Inventory has been increasing in Manatee County each month since September 2016. The result of higher inventory is that we are very near a balance between a seller's and a buyer's market. January 2017 also saw an increase in both year over year and month over month in the number of properties that went under contract during the month. Condos were up by 11.4 percent and single family homes by 10.9 percent.
"The increased inventory is easing the supply and demand pressure and giving buyers more choices," says Xena Vallone, 2017 RASM President. "The increase in pending sales is a good indication of future closed sales."
Median prices for Manatee County single family homes increased to $279,000. With fewer homes available to purchase below $200,000, largely because of the decline of distressed properties available for purchase, we can expect median prices to continue to rise. Condo median sales prices rose to $175,000 in Manatee County.
Closed sales for single family home sales in Manatee County showed an 8.2 percent decrease. Collectively, distressed sales experienced a 51.8 percent decrease from last year, while traditional sales (non-distressed) experienced an increase of 3.5 percent, making for a healthier market. The months' supply of inventory also indicates a more balanced market, with an increase across the board. Manatee County condos are at a 4.8-month supply and single family homes are at a 4.5-month supply.
"A balanced market is driven by supply and demand and favors neither the seller nor the buyer," says Vallone.
"If the market is strong and balanced, buyers have more choices and sellers have a larger pool of buyers."