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Mike's Weekly Real Estate Market Update.  

In this broadcast, watch as Mike shares the latest market data (May 2018) for the city of Bradenton.

June 18, 2018


Mike's Market Update: June 18, 2018

Michael Renick

The Key to our success is You!  We understand that.  The strongest aspect of communications is listening...

The Key to our success is You!  We understand that.  The strongest aspect of communications is listening...

Jun 15 4 minutes read

A "Real Time" View of the Bay Side Longboat Key Club Golf Course

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My Current Coverage Plan:

First Monday:           City of Sarasota

Second Monday:     City of Longboat Key

Third Monday:         City of Bradenton

Fourth Monday:      Sarasota County

Fifth* Monday:        Manatee County

Property Sales (Sold)

May property sales were 526 units

  • Up 5.2% from 500 sales last month
  • Up 3.7% from 507 sales last year

Current Inventory (For Sale)

Total Units available for sale were 1612

  • Down 1.9% from 1643 units from last month
  • Up 5.1% from 1534 units from last year

Property Under Contract (Pended)

Total Units Under Contract were 536

  • Up .4% from 534 units from last month
  • Up 22.7% from 437 units from last year

The Average Sold Price per Square Footage

The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the 'mix' of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. 

The Average Sold Price per Square Footage of $159 was 

  • Down 3% from $164 last month
  • Up 6% from $155 last year

The Days on Market 
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. 

 The DOM was 82, which is

  • Up 30.2% from 63 days last month
  • Up 26.2% from 65 days last year

The Average For Sale Price 
The Average For Sale Price was $412,000 which is

  • Up 3% from $400,000 from last month 
  • Down 2.4% from $422,000 from last year.  

The Average Sold Price
The Average Sold Price was $279,000 which is

  • Down 4.8% from $293,000 from last month 
  • Up 1.5% from $275,000 last year.

A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.

Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory. 

Months of Inventory based on Closed Sales,  was 3.1 was 

  • Down 6.1% from 3.3 last month 
  • Up 3.3% from 3.0 last year

Absorption Rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed each month.

Buyer’s market: 16.67% and below
Seller’s market: 33.33% and above
Neutral market: 16.67% - 33.33%

Absorption Rate based on Closed Sales
The Absorption Rate based on Closed Sales is 32.6%

  • Up 7.2% compared to 30.4% last month
  • Down 1.5% compared to 33.1% last year

City of Bradenton
Published: June 2018*
Property Types: All Res. Proptype - All Properties - All Properties -
All Property Statuses

All reports are published June 2018, based on data available at the end of May 2018, except for the today stats. All reports presented are based on data supplied by the Mid-Florida MLS. The Mid-Florida MLS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by the Mid-Florida MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

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