Current Market Conditions Report - Bradenton

We have just completed our Current Market Conditions report for June's sales in our local multiple listing service.

Statistics:
Total Single Family Home Listings: 3952 - Up 506% over last year.
Total Expired/Withdrawn Listings: 709
Total Solds: 240 -Down 42.3%
Median Sales Price: $319,100 - Up 1.6% over last year, but down 8.8% from last year's high
Absorption Rate: 8.7 months. This is how long it would take to sell all of today's listings at the rate homes are selling and if no other homes were listed.
Average Days on Market: 72- Up about 100%

Summary:
The Bradenton, Florida market is still in a correction mode and struggling to hit bottom and stabilize. Listings were still up in June but went up at the lowest rate since June 2005. That's good news. It's disappointing to see June's sale down from the previous month. We were hoping for improving numbers.

The most serious concern is the absorption rate of 8.7 months. The low of 2005 was 1.6 months in April. Our market is flooded with listed homes that aren't selling.

We also have 42.3% less buyers today than a year ago. As a results we are seeing prices fall to a point that homes are selling at about the same price they sold one year ago.

For an email copy of this report broken down by price ranges just contact me at
http://www.bradentonrealestate.com/index.php?fuseaction=site.contact and ask for the Market Conditions Report.

(Watch this BLOG for the Condo report soon to be released)