Published: Tuesday, Oct. 13, 2009

Updated: Tuesday, Oct. 13, 2009

Home sales climb in Manatee County

MANATEE — In an economy that is still in recovery mode, Stacey Brebaugh and her husband, Michael, made the biggest purchase of their life last month.

The two took the plunge into homeownership, purchasing a short-sale home in West Bradenton with an offer in the $170,000 range.

“It’s a little bit nerve-wracking for sure,” Brebaugh said. “But we ended up getting a nicer house, in a nicer neighborhood and our payments are less than the $1,400 we paid in rent.”

The Brebaughs’ purchase was among 297 single-family homes sold in Manatee County in September, reflecting a 37 percent increase from the 213 homes sold in the same month last year, according to statistics released Monday by the Manatee Association of Realtors.

September home sales also increased on a month-to-month basis. Single-family home sales climbed 6 percent from reported home sales in August.

“Manatee County continues to maintain a strong home sales pace, helped in part by the $8,000 federal first-time homebuyer credit, as evidenced by the September total,” said Barry Grooms, president of the Manatee Association of Realtors. “We anticipate the market will remain active going into the winter.”

Brebaugh said aside from getting their home for nearly $30,000 less than its listed price, the first-time homebuyer tax credit was a convincing factor.

“It’s $8,000 that we get back,” Brebaugh said. “We’re also positive that our house will eventually recoup its value as the economy eventually recovers.”

Gina Uliano, a Realtor and branch manager for Wagner Realty, said prospective homebuyers have a different perspective on the market than they did a year ago.

“I would say now, I think buyers are finally thinking this may be the best time to buy,” Uliano said. “Many are also afraid prices will go up and afraid interest rates may go up.”

According to the Manatee Association of Realtors’ report, median sales prices increased by 2.8 percent in September to $180,000, up from $175,000 in August.

Another positive sign for the market is the inventory level, Uliano added.

The inventory of single-family homes decreased 39.7 percent from September 2008 to September 2009. The 3,510 listings in September 2009 translates to 6.2 months of supply compared to an estimated 22.6 months of supply in September 2008.

The first-time homebuyers credit, Uliano agreed, is helping sales.

“I think you can say that’s why we’ve seen sparking activity between August and September,” Uliano said. “Even if the tax credit isn’t extended, I think buyers will still be out in the marketplace a lot more than they were last year.”