The issues we are seeing in Manatee County are even more pronounced in Sarasota. There simply isn’t enough active inventory to support a balanced real estate market. While some factors are trending in the right direction, they are doing so ever so slowly. See below for more details.
We saw a major dip in YoY closed home sales in Manatee in March as the lack of active inventory continues to drag the market down for home buyers. If there is a silver lining, it is that new listings are up YoY. I would like to see active inventory levels about five times higher than they are today. With that, we would see more balance in our local market. See the infographic below for more details.
The National Association of Realtors just released its updated statistics from March. These apply to the U.S. rather than just our local market area. Below are some important snippets.
We saw mortgage interest rates trend sharply higher in the last 30 days. The recent change will cost new borrowers another $30 per month for every $100,000 borrowed.
While it seems like sellers need to nothing to sell their home for top dollar these days, the signs of a shift are popping up around us. If you are thinking about selling and have cash on hand for some upgrades, you will likely see a nice return by upgrading appliances (see below).
