Bradenton Florida Real Estate News

Wednesday, October 17, 2007

Bradenton Housing Decline Continues


Bradenton's median sale price of homes sold in September 2007 is 32% below the high of 2005. Sales are down 42.4% from a year ago.

Our Manatee County, Florida real estate market continues to reflect a strong Buyer’s Market with a total 36.8 month absorption rate. This is how long it would take to sell all the homes currently on the market at the rate they are selling today.

The chart above shows the absorption rate by price range. There were no homes sold above $2 million for the month of September.

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

Residential Total Market Overview (Click Below)
Sep%2007%20Residential%20Total%20Market%20Overview.pdf

Please give me a call if you have questions abour our Bradenton real estate market. You can reach me, Dan Forbes, at 941-746-0505 or toll free 877-646-8326. Also visit my web site at BradentonFloridaRealEstate.Com and my blog at The Real Estate ZOO.

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Friday, October 12, 2007

10 Cities Where it's a Great Time to Buy



Forbes magazine just released it's list of the 10 Most Attractive Real Etate Markets. They studied 40 of the largest housing markets looking at home sales trends and projects. Forbes believes these markets represent a good buy for home buyers.



These areas have experienced price declines but are expected to see increases in the near future:Here are Forbes' and Moody's 10 most attractive markets, along with the median homes sales price and their price change from 2006.



  • Fort Worth, Texas: $156,500, 1.7 percent

  • Kansas City, Mo.: $157,700, -0.7 percent

  • Houston: $154,900, 1.4 percent

  • Cleveland: $128,700, -7.1 percent

  • Denver: $255,200, none

  • Long Island, N.Y.: $482,300, 1.7 percent

  • Washington, D.C.: $445,300, 0.3 percent

  • Orlando, Fla.: $265,100, -2.4 percent

  • Phoenix: $264,800, -2.7 percent

  • Las Vegas: $307,900, -3.6 percent


Please give me a call if you have questions about our Bradenton real estate market. You can reach me, Dan Forbes, at 941-746-0505 or toll free 877-646-8326. Also visit my web site at BradentonFloridaRealEstate.Com and my blog at The Real Estate ZOO.

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Thursday, August 30, 2007

Manatee County Housing Starting to Recover


This was just released today from the Florida Association of Realtors:


"Popular perceptions about the housing market are wrong, says noted economist Hank Fishkind, who believes the market reached bottom a few months ago. Fishkind looks for trends in real estate statistical releases, and says that things may not be great but there's also no indication that they're getting worse."


In his weekly radio address on WMFE in Orlando, Fishkind said he constantly encounters audiences worried about the housing market and any financial disruptions it could cause.


"The variance between the real economic data and people's perceptions was enormous," Fishkind said. "While home starts have dropped 36 percent from their peak, starts have stabilized over the last six months with no further erosion. Friday's report on new home sales confirms that the market has bottomed out. Sales actually increased 2.7 percent to an annual pace ... and the inventory of new but unsold homes declined."


"Fishkind agrees that sales of existing homes are down, but also looks at the amount of the drop and recent changes. "Importantly, the sales of existing homes were again stable for the seventh month in a row," he says. "While recovery may be some time off, it is clear that Florida's housing markets have bottomed out."


"Fishkind does not believe Florida home prices will decline any further over the next 18 to 36 months, but he does expect them to remain generally flat, depending on where they're located in the state."


'The more overbuilt markets will take longer to recover," Fishkind says. "But fears that prices will drop significantly are unfounded. And so is the pervasive panic. The economy is stronger than the reports about it.'"


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Buyers today need to understand that they have a lot to lose by staying on the sidelines. Those waiting to spot the exact market bottom will lose time, money, and opportunity. Today's buyers market may very well represent the greatest buying opportunity in over 100 years.


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I'm Dan Forbes and I want to be your Realtor and resource for all your Bradenton real estate needs.

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Tuesday, August 21, 2007

Real Estate Roller Coaster --You Gotta See This!

This Roller Coaster Graph is an actual graph showing the Real Estate Market Prices from 1890 to PRESENT! Take a ride through history on this clever creation, and see what kind of breath taking experience we have experienced over the years! Be sure to watch the lower right corner under the youtube logo to see what year you're actually in. At the end of the video, it shows the graph from which this video analogy or metaphor was created.


