According to statistics recently released by the Realtor Association of Sarasota and Manatee counties home prices in Manatee County rose 7.5% and 10.3% in Sarasota County while single-family homes gained 9% in value across the region ending the year 2016 with a median price of $264,500 in Sarasota and $285,000 in Manatee County. Both counties were above the national growth rate at 4% which is wonderful news. However, we have seen some decreases in other areas of the housing market involving the rising mortgage rates and supply shortages that are pushing higher prices. New construction is not being built fast enough for the influx of demand while existing homeowners are hesitant to list their properties for sale. Manatee County experienced an 8.2 percent decrease and Sarasota County had a 6.1 percent drop in December. Manatee had 491 sales close on single-family homes last month, and Sarasota had 617. “It’s a case of supply and demand,” said Xena Vallone, the president of the Realtor Association of Sarasota and Manatee. “Inventory is showing an improvement over last year’s low levels while median sales prices rise to meet this demand, ultimately gearing us up for a balanced market.”
Prices Rise In Manatee And Sarasota Counties In 2016
