239,000.
In Sarasota County, townhouse and condo sales totaled 498, an increase of 19.4 percent, while the median price rose 7.3 percent to $276,745.
Single-family home new listings increased by 20.9 percent in Manatee and increased by 8.8 percent in Sarasota. Condo new listings increased by 8.1 percent in Manatee and by 4.9 percent in Sarasota. It is typical to see a rise in new listings this time of year as sellers prepare to reach more seasonal buyers returning to the area.
For single-family homes, the median time to contract fell by 68.8 percent to 15 days on the market in Manatee County. The median time was down by 47.1 percent to 18 days in Sarasota County. As for condos, Manatee properties took a median of 26 days to contract and in Sarasota, condos fell to a median of 33 days to contract.
“The median number of days from listing date to contract date is astonishingly short, especially for single-family homes. With so few homes on the market and a high demand from buyers, homes are flying off the market,” Krumm said.
“Buyers can expect to see fewer homes come to market as season progresses, which means more competition and higher prices,” he said.
For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.
This story was originally published January 22, 2021 at 10:53 AM.