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Wednesday, August 15, 2007

Highest-appreciating and Most-depreciating areas

The value of midsize and large homes declined more in the last year than the value of small single-family residences, according to a second-quarter analysis by real estate Web site Zillow.com.

The value of single-family homes smaller than 1,200 square feet fell by just 1 percent, according to Zillow’s report. Meanwhile, values of midsize homes between 1,200 and 1,900 square feet fell an average of 3.1 percent, and homes larger than 1,900 square feet declined 2.8 percent.

Zillow.com also offers a comparison of 66 metropolitan statistical areas on Zillow.com.These findings are culled from that analysis:

The highest-appreciating metropolitan areas (year-over-year):
Grand Junction, Colo. (18.6 percent)
• Corvallis, Ore. (11.2 percent)
• Charlotte-Gastonia-Rock Hill, NC-SC (9.0 percent)
• Eugene-Springfield, Ore. (6.9 percent)
• Spokane, Wash. (6.1 percent)
• Seattle-Tacoma-Bremerton, Wash. (5.3 percent)

Most-depreciating metropolitan areas (year-over-year):
Sarasota-Bradenton, Fla. (-16.4 percent)
• Melbourne-Titusville-Palm Bay, Fla. (-14.3 percent)
• Stockton-Lodi, Calif. (-13.5 percent)
• Charleston-North Charleston, SC (-12.8 percent)
• Daytona Beach, Fla. (-12.5 percent)
• Modesto, Calif. (-12.4 percent)

Most expensive metropolitan areas:
San Francisco-Oakland-San Jose, Calif. ($685,653)
• Honolulu, Hawaii ($632,270)
• San Luis Obispo-Atascadero-Paso Robles, Calif. ($537,722)
• Los Angeles-Riverside-Orange County, Calif. ($525,175)
• San Diego, Calif. ($505,334)
• New York-Northern New Jersey-Long Island ($445,435)

Least expensive metropolitan areas:
Jackson, Tenn. ($91,563)
• Greenville-Spartanburg-Anderson, SC ($101,178)
• Tulsa, Okla. ($102,876)
• Dayton-Springfield, Ohio ($108,121)
• Rockford, Ill. ($116,475)
• Columbia, SC ($116,865)

Source: Zillow

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Monday, July 23, 2007

Is there any good news in our Bradenton real estate market?


A prospect wrote to me by email today, "It would be nice to see some positive news about the real estate market in Florida."


I gave him a call to let him know there's no good news yet. Most are growing weary with the bad news.


Then I read this today: "The U.S. housing market isn’t going to get any better this year, says David Berson, vice president and chief economist at Fannie Mae.


"Berson expects new and existing home sales to decline by 10.2 percent in 2007 to the lowest level since 2002. Single-family starts are expected to fall 21.7 percent....He predicts that 2006 and 2007 will together show the largest drop in sales since the housing slowdown of 1989-1991.


"Berson says it will take until 2008 before unsold inventories have fallen enough to relieve downward pressure on house prices. Source: Reuters News (07/18/2007)"
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I'm Dan Forbes and I want to be your Realtor and resource for all your Bradenton Real Estate needs.

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Thursday, July 19, 2007

Home Prices Continue to Fall in Bradenton - Sarasota


I just found this on MSN real estate


"A new report projects home-price declines for the next two years. The riskiest markets are in Florida, California, Nevada and Arizona. Here's how to ride out the hard times.


"As if the housing market isn't bleak enough. The Standard & Poors' Case-Shiller Home Price Index reported in late June that home prices dropped more in the first quarter of this year than at any other quarter in the last 17 years. Now, a report from PMI Mortgage Insurance says home values could decline across much of the country for at least two more years.


"There's a 34.6% chance on average that home prices will drop in the nation's top 50 markets in the next couple of years, according to PMI Mortgage Insurance's new U.S. Market Risk Index, which heavily factors in recent price volatility.


"How far and how fast prices actually fall remains to be seen. But the report underscores the fact that today's market is decidedly different from that of recent years, when homeowners could bank on rapid home-value appreciation."


This is the news we are sharing with our sellers today. If you think the price on your home is below your comfort level today, just wait until next year.


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I'm Dan Forbes and I want to be your Realtor and resource for all your Bradenton Real Estate Needs

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Thursday, May 17, 2007

Bradenton - Sarasota home sales surge

Bradenton-Sarasota home sales surge
By MELISSA FOLLOWELL

MANATEE --The Bradenton-Sarasota housing market was the only one in Florida to experience an increase in sales in the first quarter of the year, compared to the same quarter last year.

