Short Sale inventory has been decreasing at the same time that sales are picking up. Short sale homes and condos for sale in Bradenton have taken a noticable drop this past month, with 858 total short sales listings in all of Manatee county. 244 short sale homes and condos went pending last month as well. That is the highest amount of pending short sales ever for Manatee County.
Combine the decrease of short sale listings with the spike in pending sales, is a strong indicator that the market might have hit it's low. Prices for homes in bradenton/sarasota have been falling since their peaks in 2006. Many homes are selling for less than half of their "peak" values.
Also, with now over 5 years of falling prices and the economy improving, home owners that have been challenged have seen the worst, and now can either afford to keep their homes, or have already lost their home as a short sale, foreclosure, or deed in lieu.
If you are considering buying a home in Bradenton or Sarasota my advice is to start looking today. Inventory controls price better than any other factor. less inventory will lead to price stability, and eventually a recovery.
Need help from a full time short sale expert in Manatee county? Call Joe Murphy Today for all your real estate needs. Short Sale expert for Sarasota and Bradenton.
Joseph C Murphy, P.A., Broker-Associate
Lakewood Ranch, FL 34202