Newspaper article Sarasota Herald Tribune

Short Supply, High Demand

Newspaper article Sarasota Herald Tribune

Short Supply, High Demand

Article excerpt

If you want to buy a mid-priced,__ single-family home__ in Southwest Florida, better__ move fast.__ Homes priced around the__ median -- $255,000 in Sara-sota__ and Manatee counties__ in February (the latest data__ available) -- sell swiftly and__ often attract multiple offers,__ local real estate agents say.__ While local sales have lev-eled__ off in 2016 after two__ torrid years, prices have__ increased at double-digit__ levels, making mid-priced__ homes one of the hottest in__ the residential real estate__ market.__ Realtor Glenn Brown listed__ a five-year-old home for__ $269,900 in the Cottages at__ Blu Vista neighborhood in__ south Manatee County, and__ signed a buyer in 10 days.__ "Homes sell quickly in that__ price range. The demand__ is there, absolutely," said__ Brown, an agent with Re/Max__ Alliance Group. "The buyers__ have to be ready to write an__ offer."__ The median price was up__ 13.3 percent in February over__ the year in Sarasota-Man-atee.__ But prices fluctuated__ -- in Sarasota, the median of__ $252,250 climbed 28.7 percent__ over the year, while in Mana-tee__ it was down 0.7 percent to__ $255,000.

In Charlotte County,__ the median sale price for__ an existing single-family__ home was $175,000, a 19.0__ percent annual jump. The__ median price is the mid-point__ -- half the sales were__ lower, half were higher.__ That $255,000 median__ in Sarasota- Manatee is__ "dead on," said Charryl__ Youman, a Realtor__ with Berkshire Hathaway__ HomeServices Florida__ Realty in Venice.__ "Single-family homes,__ $100,000 plus-or-minus__ that median, is exactly__ where our most robust__ sales are happening,__ $155,000 to $355,000,"__ she said. "Nice homes__ closer to, or just under,__ that $200,000 price point,__ is still our hottest market,__ selling very quickly. Up__ from last year, when it was__ more like anything under__ $150,000. What a differ-ence__ a year makes."__ In west Bradenton,__ similarly priced homes are__ drawing multiple bids less__ than two weeks after listing,__ said Steve Goldman,__ an agent with Wagner__ Realty.__ "Some are actually just__ days on the market," he__ said. "Lately they've been__ selling pretty quickly."__ Homes were getting to__ contract in an average 40__ days in Sarasota, nine days__ faster than last year, and in__ 48 days in Manatee, nearly__ three weeks quicker.__ Sellers pocketed more__ than 95 percent of their__ original list price in both__ counties, about 1 percent__ ahead of last year.__ Where are they?__ B u y e r s w i l l f i n d__ median-price homes in__ such established Sarasota__ neighborhoods as South-gate,__ Village Green and__ Forest Lakes, Brown said.__ H e j u s t l i s t e d a__ three-bedroom, two-bath__ home in Forest Lakes__ South for $275,000.__ "If it's properly priced__ and in good condition, it__ will sell," he said. …

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