Yahoo Finance Buying or selling in Manatee County? New report says interest rates affecting home sales
The Bradenton area had a 4.1% decrease in single-family home sales in June compared to one year ago.
A total of 728 single-family homes were sold in Manatee County compared to 759 in June 2023, according to the Realtor Association of Sarasota and Manatee’s latest monthly report.
There were 10 more single-family homes, representing a 0.4% difference, sold in the second quarter of 2023 compared to the same period this year. The second quarter represents April, May and June.
While fewer homes were sold, the median price of $518,950 was also down 1.2% from $525,000 a year ago, the report said.
Inventory has gone up with 2,508 single-family homes for sale in Manatee County compared to 1,602 a year ago, leaving the county with a five-month supply.
“We’re seeing a decline in closed sales for single-family homes in Sarasota and Manatee counties. This could be due to a combination of higher interest rates, which make borrowing more expensive, and economic uncertainty, which makes people hesitant to commit to large purchases like homes,” Tony Barrett, president of the realtor association, said in a news release.
The average interest rate for a 30-year fixed mortgage was 6.92% this week, according to Bankrate. Business Insider reported interest rates for mortgages are expected to trend “down at some point this year.”
Manatee townhomes and condos
It’s a buyer’s market for Manatee County townhomes and condos due to an increase in inventory and a decrease in price and sales, according to the June report.
The median sales price of $344,495 decreased 6.9% in June 2024 from $370,000 in June 2023. There were 17.2% fewer townhomes and condos sold in Manatee County for June compared to a year ago. A total of 246 were sold in June.
Inventory is up 72.3% from a year ago with 1,330 units and the time to contract is taking longer with 73 days versus 34 days. The June report said there is a 5.8-month supply of townhomes and condos in Manatee County.
Sarasota single-family homes
In Sarasota County, 692 single-family homes were sold in June, marking a 10% decrease from a year ago. The median home price of $495,000 is a 5.3% decrease from the $522,500 median price a year ago.
Inventory is up 65.3% with 3,211 active listings compared to June 2023, and the time to contract has gone up to 50 days from 23 days a year ago. The monthly supply
“The single-family home market is shifting a bit in Sarasota and Manatee counties,” Barrett said. “This cooling trend highlights the importance of staying adaptable. Even so, the market remains vibrant, with plenty of opportunities for those looking to buy or sell.”
Sarasota townhomes and condos
Sarasota’s median sales price for townhomes and condos dipped 1.5% from $390,000 in June 2023 to $384,060 this year. The time to contract increased 59 days from 35 days a year ago, and inventory was up 81.6% with 1,941 active listings.
However, there was a 25.7% decline in townhomes and condos sold for June versus a year ago. Sarasota has a 6.3-month supply of townhomes and condos.
