PREMIER TEAM’s
Market Conditions Report Summary
February 2007

(from our study of the Gulf Coast Regional Multiple Listing Service)

Statistics for Single Family Homes

• Total Listings: 4507 - Up 33% over last year. Up 3.4% from last month.
• Total Solds: 167 - Down 11% year to year . 96.3% of homes for sale DID NOT SELL in February.
• Median Sales Price: $ 277,000 – Down 7.3% from last year and down 21% 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 56% over last year

Statistics for Condos

• Total Condo Listings: 2230 – Up 67.4% over last year.
• Total Solds: 43 – Down 14% year to year
• Median Sales Price: $210,000 – Down 11.5% from a year ago.
• Absorption Rate: 13.0 months
• Average Days on Market: 92 – Up 46% over last year

Summary: Gadzooks! No Signs of Stabilization
We see absolutely no signs of stabilization in our Bradenton – Sarasota real estate market. The Inventory has not stabilized, it keeps going up. The Pending Sales have not stabilized, they are down. There has not been a stabilization in closings, they remain low. The absoption rate has moved ever so slightly from an 11.0 month supply of homes on the market to a 10.6 supply, no stabilization here.

Prices continue to fall with 1058 price reductions during the month of February. The last two months has seen over 2100 price reductions. For the year there has been 9,747 price reductions!

The mistake most Sellers are making is reducing their price by too little, too late. In a declining market you must get ahead of the downward curve to sell successfully. If you are serious about selling, your home must be the obvious best value in the area. You must price your home significantly below the competition.

As painful as that may be, it is even more painful to have to drop it even more later.

Attention buyers: this is a great time to buy. Don’t make the mistake of looking back a few years from now and regretting that you failed to take action!
==============
Bradenton Real Estate