Home Prices Up, Inventory Way Down

It appears that we could be making a real estate turn around in Manatee County, Florida. Our median single family home prices have risen by 19% from last years figures. Our home inventory has dropped by 32.5%. The number of single family homes under contract (pending) increased by 29.3%, condominiums and town-homes increased by 18.5%. A lack of inventory is causing prices to rise as demand continues for home buyers to come into our beautiful area.

With sunny beaches, almost perfect year around climate, plentiful golfers delight courses available, it’s no wonder people move here year round.

The incredibly low interest rates don’t hurt either. We recently closed on a home with a 3.375% interest rate. Yes, that is not a typo it is the correct rate.

Even though 40% of these home sales were distressed properties, consisting of short sales ans foreclosed (REO) properties, the banks are moving towards making the process more streamlined and trying to get the inventory out to the market and sold.

This may very well be the optimum time to purchase a home in our area. Our median price for a single family home as of March, 2012 is $ 181,000.00 up from $ 152,500.00 this same time last year.

If prices continue to rise and the trend is established, you certainly do not want to delay in buying that second home or your future retirement home you’ve been thinking about.

Please contact us, Marie Avery and Terri Ayers, at 941-358-1818 or email Homes@AveryAndayers.com if you have any questions about our Florida Real Estate market.

About Marie Avery