October brought very good news for anyone looking to sell their single-family home, and very bad news for anyone thinking about buying one.

Single-family median prices increased by 10.4 percent to $360,000 in the Bradenton area and 20.2 percent to $345,000 in Sarasota, according to the Realtor Association of Sarasota and Manatee.

The median price, the exact midpoint between the most expensive home and the least expensive home sold, has been on a steady upward trajectory with the falling inventory of homes and the rush of new buyers moving into the area.

Single-family homes are going under contract in fewer days than the previous year, resulting in a fast-paced seller’s market, according to data compiled by Florida Realtors and provided by the Realtor Association of Sarasota and Manatee.

“The October numbers help us realize just how crazy our market has been over the past several months,” David Clapp, 2020 president of the Realtor Association, said in a press release.

“Closed sales are up by 34 percent among all categories, and this extremely strong market does not appear to be ending anytime soon, as new pending sales are up by a combined 39.5 percent compared to last year in October,” Clapp said.

The median price for an existing single-family home in the Bradenton area rose to $360,000 in October, according to the Realtor Association of Sarasota and Manatee. This Bradenton Herald file photo was taken in October 2020. Bradenton Herald file photo

Single-family closed sales increased by 48.4 percent to 766 sales in Manatee and by 30.1 percent to 929 sales in Sarasota. Condo sales rose in October with a 39 percent increase to 292 sales in Manatee and a 29 percent increase to 423 sales in Sarasota.

“As we go into year end, we continue to be challenged with a low supply of inventory. The lack of inventory, and highly competitive bidding for existing inventory has discouraged some buyers from buying now. It is our hope and expectation that supply will increase after the holidays and going into the new year,” Clapp said..

Bradenton-Sarasota is considered a seller’s market as the month’s supply of inventory continues to decline. The month’s supply of inventory for single-family homes decreased by 45.5 percent to a low level of 1.8-months in Manatee, and decreased by 42.9 percent to 2-months in Sarasota. A six-month supply of homes is considered a balanced market, favoring neither buyers nor sellers.

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The median price for an existing single-family home in the Bradenton area rose to $360,000 in October, according to the Realtor Association of Sarasota and Manatee. Bradenton Herald file photo

In October, the median time from listing date to contract date decreased across the two-county area. Single-family homes are selling quickly, with a 58.1 percent decrease to 18 days on the market in Manatee and a 44.7 percent decrease to 21 days in Sarasota.

As for the condo market, median time to contract is down by 8.9 percent to 41 days in Manatee and down by 28.6 percent to 45 days in Sarasota.

For single-family homes, cash sales in Manatee increased year-over-year by 53.6 percent and by 16.9 percent in Sarasota.

Condo cash sales increased by 10 percent in Manatee County and increased by 44.2 percent in Sarasota. The combined inventory of active listings decreased year-over-year by 35.1 percent. Condo inventory decreased by 22.8 percent in Sarasota and by 27.1 percent in Manatee.

Single-family inventory decreased by 42.4 percent in Manatee and by 40 percent in Sarasota.

Condo supply decreased by 36.6 percent to a 2.6-month supply in Manatee and by 30.4 percent to 3.2-months in Sarasota.The median sale price continues to rise each month.

Condo prices increased by 34.2 percent to $255,000 in Manatee and by 18.7 percent to $261,998 in Sarasota. Pending sales increased for the fifth consecutive month with a combined 39.5 percent increase reported in October.

For single-family homes, pending sales increased by 32.9 percent in Manatee and by 38.5 percent in Sarasota. Condo pending sales increased by 69.3 percent in Manatee County and by 34.9 percent in Sarasota. The total number of new listings combined for single-family homes and condos increased by 6.9 percent from the same month last year.

Monthly reports are provided by Florida Realtors with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.

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James A. Jones Jr. covers business for the Bradenton Herald. He is the author of “Oh, Darling! Choices and Struggle in the Age of Sputnik, the Vietnam War and the New Millennium.”
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