Bradenton median resale home price sky rockets
Home resale prices rise 27 percent
MELISSA FOLLOWELL
Herald Staff Writer
MANATEE - On the day Manatee County commissioners approved changes encouraging the construction of affordable housing for the average worker, the Florida Association of Realtors released figures showing that the median home resale price in Manatee County continues to skyrocket.
The median price of an existing home in the Sarasota-Bradenton market during September rose 27 percent over last year's prices to $334,100. Though the increase was substantial, it showed a downward trend in the rate of increase. In August, prices escalated 34 percent over the previous year.
But local Realtors noted that figures may actually indicate a shift away from a red-hot seller's market to more balance in the market for buyers.
The number of home sales dropped from the same month in 2004 and the percentage of price gain was slightly under the state average.
Joan Oliszewski, president of the Manatee Association of Realtors and a Realtor with Wagner Realty, attributed the slowdown to the cumulative effects of a 10-month-long siege of red tide and an over-active hurricane season keeping some visitors away this year.
"We have seen a decrease in customer traffic. We have more listings, but they're not moving as quickly. They aren't flying off the shelf like they were," Oliszewski, said.
To read more on this article go here: http://www.bradenton.com/mld/bradenton/12996269.htm
I agree that things are starting to cool off a bit. The number of listing have gone up and they are not selling as fast. It will be interesting to see what happens when the hurricane season is over, they get a cold snap up north and the snowbirds come back for the winter.
The buyers seem to have a little more leverage at contract time. Go to my Bradenton real estate website if you want to see all homes and condos for sale in Manatee county.
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The national median existing-home price was $161,600 in the fourth quarter, 8.8 percent higher than a year earlier when the median price was $148,500.sportsbook The median is a typical market price where half of the homes sold for more and half sold for less. Home prices typically rise one-to-two percentage points faster than the general rate of inflation; NAR estimates consumer price inflation in the fourth quarter was at an annual rate of only 1.6 percent.
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