Monday, September 8, 2014

Distressed sales high, but falling in Southwest Florida

Distressed sales high, but falling in Southwest Florida


PHOTO ILLUSTRATION / TERRY GALVIN; IMAGES / SHUTTERSTOCK
Published: Monday, September 8, 2014 at 1:00 a.m.
Last Modified: Saturday, September 6, 2014 at 4:46 p.m.
SALES OF DISTRESSED HOMES IN Southwest Florida have continued to decline throughout this year, mirroring a state and national trend.
But Florida is still reporting the second-highest level of short and foreclosure sales as a percentage of all residential transactions.
Distressed sales accounted for 21 percent of all single-family home and condominium sales in Sarasota County in July, the most recent month measured by real estate researcher RealtyTrac. That was down from 26 percent of such sales one year earlier.
Short, foreclosure or bank-owned sales accounted for nearly 20 percent of all homes sales in Manatee County, down from 28 percent over the year.
In Charlotte County, distressed sales totaled 20 percent of all residential closings, compared with 31 percent in July 2013.
All three counties were below the statewide figure of 26 percent, however, of all sales stemming from the distressed market.
By comparison, the U.S. average was just 13.6 percent.
Median homes prices in the region, meanwhile, topped the national average in July.
The median sale price was $161,500, up 9 percent over the year, in Sarasota; $172,000, up 7 percent, in Manatee; and $129,075, up 10 percent, in Charlotte.
"As distressed sales continue to decline, the share of sales is tilting toward more expensive homes, boosting the nationwide median sales price," said Daren Blomquist, a RealtyTrac vice president.
"The nationwide home price increase, however, masks slowing home price appreciation in the majority of housing markets across the country," he added.

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