We keep looking for the bottom of our Bradenton - Sarasota, real estate market. The signs are a bit confusing. Sales are up, that’s good. However, inventory is also up, that’s bad. Prices continue to fall.

Yesterday, the Florida Association of Realtors noted a University of Florida quarterly analysis showing some disturbing news about our Florida housing recovery:

“Florida’s housing market, thought to be stabilizing earlier this year, deteriorated in the latest quarterly survey conducted by the University of Florida (UF), a situation likely brought on by uneasiness about lending practices, insurance rates and the state’s property tax structure, according to UF analysts.

“Like the graying skies over the state tainted by drought-driven brush fires, the mood for Florida real estate has grown more somber since January,” says Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies.

“Perhaps the implications of the subprime ‘meltdown’ are creating a disquieting haze; perhaps anxiety over property taxes and high insurance rates are shrouding Florida’s otherwise sunny outlook. In any case, there are few signs of improvement.”

Contiue reading here:
http://www.floridarealtors.org/NewsAndEvents/n1-061907.cfm

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Bradenton Real Estate
Dan Forbes

PREMIER TEAM’s
Market Conditions Report Summary
May 2007
(from our study of the Gulf Coast Regional Multiple Listing Service)

Statistics for Single Family Homes

• Total Listings: 4739 - Up 20.38% over last year. Up 6.02% from last month
• Total Solds: 237 - Down 14.75% year to year, but Up 15.05% from last month . 95% of homes for sale DID NOT SELL in May. Sales are rising: Jan. 115; Feb. 167; Mar. 202; Apr. 206; May 237
• Median Sales Price: $ 285,000 – Down 5.16% from last year and Down 18.55% from 2005 high
• Absorption Rate: 10.2 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. Last year: 7.5 months.
• Average Days on Market: 104 - Up 44.4% over last year

Statistics for Condos

• Total Condo Listings: 2104 – Up 33.42% over last year. Down 3.93% from last month
• Total Solds: 77 – Down 23% year to year and Down 3.93% over last month.
• Median Sales Price: $185,000 – Down 7.96% from a year ago.
• Absorption Rate: 14.2 months. Last year: 10.0 months.
• Average Days on Market: 103 – Up 58.4% over last year

Summary: Bottom, Bottom, Where’s the Bottom

Mixed numbers and contrary reports cause us to wonder just where the market bottom is. Unfortunately, inventory continues to rise overall. That’s a bad sign. Prices also, continue to fall. The good news is that sales are slowly increasing. In reality, bottoms can only be determined after you’ve hit them.

What signs will confirm the bottom of the market? Mixed numbers like these may suggest the bottom is here now. The signs that follow the market bottom are: (1) Reducing inventory, (2) Increasing sales, (3) Increasing prices, (4) Fewer days on market.

It’s the showing activity. We have sold over 1,000 homes/condos over the years and here’s what we know: If you get no showings, it means that even agents aren’t excited about your price. If you get few showings and no repeat showings, buyers aren’t excited. When you get multiple showings and buyers coming back for a 2nd look, you should sell soon, but if buyers seem to cool off, it’s the market moving away from you. Make a price change quickly. You should have an offer in 10-12 showings. If not, evalute the condition of your home and the price.

Don’t miss this week’s meeting of the Bradenton Real Estate Club this Friday at 11:45 a.m.

This week’s topic: “The Basics of Exchanging and Creative Exchanging“, presented by Tim Mapp, Mapp Realty and Investment Co.

BRADENTON REAL ESTATE CLUB

WHEN: Every Friday Arrive: 11:45 - 12:15 Networking, Order and enjoy lunch ($13.00 includes lunch, drink, and tip). Meeting: 12:15 - 1:15 Discussion/Presentation

WHERE: Stoneybrook Clubhouse in Heritage Harbour, 7515 Grand Harbour Parkway, Bradenton, Florida 34212.(I-75Exit 220, go one mile East on State Road 64 to entrance).

WHAT: This is a round-table luncheon and discussion of real estate topics and trends open to investors, landlords, owners, renters, buyers, and sellers. We help investors by focusing on Information, Motivation, Education, Training, and Networking.

INFO: For information call Dan Forbes at 941-746-0505 or visit our web site at http://www.BradentonRealEstateClub.com

I hope to see you there!

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

It’s official the real estate recovery for our Manatee - Sarasota area is underway.

1. Yesterday I attended a local real estate technology and business expo in which a Certified Financial Advisor presented “10 signs the real estate market has bottomed”. He specifically addressed the Manatee - Sarasota market.

2. Today’s local paper ran this headline on the top of page one, “Manatee’s property values increase 11 percent”. You can read the article here:http://www.bradenton.com/280/story/63059.html

3. Today’s business section ran this article: “Realty expert: Recovery comingEconomist confident ‘Florida will have the highest price growth in the long term”.

“People should not bet against this region, the Bradenton-Sarasota-Punta Gorda area,” said Lawrence Yun, senior economist for the National Association of Realtors.”There is really no correction or recession in terms of home value,” Yun said. “Florida will have the highest price growth in the long term.”Read the article here: http://www.bradenton.com/business/story/62867.html

4. Released yesterday was this: “Florida economist predicts housing ready to recover”. A top Florida economist has declared the housing slump a done deal. “It will take another 18 months or so before closing volumes reach more normal levels, but the worst is behind us,” says Hank Fishkind.Read it here: http://www.floridarealtors.org/NewsAndEvents/n2-053107.cfm

5. Our preliminary look at the MLS statistics for May shows more absorption of inventory. This is a positive trend. For 3 months in a row the number of homes for sale has decreased. This is a positive sign of recovery.

Summary: NOW is the time to buy!!