Bargain basement starting to dry up

Lately it looks like a lot of investors have been scrambling to pick up the bargain single family homes under $200,000 in Manatee County.

With the exception of some great deals in the high end the rest of the market has been freezing or extremely cold.

The three bedroom, two bathroom under 200k market on the other hand is moving from warm to hot.

That market was never freezing but it certainly cooled off considerably over the past year or so.

Solds for homes in that range from across the county from in the past month show there is an 18 month inventory on the market. Pendings show just slightly over nine months.

Some of the more desirable communities have a lot less inventory and it is shrinking fast.

Six to nine months inventory is a neutral market. Nine months or more is a buyer's market.

Ancedotally agents have been telling me and I have seen all resales houses in good locations and in good shape under 200k (excluding potential tear downs or extreme makeover candidates) being snapped up fast.

As that market drys up the next market likely to start thawing will be the 200 to 250k range.

We haven't ended the ice age as far as the local real estate market goes but the latest market information shows there is some thawing around the edges.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com