Bradenton Real Estate Market Heads Toward Equilibrium
At first glance you might think that the numbers don’t look that favorable for us down here in Bradenton, but the reality is much different. Statistics show that are market is still very healthy, and that the reason they don’t seem as favorable is that we’re comparing them to last year’s. 2015 saw some astronomical figures that we probably won’t come close to catching again for awhile, but 2016’s market is still alive and kicking. Our market is nearing equilibrium, and that’s a good thing for many people down here. Let’s take a look at the statistics report.
Median sales prices on the rise
The median sales price for condos and single family homes in both Sarasota and Manatee counties continues to rise. Here’s a look at some of the figures:
- Single family median sales prices are up 7.8% in Sarasota County to $248,000
- Single family median sales prices are up 12.4% in Manatee County to $285,000
- Median sale price for condos in Sarasota County is up 4.3% to $219,000
- And median sale price for condos in Manatee County is up 11.6% to $173,000
The jump in Manatee County is huge, meaning we’ve got a real seller’s market coming on here. Do you know what it really shows about Bradenton and the surrounding area of Florida? That we are still a really popular destination!
More sales overall
Another eye-opening factor is that the total number of sales has increased. So not only are homes more expensive, but more are selling. That means people selling their homes in Bradenton are getting in at the exact right time! There were more single-family home sales in both counties this month than at any other time this year. With Sarasota and Manatee Counties seeing a 5.2% and 1.2% increase respectively.
Distressed sales on the decline
One great trend that we are glad to hear of is the continuous decline of distressed sales. Distressed properties, foreclosures, and short sales were down across the board compared with past data figures, meaning that more people are keeping their homes. That’s never a bad thing.
Return to equilibrium
What we are seeing now is a more normal trend compared with the booming numbers we saw last year. Inventory is increasing, median home sale prices are rising, and the number of sales is also increasing. We are seeing it become more and more of a seller’s market. There were a high number of sales overall last year, so indicators such as a higher inventory supply and higher median price point to sales declining.
The market is balancing itself out, but Bradenton and the surrounding area continue to be a popular destination for buying a home. Now is the time before the prices continue to rise. The word is getting out and more people continue to make the jump to our little slice of the world. Contact me today for more information about finding a home in the local area!