Manatee County is set along Florida’s Gulf Coast. This makes it a hot spot for people looking to buy houses in Bradenton and the serene Anna Maria Island. This area is pretty attractive for potential home buyers and investors.
Now, you know that buying or selling a house is a paramount decision that needs to be well thought out before executing. Therefore, it is essential to understand the current housing market trends before buying and selling in this area.
That said, let’s dive into the current changes and housing market trends in Manatee County.
Housing Market Trends in Manatee County
The REALTOR Association of Sarasota and Manatee County recently released data on the housing market trend in this area. According to this data, there was about a 50% increase in March from February, totaling 2271 sales. This applies to both property types. Also, a report released in June shows an increase in the number of active listings relative to year-over-year.
The median sale price for single-family homes in Manatee County in June 2023 is $515,000. This is a decrease of 6.4% from what was recorded at the same time last year. Typically, the average sale price is usually $686,015. The record shows a 4.1% decrease from the $715,504 recorded in the previous year.
In particular, the housing market is not so competitive on Anna Maria Island. In June 2023, the prices for homes in Anna Maria Island went down by 14.5%. Last year, the median price was $2.1 million.
While the housing market in Anna Maria Island is not so competitive, the homes sells in 87 days or less. This is great and should probably lure you into securing your home or investment now that the process is on the lower side.
Manatee County is set along Florida’s Gulf Coast. This makes it a hot spot for people looking to buy houses in Bradenton and the serene Anna Maria Island.
How is the Supply and Demand
There is an increase in the supply inventory this year, unlike last year. For instance, in May 2023, the supply for single-family homes was at 2.7 months’ supply. A condo townhouse supply inventory reached 3.6 months’ supply.
The levels here are below what they should be in a balanced market. Typically, this market requires a 6-month supply. This limited supply leads to stable pricing in Florida’s housing market.
The Rental Market is Good
Manatee County is one of the top tourist spots, and it is flourishing. Vacation rentals and long-term lease properties are increasing in demand each day. This is an opportunity for investors who are looking to reap steady rental income. Undeniably
Undeniably, there are many single-family homes in this county. However, there is an increased number of condos and townhomes. Young professionals and retirees often prefer these.
How is the Future of Housing in Manatee County
The housing market in Manatee County will continue to grow for a while. Various factors are contributing to this, including an increase in remote working options, favorable tax status, and the desire of people to enjoy coastal living.
Therefore, investors and homeowners should brace themselves for a competitive landscape. Once you buy a house here, it will perfectly complement a good lifestyle and give you potentially high returns.
As Manatee County housing gains popularity, you might be thinking of the next step to take so that you are not left behind in this promising investment. If you want to move or invest here, seek expert guidance to help you navigate this bustling market. Lindsey Leech Strickland is your trusted partner for buying and selling properties in Manatee County. Get in touch today to start your real estate search with a reliable real estate expert!