Home prices rise despite sales dip

SARASOTA — Median home prices in Sarasota and Manatee counties continued to rise in January, despite an expected drop in sales activity.

Median home prices in Sarasota County increased to $230,500 in January, a 21.3% increase over the previous year, according to a statement. In Manatee County, single home prices climbed to $274,900 in January, a 10% year-over-year increase.

Condo prices increased to $218,000 and $169,950 in Sarasota and Manatee counties, respectively, marking increases of 17.8% and 6.3%, the statement says.

Inventory for single family homes continues to be an issue for the region. Inventory in Sarasota County sits at 4.2 months supply for homes and 4.8 months for condos, the statement says. Those figures in Manatee County are 4.4 months for homes and 5 months for Manatee County, all well below the 6-month supply that is considered a balanced market for buyers and sellers.

Despite the low figures, inventory did show slight improvement, the statement says.

“We are seeing signs of a stable, growing market,” says Linda Formella, president of the Realtor Association of Sarasota and Manatee. “New construction means new sales opportunities and mortgage interest rates continue to remain low. We also have more Florida winter visitors than ever before. It's a fabulous time to sell.”