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Bradenton, FL - Recent New Home Sales Decline Year-Over-Year in February After Rising Year-Over-Year in January

Posted on: May 06, 2012 09:16:45 AM

In February, there was a decline year-over-year in new home sales in the Bradenton, FL market, a move downward following a gain in January 2012. Sales moved to 134 in February 2012 from 135 a year earlier. This followed a 51.2% boost in January from the year earlier.

A total of 2,035 new homes were sold during the 12 months that ended in February, down from 2,036 for the year that ended in January.

Of the total number of sales, new home sales made up 8.3%. A year ago, new home sales made up 9.1%. For new and existing homes, sales rose year-over-year in February after also increasing in January year-over-year.

Pricing and Mortgage Trends

Average price of newly sold homes saw a 20.5% boost year-over-year in February to $256,877 per unit. This is a reversal from the 11.0% fall in January from a year earlier.

The average mortgage size on new homes moved north year-over-year along with new home prices. The average mortgage size rose to $185,463 in February, marking a 13.5% rise compared with a year earlier. In January 2012, average mortgage size on newly sold homes saw a 2.8% decline from a year earlier. The overall percentage of sale price that was being financed dipped 4.5 percentage points year-over-year to 72.2% in February 2012. This came after a 7.0 percentage point rise in January from a year earlier.

Other Market Trends

As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. Single-family home sales gained from 75.6% of new sales in February 2011 to 80.6% of sales in February 2012. Conversely, the share of new home sales belonging to attached units fell to 19.4% of sales from 24.4% of sales.

There was a 21.3% decline year-over-year in the average unit size of newly sold homes to 1,564 square feet in February 2012. This fall was opposite the price bump, a pattern also seen in January 2012 when the average size of newly sold homes declined 20.4% to 1,700 square feet.

Foreclosures and real estate owned (REO) sales remained a drag on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 37.5% of sales. They made up 42.7% in February 2011. The percentage of existing home sales involving foreclosures rose to 20.2% in February from 14.3% a year earlier while REO sales as a percentage of existing home sales slid to 17.3% from 28.4% a year earlier.

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