SARASOTA, FLORIDA, May 14, 2018 – Home prices rising so much faster than wage increases is the challenge that low-income buyers in 37 percent of U.S. metro areas continue to face, a March report of real estate data cruncher CoreLogic indicated. This Irvine, California-based research company called these markets as “overvalued” after a comparison of their home prices to their long-run, sustainable levels as dictated by local market factors including disposable incomes.
Most of Florida’s metros, CoreLogic noted, are amongst these overvalued U.S. markets. It estimated that home prices across the Sunshine State rose by an average of 5.9 percent in March which compares with the 7 percent national average.
Frank Nothaft, CoreLogic’s chief economist, observed that limited inventory and high demand have combined to push home prices past their levels in early 2006. He added that new construction is still lagging behind historically normal levels, putting upward momentum on prices.
CoreLogic foresees a sustained uptick in the national home-price index to a 5.2 percent year-over-year pace between March 2018 and March 2019. It further notes that price appreciation is on a faster clip for lower-priced homes than higher-priced, a signal for prospective buyers to act fast on market opportunities.
Based on the recent CoreLogic figures, the Bradenton‒Sarasota homes for sale enjoy some pricing edge over its nearby metros. The gain in local home prices in March, which CoreLogic put at 3.7 percent, is below Florida’s 5.9 percent average and about half of the 7 percent national average.
Prospective buyers in search of more affordably priced homes for sale in the region would be well-advised to focus their efforts in Manatee County. March figures from the Realtor Association of Sarasota and Manatee show a weakening of price appreciation in this county. The median sales price for Manatee’s existing single-family homes for the month dropped to $290,000, a 1.7 percent decline from a year earlier.
In the Bradenton area, one promising place to start is River Sound just a mile east of Interstate 75 near the Braden River. Typical listings here are priced under the $300s just like a two-bedroom house in this community put on the market in March, with a floor area of 2,112 square feet and constructed in 2010.
For age 55-plus home searchers, the Bradenton golf community of River Isles just off State Road 64 is worth putting on a watch list. The typical pricing of available residences in this property start from the $100s range for single family homes with floor areas of between 1,000 and 1,500 square feet good for two to three bedrooms.
Aside from amazing views of the Braden River and the community’s nine-hole golf course, River Isles boasts of other amenities. These include a clubhouse, exercise room, game room, community pool, picnic area, and shuffleboard courts.
Families’ quest for affordable Bradenton homes for sale can be fruitful at the neighboring Braden River Lakes, a deed-restricted community also off SR 64. Residences priced under the $200s in this community have floor plans ranging from 1,174 square feet up to nearly 1,600 square feet most of which are designed with three bedrooms and two baths. It features many facilities too, such as tennis courts, swimming pool, sand volleyball court, park, children’s and playground.
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>>