Whether you are looking to buy, sell or invest in real estate, it is important to understand market conditions. Real estate is hyper-local, with market dynamics changing from subdivision to subdivision. However, county trends generally give you a good idea of what to expect.
The local market for condos and townhomes has not changed materially from last month. However, when compared to last year at this time, the market favors sellers across all price points in both Sarasota and Manatee counties.
The luxury market continues to be as hot as I have seen it since I started serving real estate clients in Florida. Usually, the higher end of the market tends to favor buyers, with over seven months of available inventory for sale at any point in time. However, there are now less than four months of available inventory in both Sarasota and Manatee counties, making them seller’s markets.
We saw mortgage interest rates drop again in the last 30 days. The recent change will save new borrowers another $3 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 2.65% as of this week. Last month at this time, they were sitting at 2.71%. Of course, both are historically low.
Congratulations to our sellers in Clubside at Country Club East! Their lovely home is in contract after just coming to market.