Located in the southern region of Tampa Bay, Florida, the city of Bradenton has recently experienced a surge in home sales, providing local real estate experts with optimistic views of the future of the Bradenton real estate market. However, experts still point out that the real estate struggle isn’t over yet, considering the continuing decline in median sales prices and a still heavily distressed housing inventory. The Tampa Bay area has suffered from sharp declines in median prices and high foreclosure rates due to the recession that began in the fall of 2008. However, affordable housing prices, low interest rates, and the federal first-time homebuyer’s tax credit have enticed many prospective homebuyers to reenter the Bradenton real estate market, making Bradenton one of the most improved real estate markets in the Tampa Bay area in terms of single-family home sales.
According to the Tampa Bay Business Journal, the region has recently posted major increase in both its single-family home sales and condominium sales. Realtors say the recent burst of real estate activity has resulted in almost a 111 percent increase in condo sales. However, at the same time, the region also posted a 21 percent decline in median sales prices from about $131,000 in November of 2008 to $104,000 in November of 2009. Bradenton posted the largest increase in single-family home sales with a 63 percent jump from 482 sales to 784 sales between November of 2008 and 2009. However, Bradenton real estate also suffered from a 7 percent decline in median sales prices. Nevertheless, realtors are optimistic that the federal tax credit will continue to spur real estate activity in the region, promoting a successful and speedy recovery in the near future.
Tampa Bay Online has also noted the recent improvements in the Tampa Bay region real estate market. Most realtors in the region have reported that most homebuyers are saying that the federal tax credit was a major influence in urging them to invest in real estate. The Bay area posted a 34 percent increase in home sales in November from the previous month, with much activity taking place towards the end of November when the federal tax credit was expected to expire. However, since the deadline for the tax credit was extended to April, local realtors hope it will continue to promote real estate growth in the region.