The Anna Maria Island Sun Newspaper


Vol. 17 No. 9 - December 14, 2016

REAL ESTATE

Back to 2006?

 

There are two iconic sayings in real estate, “Two weeks is a lifetime,” and “All real estate is local.” Two very important things to remember when analyzing real estate sales statistics. That’s why you need to remember this as you read the following.

The S & P CoreLogic Case-Shiller U.S. National Home Price index is compiled on a regular basis primarily by Robert Shiller an economist at Yale University. This index is considered a benchmark in the housing market, and the most recent analysis released at the end of November had to do with the housing recovery since 2006.

According to this report, the home prices across the United States have climbed back above the record reached more than a decade ago in July of 2006. The average home price is now at 0.1 percent above the July 2006 peak, however, when adjusted for inflation the index is about 16 percent below the 2006 high. In 2012 we were still struggling with a recovery and prices were 27 percent below the July 2006 peak. That said, home prices jumped 5.5 percent during the past year, and it looks like the country is on its way to a solid recovery.

Getting back to the all real estate is local caveat, I decided to pull up the July 2006 sales statistics for Manatee County from the Realtor Association of Sarasota and Manatee website, and compared them to the July 2016 sales numbers.

Here we go:

• July 2006, single-family homes: number of sales 351, average sales price $461,533, median sales price $350,000.

• July 2016, single-family homes: number of sales 578, average sales price $355,374, median sales price $279,250.

• July 2006, condos: number of sales 141, average sales price $625,980, median sales price $269,990.

• July 2016, condos: number of sales 214, average sales price $230,839, median sales price $185,250.

Per the Manatee County sales statistics, although the number of sales is considerably higher, the average and median sale prices are not up to the July 2006 level. It’s true that Florida statewide took a much harder hit when the housing bubble burst compared to other parts of the country so it’s understandable that our recovery price wise is taking longer. That’s why painting with a broad brush can be dangerous since local trends generally outflank national ones.

There’s no doubt that the real estate market is a lot healthier than it had been. Now only 12 percent of homeowners who have a mortgage owe more than their home is worth compared to 30 percent at the bottom of the market as reported by Zillow. However, the homeownership rate is near a five-decade low, and although the mortgage market has loosened up, it could still be difficult for buyers without perfect credit to qualify. Also, the prices of homes continue to go up partly because of low inventory, far outpacing income. With higher mortgage interest rates on the verge of going up, this growth picture could change quickly, which is why the saying, “Two weeks is a lifetime in real estate,” is so pertinent.

Statistics are always a snapshot in time, especially when it comes to sales. It’s always hard to predict what individuals will do. If you keep it local and keep it current, you have a better chance of reading and understanding the market.

Real Estate Transactions
Real estate transfers of June 2016

Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

16-07-11 625,000 525,000 122 Oak Ave 1176 3 Br/2 Ba SFR
16-07-08 745,000 689,000 405 Spring Ave 1696 4 Br/3 Ba SFR
16-07-01 899,000 850,000 302 Tarpon St 1878 3 Br/2 Ba SFR
16-07-05 1,099,000 919,000 525 Kumquat Dr 2288 3 Br/2 Ba SFR
16-07-22 1,200,000 1,100,000 116 Peppertree Ln 1996 3 Br/2.5 Ba SFR
16-07-14 1,250,000 1,153,500 229 Chilson Ave 1597 3 Br/3 Ba SFR
16-07-21 1,250,000 1,170,000 238 Lakeview Dr 2281 3 Br/2 Ba SFR
16-07-25 1,745,000 1,600,000 909 N Shore Dr 1868 3 Br/3 Ba SFR
16-07-25 3,500,000 3,300,000 825 N Shore Dr 3486 3 Br/4.5 Ba SFR
16-07-21 620,000 580,000 218 Palmetto Ave 1648 52x100 Duplex
16-07-15 399,000 350,000 710 N Shore Dr 60x85 Vac.
16-07-07 495,000 470,000 401 S Bay Blvd 76x105 Vac

Bradenton Beach

16-07-01 1,495,000 1,495,000 106 4th St S 3000 6 Br/5 Ba SFR
16-07-01 379,900 349,000 1301 Bay Dr N #5a 1079 2 Br/2 Ba Condo
16-07-28 610,000 585,000 1417 Gulf Dr N #1417 1524 3 Br/2.5 Ba Condo

Cortez

16-07-26 1,800,000 1,720,000 12614 Baypointe Ter 4677 3 Br/3.5 Ba SFR
16-07-12 123,500 107,500 12334 Baypointe Ter 110 x 151 Apx Vac.

Holmes Beach

16-07-11 489,000 475,000 406 Bay Palms Dr 1332 2 Br/2 Ba SFR
16-07-06 549,000 490,000 308 56th St 1080 2 Br/1 Ba SFR
16-07-12 579,000 575,000 208 Haverkos Ct 2181 65x98 3 Br/2.5 Ba SFR
16-07-18 619,000 620,000 5802 Imperiore Ave 1020 2 Br/2 Ba SFR
16-07-20 650,000 650,000 304 60th St #B 1150 3 Br/2 Ba SFR
16-07-15 849,000 790,000 206 67th St 2139 4 Br/3 Ba SFR
16-07-27 999,000 975,000 307 74th St 1676 3 Br/3.5 Ba SFR
16-07-11 1,299,000 1,185,000 671 Key Royale Dr 2885 221x78 3 Br/2.5 Ba SFR
16-07-19 2,190000 1,800,000 512 59th St 4544 6 Br/4.5 Ba SFR
16-07-11 2,399000 2,100,000 625 Key Royale Dr 3118 4 Br/3.5 Ba SFR
16-07-05 375,000 350,000 3215 Gulf Dr #3215 672 1 Br/1.5 Ba Condo
16-07-01 360,000 360,000 600 Manatee Ave #205 1187 2 Br/2 Ba Condo
16-07-01 389,000 375,000 3402 Gulf Dr #3 359 2 Br/2 Ba Condo
16-07-18 415,000 392,000 5806 Gulf Dr #204 1078 2 Br/2 Ba Condo
16-07-15 499,900 485,000 6006 Gulf Dr #111 1154 2 Br/2 Ba Condo
16-07-11 395,000 367,500 3009 Avenue E 751 2 Br/1 Ba Villa
16-07-26 469,000 425,000 5613 Guava St #A&B 1580 57x105 Duplex

Source: Mid Florida Multiple Listing Service


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