Manatee County heat wave
Based on last week’s column, there is a national heat wave in progress this summer all around the country. The month of June marked the highest sales statistics for single-family homes since 2006, with the median sales price jumping 6.5 percent. The median sales price represents the midway point of all properties sold, half above, half below.
The state of Florida is also having a pretty hot summer with June’s median sale price for single-family homes up 10 percent. So where does that leave little Manatee County?
The June, Manatee County sales statistics remain healthy and going in a continued upward direction. Compared to June of last year, closed single-family homes were up 21.2 percent and new listings were up 15.4 percent. The median sale price was up 3.6 percent to $253,700, and the average sale price was up 5.2 percent to $307,404. Townhouses and condos closed even more properties with an increase of 33.5 percent, and new listings were also higher at 22.2 percent. The median sale price was up 4.9 percent to $155,000 but the average sale price was down 3 percent to $194,655 (statistics can be funny sometimes, so I wouldn’t make this more important than it is).
However, the really important numbers when analyzing real estate trends are the days on the market and the inventories. In June for the single-family market, the median days on the market was down 13.6 percent going from 66 days in June 2014 to 57 in June 2015. Likewise the active inventory was down 9.4 percent in June, and the number of month’s supply of inventory was down 19.2 percent, going from 3.7 months in June of this year compared to 4.6 percent of months last year.
Townhouse and condo inventories were a little different, which might explain the sale prices being slightly down in June. The active inventory was up 4.8 percent, and the monthly supply was down only 1.5 percent from 4 months this year compared to 4.1 last year, virtually no change at all. Median days on the market were down 5.5 percent, going from 55 days last year to 52 this year. Remember that a six-month supply of active inventory is considered a balanced market, and Manatee County is well below that level.
As a comparison, Florida’s single-family median days on the market were down 17.5 percent, going from 57 days last year to 47 days this year. And as a further comparison, Realtor.com recently reported on the markets around the country with the least number of days on the market. They analyzed the top 25 metro areas with the least number of days on the market being 24 days and the most number of days on the market at 44. None of the regions reported were in Florida, but certainly Florida’s June days on the market at 47 is getting real close.
We should probably be thankful that we’re a little out of the hot, hot real estate bubble, at least for the moment, which is keeping us way from the insane bidding wars that parts of the country are experiencing. However, with the average sale price for single-family homes over 94 percent of asking, we may join the bidding war wars sooner than we think.
We don’t typically talk too much about a good real estate market during Florida’s summer months, but this year it’s hot out there and not just on the beach.