The Anna Maria Island Sun Newspaper

Vol. 13 No. 41 - August 7, 2013

REAL ESTATE

Real estate is roaring back

 

They say the lion is king of the jungle because of his demanding presence and hearty roar. Using that analogy, Manatee County may be king of the real estate jungle or at least right up there with the other big cats.

Reviewing the marketing data from the Manatee Association of Realtor’s website comparing June 2012 to 2013 should make all homeowners' hearts beat a little faster. Every category that the association tracks was substantially improved for both single family homes and condos in Manatee County.

Single-family homes’ median sale prices increased 17.8 percent to $218,001, and average sale prices increased 11.2 percent to $260,081. Numbers of closed sales increased 18 percent, days on the market went from 54 days to 35 days and the average percentage of original list price was improved by 4.3 percent, with single-family homes in June of 2013 selling for 96.1 percent of their original list price.

Condos in Manatee County also had impressive numbers with median sales prices improving 31.4 percent to $138,000 and average sales prices improving 2.9 percent to $159,744. Closed sales went up 9.6 percent and days on the market went from 103 to 48 a 53.4 percent improvement in one year. Average percent of original list prices improved 4.9 percent with condo owners realizing 92.5 percent of their original list prices.

The numbers for the state of Florida are also very good with single-family homes’ median sales prices improving 15.1 percent and average sales prices improving 14.2 percent Condo sales in the state also improved 18.2 percent for median sales prices and 13.9 percent for average sales prices.

The other interesting statistic was in the number of inventory or active listings. The inventory for single family homes in Manatee County was down 21.9 percent and 35.2 percent for condos compared to last June. The state’s active listings also were down 22 percent for single family homes and 20 percent for condos.

All of this is excellent for property owners in Manatee County and Florida, but in spite of what seems to be a rebounding real estate market first time buyer activity is down. First time buyers who are typically couples in their late 20s or early 30s have accounted for about 30 percent of home sales during the past year, according to the Wall Street Journal. However, over the past 30 years this category of buyer accounted for approximately 40 percent of sales, a serious slow down for first time buyer activity.

The reasons for this are varied, with first time buyers having lower credit scores because of unemployment, underemployment and student debt. The increase in mortgage rates, although slight, have still boxed out some buyers because of increase monthly carrying costs. In addition, first time buyers are in competition with investors and all cash buyers who don’t have to worry if appraisals come up short in an escalating market.

The danger of fewer first time buyers is the trickle down affect in the future. First time buyers are the foundation of the real estate market. They contribute to the economy by renovating their homes, building equity and moving on to more expensive homes. Without this activity, the housing market remains stagnant. The shortage of inventory should bring more sellers into the market giving first time buyers and investors more to choose from with less competition.

I am Florida, one of the kings of the real estate jungle, with Manatee County being a jewel in my crown. Don’t you just love happy endings?

Real Estate Transactions
Real estate transfers as of May 2013
Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

06/03/2013 549,000 530,000 614 N Bay Blvd 1120 72x81 2 Br/2 Ba SFR
06/04/2013 779,000 767,000 109 Palm Ave 1290 50x110 2 Br/2 Ba SFR
06/14/2013 825,000 780,000 107 Willow Ave 2880 50x110 5 Br/3 Ba SFR
06/10/2013 399,000 380,000 710 Rose St 1564 50x79 3 Br/2 Ba SFR
06/14/2013 473,500 415,000 252 Gladiolus St 1428 85x101 2 Br/1 Ba SFR
06/21/2013 412,000 455,000 524 South Dr 1212 60x110 2 Br/1.5 Ba SFR, Reo/Bank Owned
06/27/2013 1,900,000 1,875,000 799 N Shore Dr 2340 50x125 2 Br/3 Ba SFR
06/06/2013 229,000 210,000 522 Pine Ave # 1b 822 2 Br/1 Ba Condo
06/13/2013 230,000 215,000 522 Pine Ave # 5a 822 2 Br/1 Ba Condo
06/14/2013 825,000 780,000 107 Willow Ave 2880 25x110 Inc
06/04/2013 399,000 350,000 505 South Bay Blvd 73/x100 Vac

