Summary of our Current Market Conditions Report
We have just completed our Current Market Conditions Reports for the Residential and Condo market in Mantee County.
Market Conditions Report Summary – July 06
Statistics for Single Family Homes:
Total Single Family Home Listings: 3996 - Up 301% over last year.
Total Expired/Withdrawn Listings: 484
Total Solds: 213 -Down 37.3% year to year
Median Sales Price: $319,900 – Down 8% from last year
Absorption Rate: 9.2 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: 78- Up 105%
Statistics for Condos:
Total Condo Listings: 1656 – Up 419% over last year.
Total Expired/Withdrawn Listings: 244
Total Solds: 43 – Down 72%
Median Sales Price: $178,500 – Down 8.9% from last year. Down 24.8% from 2005 high of $237,500
Absorption Rate: 10.4 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: 90- Up 210%
Summary:
The residential market is faring better than the condo market in Manatee County. July was not a good month for sales. Fewer homes sold in July than June and sales are down over 37% from last year. Prices have also fallen.
Still, the most serious concern is the absorption rate of 9.2 months. The low of 2005 was 1.6 months in April. Our market is overwhelmed with listed homes that aren't selling.
We have noticed that when our listing is the best obvious value in the neighborhood, it sells. That means sellers must agressively under price their competition to capture today’s buyer.
Seller’s must realize that today’s market is vastly different from last year. They must also take note that we experieced 145% appreciation from 2000 – 2005. That’s unprecedented. Today’s median sale price is ONLY down 8.5% from the high of 2005. That’s very, very mild in comparision to the gain of recent years.
The bad news for condo’s is that today’s median price is down 24.8% from the high of 2005.
Who is likely to be hurt by this market? People who bought in 2005-2006 and are trying to sell today are likely to suffer a loss. Speculators who were looking to make a quick profit by “flipping” are the most vulnerable.
Our advice? Sell it now and cut your losses!
If you would like of copy of the Residential Report or the Condo Report use the Contact Us link to the right to request it.
Market Conditions Report Summary – July 06
Statistics for Single Family Homes:
Total Single Family Home Listings: 3996 - Up 301% over last year.
Total Expired/Withdrawn Listings: 484
Total Solds: 213 -Down 37.3% year to year
Median Sales Price: $319,900 – Down 8% from last year
Absorption Rate: 9.2 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: 78- Up 105%
Statistics for Condos:
Total Condo Listings: 1656 – Up 419% over last year.
Total Expired/Withdrawn Listings: 244
Total Solds: 43 – Down 72%
Median Sales Price: $178,500 – Down 8.9% from last year. Down 24.8% from 2005 high of $237,500
Absorption Rate: 10.4 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: 90- Up 210%
Summary:
The residential market is faring better than the condo market in Manatee County. July was not a good month for sales. Fewer homes sold in July than June and sales are down over 37% from last year. Prices have also fallen.
Still, the most serious concern is the absorption rate of 9.2 months. The low of 2005 was 1.6 months in April. Our market is overwhelmed with listed homes that aren't selling.
We have noticed that when our listing is the best obvious value in the neighborhood, it sells. That means sellers must agressively under price their competition to capture today’s buyer.
Seller’s must realize that today’s market is vastly different from last year. They must also take note that we experieced 145% appreciation from 2000 – 2005. That’s unprecedented. Today’s median sale price is ONLY down 8.5% from the high of 2005. That’s very, very mild in comparision to the gain of recent years.
The bad news for condo’s is that today’s median price is down 24.8% from the high of 2005.
Who is likely to be hurt by this market? People who bought in 2005-2006 and are trying to sell today are likely to suffer a loss. Speculators who were looking to make a quick profit by “flipping” are the most vulnerable.
Our advice? Sell it now and cut your losses!
If you would like of copy of the Residential Report or the Condo Report use the Contact Us link to the right to request it.
posted by Dan Forbes at
10:19 AM
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