Tight inventory, rising home prices make Manatee a sellers’ market

Sellers Market

Strong demand and tight inventory combined to produce a sellers’ market in Manatee County and send the median sales price for single-family homes sold in in February to $300,000. That’s up 5.8 percent from a year ago.

It marks the third time the median price has hit the $300,000 mark since the Great Recession of 2008, according to figures released recently by the Realtor Association of Sarasota and Manatee.

The median price of the 441 Manatee County home sales closed in February represents the mid-range of homes sold, and was up 8.6 percent over February 2017. The median also hit $300,000 or more in December and January.

Condo sales were also up year-over-year in February with 202 sold, an increase of 5.2 percent. The median condominium price in Manatee County soared 22.2 percent to $213,250. It is the first time since 2008 that condo prices have surpassed $200,000.

The supply of single-family homes fell 1.6 percent while the supply of condos decreased 2.9 percent during February, making inventory tight.

There is an estimated 4.4-month supply of single-family homes on the market in Manatee County, and a 5.3-month supply of condos.

Sarasota County also saw a strong housing market in February with 569 single-family home sales closed, up 9.8 percent, and 315 condo sales, up 14.1 percent.

Sarasota single-family home prices increased 10.4 percent to a median of $272,500, while condo prices were down 0.1 percent to $219,000.

Inventory also fell in Sarasota during February. The supply of single-family homes was down 5 percent, while the supply of condos fell 0.1 percent.

Sarasota has a 4.1-month supply of single-family homes, and a 5.7 month supply of condos.

Across the state

More closed sales, more new listings and higher median prices in February were the norm around Florida with the for-sale inventory remaining tight.

Even though much of Florida has become a sellers’ market, there was also some good news for buyers. In February, new listings for single-family homes rose 6 percent year-over-year, while new townhouse-condo listings increased 6.9 percent.

 

Across the nation

Nationally, existing-home sales bounced back in February after two straight months of declines, despite consistently low inventory levels and faster price growth, according to the National Association of Realtors.

Sales increases in the South and West offset declines in the Northeast and Midwest.

The national median existing-home price for all housing types in February was $241,700, up 5.9 percent from February 2017 ($228,200). February’s price increase marks the 72nd straight month of year-over-year gains.

Properties typically stayed on the market for 37 days in February, which is down from 41 days in January and 45 days a year ago. Forty-six percent of homes sold in February were on the market for less than a month.

To learn more about the current state of the real estate market, contact an expert member of the 9 Core Realty Team today!

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