Bradenton - Sarasota Real Estate Market Conditions
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.
