Others are green with envy
Are you wearing green today? You should be and not only because it’s St. Patrick’s Day, but because there are homeowners all over the state of Florida and indeed the country who are green with envy because you live in Manatee County.
Last month it was reported that Florida is far outpacing the rest of the country in real estate recovery, and so far it looks like that trend is holding steady. The Manatee Association of Realtors’ February sales statistics indicate that although February’s numbers are slightly lower than January’s, we’re still in positive territory.
In February 2010, single family home sales were up 10.4 percent compared to February 2009. The average sale price was up 5.4 percent and the median sale price was up 10.4 percent also for February this year compared to last year.
But perhaps the most significant statistic is that the number of single family homes for sale is down 24 percent. Remember the law of supply and demand – the fewer properties on the market, the more valuable the available ones become. Speaking of asking price, the current average asking price for all properties in the three cities breaks down as follows: Anna Maria $873,020; Holmes Beach $639,377; Bradenton Beach, $599,051; and our neighbors in Cortez, $687,214.
The national economy appears to be leveling off, and as far as Anna Maria Island specifically is concerned, if the traffic is any indicator of a resurgence of confidence in the economy, then by June 1 there shouldn’t be a for sale sign left on the Island. This is supported by recently compiled sales statistics for the three Island cities between Dec. 7 and the end of January with the following results: There were a total of 36 sales, including single family, condos and duplexes during the eight-week period, averaging 4.5 sales per week. When you take into consideration that these sales occurred during the holiday season and before the traditional busy season began, not to mention the negative impact of the unusually cold weather, these numbers sound pretty good.
None of this, of course, takes away the fact that we are still swimming in foreclosures despite RealtyTrac’s recent reported that nationally the growth rate of foreclosures in February grew only 6 percent from a year ago, which is the smallest annual increase in four years. When you consider that Florida has the third highest foreclosure rate in the country, plus a high unemployment rate in Manatee County of over 13 percent you don’t have to be Ben Bernanke to figure out that although things are looking up, we still have a ways to go.
That being said, we can look forward to March and April which are usually the best months for real estate sales in Florida. If the January and February upswing continues, there will be a lot of happy long-suffering homeowners and real estate agents hanging out at the beach this spring.
According to Wikipedia, envy may be defined as an emotion that occurs when a person lacks another's perceived superior quality, achievement, or possession and either desires it or wishes that the other lacked it. Well, Anna Maria Island’s real estate is superior, everyone worked hard to achieve it and we possess it. Have a great St. Patrick’s Day.
