There is nothing normal about Manatee County’s sales statistics for September and October. The sales reporting, of course, includes Anna Maria Island, the coastal communities and even homes and communities further east.
It’s almost impossible to provide accurate information, especially since most of the closings in September and some in October were already in contract before our devastating storms. As we move along through the end of the year, the sales will be more accurate and they won’t be pretty.
Let’s start with September sales statistics reported by the Realtor Association of Sarasota and Manatee:
Single-family home sales were down by 14.2%. The median sale price was down 6.7% and the average sale price was down 5.1%. The median time to contract was 47 days compared to 29 last year and the month’s supply of available properties was 3.9 months compared to 2.9 last year.
Condos closed 25.5% fewer properties. The median sale price was down 8.6% and the average sale price was down 12.7%. The median time to contract was 73 days compared to 46 days last year and the month’s supply of available properties was 6 months compared to 3.3 last year.
The key points for September are a decrease in sales volume, a price adjustment and a growth in inventory.
These are the October sales statistics:
Single-family homes closed 22.8% fewer homes. The median sale price was down 0.2% and the average sale price was down 7.3%. The median time to contract was 60 days compared to 29 days last year and the month’s supply of available properties was 3.9 months compared to 3.3 months.
Condos closed 24.7% fewer properties. The median sale price was down 11.4% and the average sale price was down 13.7%. The median time to contract was 75 days compared to 30 days last year and the month’s supply of available properties was 6 months compared to 3.8 months last year.
The key points for October are similar to September, with a decrease in closed sales, increase in inventory, longer time to sell and a decline in cash sales, which did not show up in September.
In spite of our local September and October statistics, an index of new mortgage loan applications in the U.S. rose 2% a few weeks ago. The rates climbed back above 7% for the week ended Nov. 15, according to the Mortgage Bankers Association. This indicates that higher mortgage rates aren’t slowing down buyers who really want to get into a home.
In addition, Redfin reported that single-family home prices nationally rose 5.9% in October, which is the lowest annual increase since last December. Higher mortgage rates have slowed price increases that have been surging since the pandemic.
Unfortunately, younger buyers are competing with wealthier, all-cash buyers whose share of home purchases has increased from 20% to 26% in the past year. The average age of home buyers in the country has risen by six years since July 2023.
The Realtor Association made this statement at the end of October: “With the challenges of three hurricanes this summer, rising interest rates, higher insurance premiums and a dip in consumer confidence in our area, we are still in a strong position heading into 2025.”
Let’s hope they’re right and we do get back to a strong and more normal market now that the storms are gone and the holidays are upon us.
