Condo prices, home sales drop
Article published Feb 9, 2006
Condo prices, home sales drop
Real estate agents say investors are leaving market
By Stephen Frater
MANATEE COUNTY -- Sales volume for single-family homes fell by 23.1 percent in Manatee County during January but values jumped more than 25 percent.
It's evidence of a cooling market and the departure of many of the investors who have played in Southwest Florida for the last several years. Many former buyers have swapped roles into sellers, real estate agents said.
There were 545 sales during January in Manatee County with a median price of $326,000, meaning half sold for more, half for less. The volume drop was not as big as during December.
During January 2005, there were 709 sales at a median of $255,000, according to figures from the Manatee County Property Appraiser's Office.
That was a 27.8 percent increase in price.
Condominium sales, meanwhile, dropped 1.4 percent, from 219 sales during January 2005 to 216 last month.
Along with the decline in total sales, prices also took a hit, dropping from $180,000 to $168,200, or 6.6 percent.
Real estate agents' concern about investors leaving the market has almost become a mantra.
They "have taken a cautious posture and moved to the sidelines," said Richard Capps of Bradenton's Re/Max Gulfstream Realty. Capps said that investors, who he thinks represented as much as 40 percent of the real estate market during the past several years, have flipped to sellers.
But Capps says the 4,440 listings for all properties for sale in Manatee County, which "have tripled since last year," are a great buyer's opportunity.
The decline in condominium prices was the second straight month of drops and a clear indication of a softening in the market.
Capps said the pace of the market has not slowed, just shifted more toward the seller's end.
Just "in the last 24 hours, 69 new properties have come onto the market, 11 have increased asking prices, 85 have decreased asking prices and 27 have gone under contract," he said.
Capps says generally the reductions are in the 3 percent to 5 percent range, "not wholesale" reductions, but even that amount "makes them more attractive to buyers."
Condo prices, home sales drop
Real estate agents say investors are leaving market
By Stephen Frater
MANATEE COUNTY -- Sales volume for single-family homes fell by 23.1 percent in Manatee County during January but values jumped more than 25 percent.
It's evidence of a cooling market and the departure of many of the investors who have played in Southwest Florida for the last several years. Many former buyers have swapped roles into sellers, real estate agents said.
There were 545 sales during January in Manatee County with a median price of $326,000, meaning half sold for more, half for less. The volume drop was not as big as during December.
During January 2005, there were 709 sales at a median of $255,000, according to figures from the Manatee County Property Appraiser's Office.
That was a 27.8 percent increase in price.
Condominium sales, meanwhile, dropped 1.4 percent, from 219 sales during January 2005 to 216 last month.
Along with the decline in total sales, prices also took a hit, dropping from $180,000 to $168,200, or 6.6 percent.
Real estate agents' concern about investors leaving the market has almost become a mantra.
They "have taken a cautious posture and moved to the sidelines," said Richard Capps of Bradenton's Re/Max Gulfstream Realty. Capps said that investors, who he thinks represented as much as 40 percent of the real estate market during the past several years, have flipped to sellers.
But Capps says the 4,440 listings for all properties for sale in Manatee County, which "have tripled since last year," are a great buyer's opportunity.
The decline in condominium prices was the second straight month of drops and a clear indication of a softening in the market.
Capps said the pace of the market has not slowed, just shifted more toward the seller's end.
Just "in the last 24 hours, 69 new properties have come onto the market, 11 have increased asking prices, 85 have decreased asking prices and 27 have gone under contract," he said.
Capps says generally the reductions are in the 3 percent to 5 percent range, "not wholesale" reductions, but even that amount "makes them more attractive to buyers."
posted by James Haft at 10:30 AM
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