SARASOTA, FLORIDA, June 27th, 2016 – The stage appears set this summer for a torrid season of buying or selling a home in many U.S. metros which have been experiencing a steadily strengthening employment and rising personal incomes.
These economic fundamentals favorable to a robust housing market look evident in Manatee where more households now appear able to access home loans. Since August 2015 up to May 2016, a consistent double-digit percentage declines were posted in cash home purchases, an indication that an increasing number of residential sales in the county are being closed with some sort of financing.
Besides this increase in buyers backed by a mortgage or some other form of financing on Manatee homes for sale, the overall health of the market is being buoyed by sustained gains in inventory. Simply put, prospective buyers now have more residential choices available in the market since early 2016.
The number of active market listings of single family homes in the county as of end-May 2016 rose to 2,323 for a 20.2 percent increase, the highest gain so far this year. The percentage increase in months supply of inventory (MSI) for Manatee homes for sale was also strongest in May 2016 at 21.1 percent. This spike sent MSI to 4.6 months, inching closer to the 5.5-month benchmark for a balanced market favoring neither buyer nor seller in pricing.
The sustained rise in the stock of Manatee homes for sale is rooted on more fence-sitting sellers entering the market as a result of the recent escalation in prices. Starting off with a robust 10 percent increase in January 2016, Manatee’s median home sale price has resumed its gains after a short lull in February 2016 which had a 0.7 percent decline. In the three months thereafter, advances of between 1.8 and 8.9 percent were recorded, with the May 2016 median sale price posted at $275,000.
Aspiring buyers of Manatee homes for sale, however, need not be intimidated by the recent price upswing. The consistent rise in the county’s home stock is a price-moderating factor being fueled not only by more pre-owned homes entering the market. Also having some moderating influence price-wise is the ever-growing number of new community developments like those launched recently in East Bradenton.
In June 2016, national homebuilding giant D.R. Horton announced that its Express Homes unit will start selling in August at the Cottages of San Lorenzo. The company earlier purchased from Florida Coast Development Corp. 40 lots at this 130-lot subdivision located east of Salt Meadow Circle and south of Interstate 75.
D.R. Horton said that its home builds in this 34-acre site in East Bradenton will be introduced at prices in the low $200s. Bradenton homes for sale are likewise available at an adjacent community, the Cottages of San Casciano. Here, local builder Rinehart Homes has a model built in 2015, a 1,400-square-foot pool home with three bedrooms and two baths, and currently sales-listed with a tag price of $242,000.
Around these two subdivisions, other developments are heating up. These include the Harbour Isle project and the Tidewater Preserve development of WCI Communities. Another prolific Manatee County homebuilder, Medallion Home, is also revving up spade work at Harbour Walk and Bella Sole. Located on the west side of Salt Meadow Circle, these are definitely just a few samplings of the hot spots in the torrid summer home selling season looming in Manatee.
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>>