Latest Manatee County home sales report has good news for local buyers and sellers
There’s good news for home buyers and sellers alike in January’s sales data for the Bradenton area.
For buyers, the good news was that the available inventory of existing single-family homes was up 33% to 2,420 listings over the same month a year ago.
In January, there were 408 closed sales of existing single-family homes, an 11% increase from the 368 that sold in the same month in 2023.
“The transition towards a more normalized, higher inventory market presents advantages for buyers, offering them increased leverage in negotiating prices, repairs, and closing cost credits,” Tony Barrett, president of the Realtor Association of Sarasota and Manatee, said in a news release.
The good news for sellers was that the median price was up 3.8% to $525,000, compared to January 2023.
Houses typically sold for 96% of the seller’s original asking price. The median time to contract was 35 days.
Barrett’s takeaway was that January sales indicate a gradual shift toward a more balanced market, favorable to buyers.
“In the coming months, potential shifts in interest rates and insurance costs could reshape the market dynamics. Should interest rates decrease and insurance costs follow suit, we may anticipate a resurgence of buyers entering the market once again,” Barrett said.
Manatee condos and townhouses
During January, there were 185 condo and townhouse sales in Manatee County, compared to 170 a year ago, an 8.8% increase.
The median price was $357,990, a 3.8% increase from the $345,000 median a year ago.
The median time to contract was 47 days, compared to 26 days a year ago.
Inventory rose from a 3.2-month supply in January 2023 to a 5.6-month supply in January 2024 with 1,340 listings.
The last time Manatee County had such a large supply of condos was in February 2013.
Sarasota single-family homes
In Sarasota County, the median sales price for single-family homes increased by 16.3% to $535,000, compared to $495,999 in the same month last year.
Closed sales were up 18.5% to 487. A year ago, there were 411 closed sales. Buyers got their original asking price 95% of the time, with no change from a year ago.
The median time to contract was 40 days, up 38% from a year ago.
Available inventory was up 75% to 3,135 homes, a 4.9-month supply.
Sarasota condos and townhouses
The median sales price for Sarasota County condos and townhouses increased by less than one percent to $420,000.
At the same time, sales fell from 219 a year ago to 209 in January, a decrease of 4.6%.
Sarasota’s condo/townhouse supply increased by 124% to 1,985 listings, a 6.2-month supply.
The last time Sarasota had such a large inventory was in April 2019.
The median time to contract for Sarasota condos and townhouses was 35 days in January, up 84% from the 19 days reported a year ago.
