The Anna Maria Island Sun Newspaper

Vol. 15 No. 24 - April 8, 2015

REAL ESTATE

Florida growing like a teen

 

Florida is starting to resemble a 13-year-old boy; it just keeps growing and growing and growing. But just like a 13-year- old boy, it could start getting a little wild, and we may not be able to rein it in.

Statistics compiled from census data still being released place seven metro areas in Florida in the nation’s top 50 areas of population growth. Although there were more deaths than births in Florida between July 2013 and June 2014, the amount of migration to the state was heavy enough to overcome the loss of population.

Within Florida, the seven top growth metro areas ranked as follows: Miami-Fort Lauderdale-West Palm Beach; Orlando-Kissimmee-Sanford; Tampa-St. Petersburg-Clearwater; Jacksonville; Cape Coral-Fort Myers; North Port-Sarasota-Bradenton; and Lakeland-Winter Haven. If you think as I do that the growth for our region is a good thing bad thing, at least be optimistic that our growth was only 16,000 compared to the Miami region of 66,000 or Orlando’s 50,000.

I guess the good part of a growing population is that they all have to live somewhere, and the February real estate sales for Manatee County published by the Realtor Association of Sarasota and Manatee are very positive. Single family home sales were up 5.7 percent from last year, and pending sales were up 2.1 percent. The median sale price was up 16.7 percent to $256,750, and the average sale price was up 21 percent from $259,500 to $313,883. The townhouses and condos are also looking up from February of last year with closed sales up 7.8 percent and pending sales up 0.5 percent. Median sales price was up 12.6 percent from $135,000 to $152,000, and average sales price was up 20.1 percent from $170,775 to $205,115.

One of the interesting numbers for Manatee County in February is that the new listings for single family homes were down 0.6 percent and for townhouses and condos it was just about even from last year. This indicates a shortage of inventory which certainly explains the increase in sale prices and number of sales. Never-the-less, a search of over $1 million sales for January and February in the three Island cities and Cortez show six sales between $1 million and $2 million.

Although our area appears to be coming back pretty strong, nationwide the real estate market remains lackluster five years after the recession with a very unhealthy pace of growth. January’s home sales were down 4.9 percent from December but the median sale price rose 6.2 percent. February sales ticked up a little by 1.2 percent from January and 4.7 percent from February of last year, according to the National Association of Realtors.

Lawrence Yan, the chief economist for the National Association of Realtors, says it’s all about inventory. “The only way to truly get that inventory is for the home builders to bring those new homes onto the market. When that happens, some of the existing homeowners buy those new homes and thereby release their existing homes on to the market.”

However, he goes on to say that the rate of construction is slow because there is tight credit for home builders. The new mortgage rules set in place after the recession have particularly hurt builders since typically they go to smaller banks, that are restricted by new mortgage rules, for loans.

I guess now we all know why the traffic on Cortez Road and Manatee Avenue heading out to the beaches has been practically at a standstill this season. Those darn 13-year-olds. They just eat you out of house and home.

Real Estate Transactions
November 2014

Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

02/17/2015 424,000 603,829 204 Willow Ave 1114 3 Br/2 Ba SFR, Bank Owned
02/20/2015 699,000 643,000 240 Chilson Ave 1747 3 Br/3 Ba SFR
02/16/2015 749,500 690,000 307 North Bay Blvd 1701 57.5x110 2 BR/2.5 Ba SFR
02/05/2015 995,000 900,000 231 Willow Ave 2023 80x148 3 Br/3.5 Ba SFR
02/27/2015 275,000 260,000 522 Pine Avenue 4B 822 2 Br/ 1 Ba Condo
02/13/2015 499,000 480,000 523 Kumquat Dr 75x117 Lot

Bradenton Beach

02/27/2015 199,900 215,000 2412 Gulf N Dr #121 459 1 Br/ 1 Ba Condo, Bank Owned
02/12/2015 369,900 359,000 1801 Gulf N Dr # 162 1080 2 Br/2 Ba Condo
02/27/2015 109,999 100,000 2601 Gulf N Dr 625 456 1 Br/ 1 Ba Mobile Home
02/27/2015 415,000 415,000 2513 Avenue B 1600 50x100 Duplex

Cortez

02/27/2015 95,000 79,000 12506 Safe Harbour

Holmes Beach

02/20/2015 499,000 465,000 510 Key Royale Dr 1441 2 BR/2 Ba SFR
02/26/2015 599,000 500,000 7304 Palm Dr 1528 2 BR/1.5 Ba SFR
02/27/2015 595,000 550,000 207 65th St 1281 59x100 3 Br/2 Ba SFR
02/02/2015 635,000 600,000 622 Foxworth Ln 1973 3 Br/2 Ba SFR
02/02/2015 629,000 600,000 301 74th St 1860 2 Br/2 Ba SFR
02/26/2015 696,900 650,000 4004 5th Ave # 3 3088 4 Br/4 Ba SFR, Bank Owned
02/18/2015 729,900 670,000 618 N Point Dr 2778 100x83 3 Br/3 Ba SFR
02/11/2015 1,395,000 1,250,000 503 69th St 2797 3 Br/2 Ba SFR
02/23/2015 1,645,000 1,550,000 110 72nd St 2354 100x100 5 Br/4.5 Ba SFR
02/17/2015 234,900 224,500 5400 Gulf Dr 20 810 1 Br/ 1 Ba Condo
02/26/2015 375,000 360,000 5608 Gulf Dr # 104 1092 2 Br/2 Ba Condo
02/13/2015 379,000 369,000 3302 6th Ave # 4 750 2 Br/2 Ba Condo
02/02/2015 475,000 453,000 6250 Holmes Blvd # 67 1536 3 Br/2.5 Ba Condo
02/27/2015 579,900 580,000 4808 Gulf Dr # B 2048 90x100 3 Br/2.5 Ba Condo, Bank Owned
02/27/2015 599,000 585,000 311 64th St # 311 2001 3 Br/2.5 Ba Condo
02/23/2015 749,000 730,000 7310 Holmes Blvd 1872 3 Br/3 Ba Half Duplex
02/27/2015 419,000 405,000 6321 Gulf Dr 1206 3 Br/2 Ba Townhouse

Source: Mid Florida Multiple Listing Service


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