The red-hot market for existing single-family homes in the Bradenton, Fla., area got even hotter in August with median prices jumping by 13.6%, compared to the same month a year ago, to a record $360,000.
The median price of existing condos and townhouses in Manatee County rose 8.8% to $223,000, according to the Realtor Association of Sarasota and Manatee.
Sales of existing single-family homes in Sarasota also set a median price sales record, $327,250, up 12.8% from last year. Sarasota condo prices were up 8% to $249,495.
The median is the midpoint of all sales prices. Half the homes sold for more, half for less.
"Just about all market indicators are positive on the year-over-year numbers for August, and by significant amounts. The only measurement that continues to fall short is the inventory of active listings," said David Clapp, 2020 president of the Realtor association, said in a press release.
"Pending sales continue to outpace new listings, creating an inventory challenge. But there is some good news here. We saw the combined number of new listings in August jump by 28.4% for condos and by 12.5% for single-family homes," Clapp said.
Market conditions favor the seller with homes selling at a quicker pace in August 2020, compared to last year.
"We have had a lot of properties going under contract sight unseen," said Samantha Emelock, communications specialist for Michael Saunders & Co.
Based on web search traffic, many of those buyers are coming from New York, New Jersey, Ohio, Illinois and other parts of Florida, all looking to escape more densely populated urban areas.
Part of the equation is the "trickle down effect" of people working from home, and no longer having to work in a traditional office environment, she said.
Single-family closed sales increased by 9% to 713 sales in Manatee County and by 12.7% to 867 sales in Sarasota. The condo market also increased with 54.2% jump to 313 sales in Manatee and a 20.6% increase to 404 sales in Sarasota.
"Single-family homes sold quickly in August, and at higher prices," Clapp said. "With record low inventory and high demand, we continue to see the median sale price go up, reaching new highs last month. The median time from listing to contract dropped to 30 days on the market for single-family homes."
The median time to contract declined year-over-year in all markets last month. For single-family homes in Manatee County, the time to contract decreased by 28.6% to 30 days.
New listings continue to climb in August. Single-family home listings increased by 15.3% in Sarasota and by 9.2% in Manatee. Condo listings increased by 38.6% in Manatee and by 21.3% in Sarasota.
Pending sales increased for the third consecutive month. For single-family homes, pending sales increased by 43.1% in Manatee and by 25.8% in Sarasota. Condo pending sales increased by 66.7 percent in Manatee County and by 21.3% in Sarasota.
In August, single-family home inventory fell by 34.9% in Manatee, and by 33.3% in Sarasota.