Existing home sales were up 6 percent, according to numbers released by the Florida Association of Realtors on Tuesday. The median price slid 12 percent to a median of $290,500, good news for buyers.

During the same quarter last year, the median price was $331,100.

In contrast, sales in neighboring markets like Tampa-St. Petersburg were down 37 percent; Fort Myers was down 35 percent; and Naples was down 30 percent. Statewide, sales were down 26 percent.

"It's all relative because our sales were so dismal, the only direction they could go was up," said Dan Forbes, co-owner and broker of Premier Team Inc. in Bradenton.

Re/Max Gulfstream's Ken Miller was a little leery about calling Tuesday's figures the first step toward full recovery.

"No one can speak from experience about where we are now, but I don't think you're going to see any big change until mid-2008," Miller said.

He agreed the increase in sales was a good thing but says coming off an unprecedented boom makes it even more difficult than usual to predict the path the market will take.

Locally, condos appreciated by 15 percent in the first quarter, with the median price at $312,600.

Although local condo prices inched upward, those looking to buy a home under $200,000 have a chance now that was unheard of just a year ago, said May Aston, president of the Manatee Association of Realtors.

"There are quite a few decent homes under $200,000. Last year, if someone were to ask me for a home under $200,000, I couldn't have found one," Aston said.

Forbes thinks there is an underlying demand growing, but many people are waiting to see what the Legislature does about property taxes before making a move.

"I think we are accumulating some pent-up buyer demand," Forbes said. "I think there are a lot of folks that would like to move that are waiting to see what happens with property taxes."

Miller said it's for that reason many who want to make lateral moves are holding back. A significant part of any real estate market are families moving upward to larger homes, but that market remains quite a bit quieter with insurance and property taxes up in the air.

Those who are buying are looking for deals, experts said.

"We are definitely seeing positive numbers," Forbes said. "For the true, seasoned investor, it doesn't matter if it's a buyer or seller's market, they are looking."

And what are they looking for? "Steep discounts," Forbes said.

Miller agreed. He finds that buyers and sellers are at a standoff, with buyers expecting sellers to cut prices tremendously and sellers expecting to get unrealistic amounts of money in the current market situation.

"If the home was purchased before 2004, they are a little more realistic when it comes to listing price," Miller said.

During the height of the real estate boom, there was only a 1.7-month supply of homes on the market, but as speculators and other sellers scurried to get out of their homes, that number skyrocketed to more than a 10-month supply.

That tide is finally turning, Forbes said. Currently, there is a 9.7-month supply of homes and with more than 500 sales pending in Manatee County, that supply is expected to decline further.

In an ideal market, there is a two- to three-month supply of homes on the market.

"I think because of our location, we will definitely be one of the first markets to bounce back," Aston said.

Market analysts said that home prices are staying even with the rate of inflation.
"We see this as a benchmark," said Wayne Archer, director of the University of Florida's Bergstrom Center for Real Estate Studies, in a statement accompanying Tuesday's figures from the Florida Association of Realtors.

"When prices maintain the same level as inflation, then we're probably in some kind of equilibrium. It indicates the market is stabilizing."

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Bradenton Real Estate

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Wednesday, May 09, 2007

Home-Price forecast: First ever decline

CNNMoney.com noted the National Association of Realtor's news release indicating the decline in home prices.

"National Association of Realtors cuts 2007 forecast; would mark first drop since it began tracking values in 1968."

"Home prices are expected to finish down for the year, the National Association of Realtors (NAR) said Tuesday, which would mark the first drop since the group started tracking values in 1968.

"NAR projects a 1 percent decline in the median price of an existing single-family home, to $219,800. The group, in a forecast made a month ago, had previously been expecting a 0.7 percent decline. Prior to that, it had expected a gain of 1.2 percent. "

Read the article here: http://tinyurl.com/35a253

Our Bradenton - Sarasota markets suffered an 18% decline in 2006 and that is continuing into 2007.

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Bradenton Real Estate

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Thursday, April 26, 2007

Home sales jump 16%




Today's Bradenton Herald began a story about increasing home sales this way...



"MANATEE --While most of the nation saw significant drops in the number of homes sold in March compared to a year ago, sales in Bradenton-Sarasota increased 16 percent.The National Association of Realtors reported that unseasonably bad winter weather and the tightening purse strings of banks and other lenders throughout the country further hindered a market many hoped was on its way to recovery.



