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%.
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.
We continue to move closer to market balance in Manatee County after a lengthy run of sellers holding most of the cards. Inventory levels are up to almost 4 months of sales (6 months is considered in balance between buyers and sellers). As the price point rises, inventory levels shift more towards buyer leverage. We are now entering our peak season in Florida, so the next few months will be telling as to the market direction. The infographic from Florida Realtors below has the latest results from November.
It may seem like rooftop solar should be a no-brainer in Florida; however, it really isn’t that simple. I know several people who have moved from the northeast where they had rooftop solar. With all of the extra sunshine in our state, it would seem that if it worked there, it should work here. Unfortunately, it is not that simple. Most of the time, state sponsored incentives made solar economically viable in their last home. Without the incentives, the financial benefits just wouldn’t materialize. Those incentives just don’t exist to the same level in Florida. The infographic below from Florida Realtors shows some starting questions to ask here before you make a decision.
New listings are moving in tandem with closed sales in Sarasota County. As both are shifting down, the median sales price has continued to rise materially year on year. While the three months of inventory in available homes looks great when compared to 2021; it still is lower than we would like for market balance. We are seeing sellers give some concessions in this market; however, buyers shouldn’t be expecting material “bargains” based on the transaction results to date. The infographic from Florida Realtors below has the latest details.
