Manatee housing market sees ‘stable prices,’ report says. What does it mean for buyers?
The most recent housing report for Manatee and Sarasota counties indicates a buyer-friendly market.
Median sales prices fell, while inventory, supply, time to contract and sale increased, according to the Realtor Association of Sarasota and Manatee’s February market report.
In Manatee County, 500 single-family homes were sold in February, marking an 8.6% decrease year-over-year. The median sale price dropped 4.8% to $475,995. And February’s active single-family home listings reached a 4.9-month supply of inventory, the report said.
The median time to contract fell 19.3% to 46 days and the median time sale dropped 6.9% to 95 days.
“After years of a strong seller’s market, the increase in inventory and more stable pricing indicate that the market is shifting toward a more level playing field for buyers and sellers alike,” RASM president Debi Reynolds said in a news release.
Townhouses and condos
Like single-family homes, Manatee County townhomes and condos saw a price decline with the median sale price falling 8.4% to $319,990. However, there was an increase in townhouse and condo sales. There were 251 townhomes and condos sold in February, and nearly half of those were paid in cash, the report said.
There are 1,828 active listings for townhouses and condos, which equals an 8.3-month supply of inventory.
The monthly supply “further (strengthens) buyers’ leverage,” the report said.
Sarasota
In Sarasota County, there was a slight decline in the median sales price for single-family homes. That median sale price is $499,990, a 1.5 percent drop year-over-year. There was a 2.1 increase in single-family homes, though the monthly inventory supply increased to 6.8 months.
The townhouse and condo inventory is a robust 9.1-month supply in Sarasota County.
“With more condos and townhomes available and prices trending downward, buyers have a unique opportunity in today’s market,” Reynolds said in a news release.
