Market Condtions Report - Bradenton, Florida
Premier Team’s
Market Conditions Report Summary – Nov 06
(from our study of the Gulf Coast Regional Multiple Listing Service)
Statistics for Single Family Homes:
Total Single Family Home Listings: 4237 - Up 102% over last year.
Total Solds: 181 - Down 21.6% year to year
Median Sales Price: $270,000 – Down 17.4% from last year and down 22.8% from 2005 high
Absorption Rate: 10.6 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: 92 - Up 142% over last year
Statistics for Condos:
Total Condo Listings: 1940 – Up 157% over last year.
Total Solds: 42 – Down 49.4% year to year
Median Sales Price: $163,000 – Down 32% from last year and down 31.3% from 2005 high
Absorption Rate: 12.3 months
Average Days on Market: 82 – Up 115%
Summary: Good news and bad news
Last month we report the first good news in our market with a decreasing absorption rate. Well, the rate ticked up slightly in November, but price reductions were down significantly. The median sales price is now that same as it was in January of 2005.
The total inventory of single family homes rose slightly and the trend indicates that things will get worse before the get better. However, on the national scene there are signs of improvement If the trend continues we could see our market bottoming out sometime in 2007.
The condo market is hardest hit with a 31% price depreciation from the high median sale price of 2005. Worst of all is the 12.3 month supply of condos for sale. There is no good news in the condo market. It’s is going to take a long while for the condo market to stabilize and start showing any gain.
We are selling homes and working with buyers. We have been blessed this year with the large portion of our business coming from repeat clients and referrals. Buyers have great opportunities and sellers are still doing well, provided they have owned their home for two years or more. Keep the vision, keep the faith, and stay positive!
-Dan Forbes & Marie Avery
Premier Team Inc., Realtors
Bradenton Real Estate
Market Conditions Report Summary – Nov 06
(from our study of the Gulf Coast Regional Multiple Listing Service)
Statistics for Single Family Homes:
Total Single Family Home Listings: 4237 - Up 102% over last year.
Total Solds: 181 - Down 21.6% year to year
Median Sales Price: $270,000 – Down 17.4% from last year and down 22.8% from 2005 high
Absorption Rate: 10.6 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: 92 - Up 142% over last year
Statistics for Condos:
Total Condo Listings: 1940 – Up 157% over last year.
Total Solds: 42 – Down 49.4% year to year
Median Sales Price: $163,000 – Down 32% from last year and down 31.3% from 2005 high
Absorption Rate: 12.3 months
Average Days on Market: 82 – Up 115%
Summary: Good news and bad news
Last month we report the first good news in our market with a decreasing absorption rate. Well, the rate ticked up slightly in November, but price reductions were down significantly. The median sales price is now that same as it was in January of 2005.
The total inventory of single family homes rose slightly and the trend indicates that things will get worse before the get better. However, on the national scene there are signs of improvement If the trend continues we could see our market bottoming out sometime in 2007.
The condo market is hardest hit with a 31% price depreciation from the high median sale price of 2005. Worst of all is the 12.3 month supply of condos for sale. There is no good news in the condo market. It’s is going to take a long while for the condo market to stabilize and start showing any gain.
We are selling homes and working with buyers. We have been blessed this year with the large portion of our business coming from repeat clients and referrals. Buyers have great opportunities and sellers are still doing well, provided they have owned their home for two years or more. Keep the vision, keep the faith, and stay positive!
-Dan Forbes & Marie Avery
Premier Team Inc., Realtors
Bradenton Real Estate
posted by Dan Forbes at
10:46 AM
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