Longboat Key, Florida | June 18th, 2019 – Recent market data present good signs for sellers of residential properties in these summer months, particularly in Manatee County.
The inventory of single family residences in the county is trending lower, and new listings coming in aren’t too many, recent realtors’ statistics show. Since January, in fact, new sales listings of single family houses in Manatee have been on a downward trajectory compared with 2018 levels.
The April inventory of Manatee single-family residences was estimated at 2,193 active listings, down by 2 percent from last year. Measured in terms of months’ supply, the county’s inventory for April dropped 7 percent to 4 months.
Market on Sellers’ Side
This 4-month supply indicates that it is a seller’s market for single family house in Manatee. The inventory at this level is notably well below the 5-month supply that by the real estate industry’s rule of thumb is a balanced market favoring neither seller nor buyer in terms of pricing.
As favorable to sellers, buying interest on Manatee residential properties could draw some steam from the more moderate price appreciation of single family houses in the county. In April, the median sale price for these residential type rose to $315,000, up. 1.6 percent compared with a year earlier. State-wide, the median sale price for single family residences showed a 2.6 percent increase in April.
Significantly, buyers of Manatee residences targeting median-priced options in the $300s are likely to find more choices in this price range. Bucking the downtrend on new listings, this segment registered significant increases in newly available properties both in March and in April.
On the other hand, aspiring sellers of residential properties, particularly those valued around the $400s, appear in a well position to bag a prompt sale. Our Judy Kepecz-Hays team has notably listed a Bradenton residence precisely on this price range just recently.
April market data suggest that buyers at this $400s spread are biting faster. The time to contract on this price range during the month showed a significant drop of 6 percent to 60 days, compared with last year.
Downtown Sales Drivers
Buying interest could intensify even more, particularly for residential properties close to downtown Bradenton (just like our recent sales listing in this city). Several developments have begun to transform the city center. Just last month, a new hotel—the Marriott SpringHill Suites—opened at Bradenton’s Old Main Street. Besides its 131 suites, this $22 million hotel has a first-floor restaurant and a rooftop bar.
Just across the Bradenton Marriot, the city likewise has opened a new $12.5 million parking garage. In addition to parking, this garage also hosts the new offices of the Manatee Chamber of Commerce, public art display, and street-level commercial space.
Bradenton’s downtown riverfront is also having a makeover at the Twin Dolphin Marina on Barcarrota Boulevard. The marina is undertaking a $4.5-million renovation and expansion project to upgrade its amenities and accommodate bigger boats.
Next to the marina, the South Florida Museum is in pursuit of a $12-million improvement project. It will create a brand-new look for the museum and set up a children’s education and exploration exhibit, among other features.
Additionally, new shops and restaurants are opening on Old Main Street, 13th Street, and in the Village of the Arts, as business confidence grows further in the downtown market. Helping boost this sentiment, a $6 million streetscaping project is set to link the downtown’s riverfront to the Village of the Arts. Besides its aesthetics value, this project is geared at improving downtown walkability and enhancing outdoor dining opportunities, all of which should help push Bradenton real estate sales.
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