Bradenton Beach

06/06/2013 495,000 463,000 601 Gulf S Dr # A & B 1656 50x100 4 Br/3 Ba SFR
06/03/2013 150,000 169,900 2312 Avenue C # 4 651 2 Br/1 Ba Condo
06/07/2013 489,000 472,500 1007 Gulf N Dr # 202 1259 2 Br/2 Ba Condo
06/07/2013 143,000 130,000 611 Gulf N Dr # A13 698 1 Br/1 Ba Condo
06/14/2013 279,000 230,000 703 Gulf S Dr # 3 1050 2 Br/2.5 Ba Condo
06/18/2013 149,000 132,000 1603 Gulf N Dr # 34 380 1 Br/1 Ba Condo
06/27/2013 299,000 250,000 703 S Gulf S Dr # 4 1050 2 Br/2.5 Ba Condo
06/27/2013 239,000 225,000 501 Gulf N Dr # 115 1128 2 Br/2 Ba Condo
06/28/2013 279,000 275,000 1325 Gulf N Dr # 136 675 2 Br/2 Ba Condo
06/28/2013 299,650 285,000 901 Gulf S Dr # 10 962 2 Br/2 Ba Condo
06/06/2013 495,000 463,000 601 Gulf S Dr # A 1656 50x100 Inc.

Cortez

06/05/2013 289,900 275,000 12607 Safe Harbour Dr. 105x117 Vac.

Holmes Beach

06/04/2013 699,000 650,000 515 67th St. 1891 80x111 3 Br/2 Ba SFR
06/04/2013 269,999 269,999 2911 Gulf Dr. 1650 50x100 3 Br/3 Ba SFR, Reo/Bank Owned
06/05/2013 675,000 600,000 602 Key Royale Dr. 1936 3 Br/2 Ba SFR
06/07/2013 315,000 295,000 311 59th St. 1000 2 Br/1.5 Ba SFR
06/10/2013 764,000 685,000 652 Key Royale Dr. 3400 3 Br/2.5 Ba SFR
06/14/2013 429,000 395,000 208 Haverkos Ct. 2181 65x98 3 Br/2.5 Ba SFR
06/17/2013 599,000 575,000 507 77th St. 2164 90x100 4 Br/3 Ba SFR
06/21/2013 734,999 685,000 612 Hampshire Ln. 2317 95x105 4 Br/3 Ba SFR
06/14/2013 399,000 425,000 129 52nd St. 2047 100x100 4Br/2 Ba SFR,Short Sale
06/27/2013 549,900 511,400 624 Foxworth Ln. 1823 3 Br/2.5 Ba SFR
06/24/2013 598,000 570,000 214 69th St. 1425 90x107 2 Br/2 Ba SFR
06/28/2013 399,900 370,000 622 Key Royale Dr. 1972 100x103 2 Br/2 Ba SFR
06/25/2013 995,000 965,000 307 66th St. # A 2800 6 Br/4.5 Ba SFR
06/27/2013 400,000 400,000 2809 Gulf Dr. 1420 50x100 2 Br/2 Ba SFR
06/17/2013 349,000 305,000 5806 Gulf Dr. # 104 1128 2 Br/2 Ba Condo
06/11/2013 319,900 319,000 5806 Gulf Dr. # 201 1164 2 Br/2 Ba Condo
06/25/2013 299,999 246,000 6200 Flotilla Dr. # 294 985 2 Br/2 Ba Condo, Reo/Bank Owned
06/28/2013 225,000 198,000 3000 Gulf Dr. # 3 756 2 Br/1 Ba Condo
06/28/2013 249,500 220,000 6300 Flotilla Dr. # 104 1212 3 Br/2 Ba Condo
06/14/2013 399,000 399,000 6250 Holmes Blvd. # 52 1536 2 Br/2.5 Ba Condo
06/20/2013 255,000 242,250 600 Manatee Ave. # 127 1222 2 Br/2 Ba Condo
06/11/2013 249,000 245,000 432 62nd St. 1080 2 Br/2 Ba Half Duplex

 

Source: Manatee County Property Appraiser’s Office


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