"Statewide, the market saw a 28 percent drop in the number of single-family home sales, and the median price dropped 4 percent. Locally, single-family home prices fell 9 percent to $291,500, but Manatee-Sarasota proved to be one of only two markets in the state that experienced an increase in sales compared to March 2006."



My own study of the Gulf Coast Multiple Listing Service which serves primarily the Bradenton ( Manatee ) , Florida market shows a 20.9% increase in sales in March over February for residential properties. Condo sales increase 32.5%.



That's good news and further evidence that our local real estate market has bottomed out and better days are ahead.


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Bradenton Real Estate

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Monday, April 23, 2007

84% of sellers just don't get it...prices are down


As many as 84% of home-sellers just don't get that prices are down. I see expired listings every day that may be as much as $100,000 overpriced in the $500,000 - $600,000 price range. But it's true for all price ranges.


Sellers wonder why their home has been on the market for months and months. Some have gone through several Realtors. Those recently entering the market wonder why there are so few showings and no offers. I've got the answer: IT'S PRICE!


I have two of my own investment properties under contract. One sold in less than 2 weeks. Why? Because I priced both the homes to be the obvious "best value". My team and I have sold 29 homes this year, because we are able to help our sellers select the best price and then our marketing plan takes care of the rest.


Here's and article about seller's thoughts:


Eighty-four percent of U.S. residents say home values will hold steady or increase, despite trends to the contrary, a nationwide poll published in the Los Angeles Times found.


Nearly a third of those surveyed this month predicted home values in their local markets would rise in the next six months, a Los Angeles Times/Bloomberg poll said. Only sixteen percent anticipated a decrease. The rest said values would hold steady.


The belief that home values will increase in the short term is missguided according to many industry experts.


"Mortgage credit is clearly tightening, affordability is not good and there are a record number of unoccupied homes for sale," said Scott Simon, a mortgage-bond fund manager for Pacific Investment Management Co. in Newport Beach, said in an interview with a Los Angeles Times reporter. "We think prices should be down a few percent this year and, if we are wrong, it will be worse than that."


Recently, the National Association of Realtors (NAR) reported home prices fell 2.7 percent in 2006's last three months.


NAR forecasted just this week that existing-home prices would probably slip an average 0.7 percent this year.


Sixty percent of the poll respondents also said a recession was somewhat or very likely within the next year.


Source: National Realty News

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Bradenton Real Estate

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Saturday, March 24, 2007

Bradenton - Sarasota Home Sales Up 5%


From today's Bradenton Herald...

"In February, the consumer appetite for buying single-family homes and condos in the Bradenton-Sarasota market rose 5 percent from a year earlier.

"While that may sound like only a modest gain, Bradenton-Sarasota outperformed every other market in Florida, except one. Statewide, the sales of existing homes were down 23 percent, according to the Florida Association of Realtors.

"Only Panama City, where sales were up 21 percent, outperformed Bradenton-Sarasota.Statewide, sale prices continued to slide from precipitous heights a year ago.

"The median price of a single-family home in Bradenton-Sarasota fell 9 percent compared to last year, resting at $294,500.

"That said, many market observers were saying the market has gone as low as it is going to, and now is a time to buy.

"If you're thinking of buying a house, there's probably not much to be gained by holding out at this point," said Wayne Archer, director of the University of Florida's Bergstrom Center for Real Estate Studies. "It doesn't look like prices are going to fall anymore."
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We have certainly noticed more buyers in the market since the beginning of the year. We have sold 25 homes this year!! Perhaps this is the beginning of stabilization in our Bradenton - Sarasota market.

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Bradenton Real Estate

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Thursday, February 15, 2007

Homeowners confident in prices

Eighty-one percent of homeowners believe the value of their homes will rise over the next 5 years. Only 13 percent believe their home will fall in value. At least that's how 2000 households reponded to a survey conducted by RT Strategies.

Just think back 10 years ago. If you bought a house then, would it be worth more or less today? Yeah, yeah, I know that 2006 was a poor year for real estate prices across the United States. However, just ask yourself a few questions....

Do you think the cost of lumber, concrete, and building materials will go down or up in the future?
Do you think the cost of labor will go down or up in the future?
Is more and more land becoming available, or less and less?

See how silly it is to think that housing costs will continue to drop? Just use your common sense. Beware of talking heads that predict doom and gloom for the future of the housing market.

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Bradenton Real Estate

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