Home Sales Robust in Bradenton Florida amid Thin Inventory


SARASOTA, FLORIDA, October 28th, 2013 – The property market in Manatee County, particularly Bradenton homes for sale, is generating keen interest from serious buyers nowadays.. This rising demand for residences in the county was seen in July as double-digit gains were posted on the number of single family homes, townhouses and condos sold by members of the Manatee Association of Realtors.

An incentive for prospective home sellers to engage the market, the high demand resulted in a 20.5% year-over-year increase in July sales of single family homes to 506 residences. A sales advance of nearly 42% to 193 units was also reported for townhouses and condos.

Manatee homeowners thinking of selling will likewise be encouraged by the diminishing supply of homes in the market which gives them the edge in pricing. Single family homes in July were at 3.7 months of supply, down from 35.5% from a year earlier. Inventory of condos and townhouses in the same measure dropped 46.8% to 3.9 months. Six months is the real estate industry benchmark for supply and demand to be in equilibrium.

Properties are selling quicker even on higher prices


With the help of a reliable real estate broker, sellers likewise now find it quicker to find buyers. The days that single family homes stayed on the market prior to sale dropped to 41 in July from 48 days a year earlier, a decline of 14.6%. Turnover of townhouses and condos is also at a faster pace, with their days on market for July down 16.2% to 57 from 68 days in the same month last year.

A substantial appreciation in prices provides another strong encouragement for home sellers. The July median selling price for single family homes rose 15.2% to $225,000 from $192,000 a year earlier. A hefty 34.8% increase was registered for prices of townhouses and condos to $155,000 from $115,000 during the same comparative period.

Hunt for low-end homes getting harder

Under this scenario, homebuyers eyeing the low-end of Bradenton homes for sale will need to work closely with a competent realtor. The declines in the number of residential properties available are the sharpest at this particular market segment, the full service realty firm observes.

For instance, current listings of single family homes in the low $100s price bracket declined by nearly 47% in July to just 127 units and those in the high $100s by 40.1% to 169 houses. For townhouses and condos, available units with tag prices in the low $100s dropped 47.3% to 106 units while those in the high $100s declined 36% to only 87 units.

Some affordable offerings

The Village of the Arts, Sarasota Bay Real Estate suggests, is one community to hunt for some affordable Bradenton homes for sale. This neighborhood near the heart of the city’s downtown has a current MLS listing for a three-bedroom single family home with a floor area of 3,534 square feet and an asking price a shade under the $150,000 mark.

For a condo in the same price level, the Riverview has a two-bedroom, 1,280-square-foot unit up for sale. This condo is just about eight miles from the city’s award-winning Riverwalk Park and public beaches that have made Manatee such a hotspot in the Florida real estate market.