While closed sales continue to trend significantly down year over year, the market has not shifted to favor buyers. Prices continue to rise and inventory levels are moderate (3-4 months of sales), at best. As sellers aren’t jumping to get their homes on the market, it looks like leverage will stay relatively balanced between buyers and sellers this busy season in Manatee. The infographic from Florida Realtors below has more detail.
While the seller’s market is nowhere near as strong today as it was in the first half of 2022, you still want to put your best foot forward when making an offer on a home in today’s market. The infographic from Florida Realtors below provides some helpful insights on how to do just that.
Mortgage interest rates were largely flat over the last 30 days. The minor recent change will only cost new borrowers about $1 per month for every $100,000 borrowed. Average U.S. interest rates for 30-year fixed rate mortgages were at 6.33% as of this week. Last month at this time, they were sitting at 6.31%.
The National Association of Realtors put together this infographic that I found as a helpful overview of the role of a real estate agent.
Closed sales were down 50% year on year in Sarasota County for single family homes in November. That is a massive drop; however, the market still doesn’t favor buyers at many price points. Inventory levels are at 4 months of sales (on average), so we are still a little short of the 6 months usually referenced as a balanced market. The signals are generally favorable for buyers though as cash sales are no longer the majority of sales in the county. That said, buyers shouldn’t be expecting to cash in on low offer to list price transactions at this time. The infographic below from Florida Realtors has more information.
