SARASOTA, FLORIDA, September 29th, 2014 – Previously reported and released full-year housing data for 2013 confirmed encouraging prospects for homebuilders who have lined up additional projects in Manatee County, Florida, Sarasota Bay Real Estate reports. The strong market demand amid substantially reduced availability of resale homes last year that resulted in significant gains in prices should continue to be fertile ground for the county’s home construction sector, the full service realty firm notes.
Data compiled by Florida REALTORS® from the state’s multiple listing services (MLS) show that prices of existing single family homes in the county rose last year by 19.4%. Market activity likewise picked up further in 2013 as the average number of days that listed properties stayed available prior to landing a contract dropped by 18.9% to 43 days from the 53 days recorded in 2012.
Besides providing impetus to homebuilders, the continued healing of the residential property sector also appears to have encouraged move-up homeowners to engage the market, resulting in the increase of new listings last year. New sales listings in 2013 of single family homes in Manatee rose 13% to 7,509 residences last year from 6,648 in 2012. As of end-2013, inventory of homes for sale in the county stood at 2,064, up 11.8% from 1,846 recorded at the end of 2012.
Be that as it may, the 2013 inventory of available residential properties in the county remained relatively tight at 4.4 months. A 6-month inventory is generally considered in the real estate industry as the home market equilibrium for supply and demand.
D.R. Horton is one the builders which look poised to tap the further opportunities in the Manatee home market. This January, the Texas-based national homebuilder was reported to have submitted for county approval an application for 611 single-family home sites in two locations at the Upper Manatee Road. Having a total area of 665 acres, this proposed community will be called Del Tierra, according to media reports.
Some distance west near Palma Sola Bay, regional developer John Neal won preliminary approval from the Manatee County Planning Commission for an “exclusive residential community.” Its site plan provides for 50 single family homes within an area of over 50 acres. Out of this acreage, 48% has been allotted as open space which complements the ambience of its adjacent Robinson Preserve.
A built-out project of Neal Communities, Wisteria Park, is just east of this proposed new neighborhood. Mirroring the thin inventory of resale homes in Manatee, only three residences here are currently listed in the MLS of Bradenton homes for sale.
One of these is a newly listed three-bedroom home with a floor area of 3,410 square feet. Built in 2006, it carries a price tag of $484,000. The other two are likewise priced at the $400s level and feature floor plans of about 2,500 square feet. The amenities at Wisteria Park include a community gathering area featuring a pool, hot tub, tot lot, gazebo, and outdoor kitchen. Besides the nearby beach and Robinson Preserve, its residents also enjoy proximity to the DeSoto Memorial Park.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>