If you want to buy a property in the Bradenton-Sarasota area you have to act fast, and I mean lightning fast. Whatever comes on the market today will likely be gone within a week, selling at record-breaking prices every month.
None of this is a surprise to buyers who are out there beating the bushes daily or to their agents who are scurrying around looking for properties to satisfy the buyers lined up at their doors. But what’s interesting about some of these buyers is that they are coming from less traditional areas of the country. Local real estate professionals are reporting buyers from California, Washington state and other areas on the west coast of the country. When this was confirmed at the Island Publix check-out when I asked where all these people were coming from, I knew it was true.
Further confirmation of our hot market came from CoreLogic when they published the hottest metro areas in the country that people are relocating to. Bradenton-Sarasota came in at #14, Tampa at #5 and five other Florida regions were all in the top 15. The New York-Newark-Jersey City region was #1 in loss of residents.
Further, the National Association of Realtors reported in their July and August existing home sales reports the four regions of the country that are seeing the most home sales: The South continues to be the highest, maintaining over 40% of the market for both months; the Midwest comes in second at over 20%; the West is third, also over 20% and the Northeast is the lowest, just breaking 10% of the market share.
In Manatee County, the sales statistics from the Realtor Association of Sarasota and Manatee for July are: Single-family homes closed 5.8% fewer properties compared to last year. The median sales price was $430,000, up 19.8%; the average sale price was $566,595, up 19%; the median time to contract was six days, and the month’s supply of properties was .08 months.
Condos also closed fewer units, down 6.5%. The median sale price was $250,050, up 13.7%; the average sale price was $309,887, up 14.5%; the median time to contract was six days and the month’s supply of properties was 0.6 months.
By comparison, the National Association of Realtors reported the median price of existing single-family home sales for July was $359,900.
Now on to August: Single-family homes closed 2.7% fewer homes compared to last year. The median sale price was $430,000, same as July, up 19.4%; the average sale price was $579,647, up 20.5%; the median time to contract was five days and the month’s supply of properties was 0.8 months.
Condos closed 12.2% fewer units; the median price was $275,000, up 23.3%; the average sale price was $302,733, up 15.5%; the median time to contract was seven days and the month’s supply was 0.7 months.
By comparison, the National Association of Realtors reported the median price of existing single-family home sales for August was $356,700, slightly down from July.
In addition, the Realtor Association of Sarasota and Manatee reported that August was the 15th consecutive month that the price of single-family homes increased for this region.
At this point, I don’t think there is any relief for the poor buyers. The fewer properties on the market, the higher the prices will go, resulting in fewer actual sales, as we can see from July and August. Since we’re at the beginning of our busy sale season in Florida, it will be interesting to see where we are with available properties in a few months.
Not sure when it will end, but I’m pretty sure you will find out first at the Publix check-out.
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