Bradenton Florida Real Estate News

Thursday, November 08, 2007

Manatee County Sellers Are in Denial



This is our Market Conditions Report for Manatee County Florida.

Our local MLS is flooded with Pre-foreclosure listings, short sales, and foreclosed properties. This is driving our home prices down even further on a DAY BY DAY basis. Our market slide continues its downhill direction. You can almost hear the prices falling.

Every week 10% of the homes on the market have reduced their price. That means in 10 weeks effectively 100% of homes competing with yours have lowered their price. Have you?

What’s curious is that most sellers are in denial. Many are holding out false hopes that things are going to get better next month or next year. Sadly, that's not going to happen. We may be looking at 2010 before recovery comes to the Bradenton - Sarasota market.

We study this market every day and there are no good numbers to report! Believe me, when we start to see a turn around, you will be the first to know. Right now it’s time to move from denial into reality.

We now have over a 3 year of supply of homes on the market overall. In some price ranges we have a 9 year supply of homes on the market! Good grief!

The Total Market Overview Reports below show by price range:

  • Current number of active listings

  • Number of expired listings for the month

  • Total Number of Pending Listings

  • Number of closed sales for the month

  • Absorption Rate

  • Average List Price and Average Sale Price

  • Average Days on Market

  • Market Trend: Improving or Not

  • Compared to 6 months ago

  • Compared to 1 year ago


If you would like to discuss the market with us, please give Dan Forbes or Marie Avery a call at 941-746-0505.

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