Manatee County housing supply highest in five years, report says. What does it mean?
The Bradenton area continues shifting to a balanced housing market, according to the Realtor Association of Sarasota and Manatee’s latest monthly report.
The report said that single-family homes, townhouses and condos saw a lower median sales price and more inventory in July compared to one year.
The months’ supply of inventory for the area is the highest since 2019.
“The market is getting back to how it was before the pandemic, and while it might seem like things are cooling off, that’s actually a good thing,” RASM president Tony Barrett said. “It means we’re in a more balanced market, which is great news for both buyers and sellers.”
The median sales price for Manatee County single-family homes decreased 3.1% to $499,000 from a year ago. The median sales price for townhouses and condos also fell in Manatee compared to July 2023. It was a 6% drop to $329,000.
Inventory numbers increased compared to July 2023. For Manatee County single-family homes, active listings rose 55.2% to 2,488 and townhomes and condos saw a 68.1% increase in inventory to 1,261 active listings.
It’s led to single-family homes in Manatee County reaching 3.9 months supply of inventory. That’s a 44.4% increase year-over-year. Townhouses and condos have a 75% increase with a 5.6-month supply of inventory.
The median time to contract for Bradenton-area single-family homes is 52 days and the median time to sale is 100 days, increasing from 29 and 84 days, respectively, compared to one year ago.
Townhouses and condos in Manatee had a median time to contract of 77 days in July, marking a 63.8% increase from 47 days last year. The median time to sale was up 33% to 121 days compared to July 2023.
“The drop in median sales prices shows the market is adjusting, making it more affordable for buyers,” Barrett said in a news release. “It’s a sign that we’re moving toward a healthier, more balanced market overall.”
Sarasota single-family homes
In Sarasota County, 642 single-family homes were sold in July, a 1.4% increase from a year ago. The median home price of $470,000 is a 12.1% decrease from the $535,000 median price a year ago.
Inventory is up 59.5% with 3,068 listings compared to 1,923 in July 2023. The time to contract went up to 52 days from 25 days one year ago. The monthly supply rose 50% to 4.8 months of inventory.
Sarasota townhomes and condos
Sarasota’s median sales price for townhomes and condos dipped 6.3% from $389,500 in July 2023 to $365,000 this year. The time to contract increased 67 days from 36 days a year ago, and inventory was up 72% with 1,777 active listings
There was a 7.1% increase in townhomes and condo sales with 285 units sold compared to 266 one year ago. Sarasota has a 5.7-month supply of townhomes and condos.
This story was originally published August 23, 2024 at 1:13 PM.
