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 Sarasota and Manatee county markets for condos & townhomes are currently moving in lockstep for homes below $600,000. However, the Manatee market has really slowed down when compared to Sarasota for condos above $600,000.
We saw mortgage rates rise again last month. The most recent rise will cost new borrowers an additional $8.50 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.86%. At the end of last month, they were sitting at 4.72%. After a few months of relatively stability, the general forecast for a continued rise over the next twelve months is steadily becoming a reality.
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 will give you a good idea of what to expect.
The luxury single family home market ($1M+ homes) is much more of a buyer’s market in Sarasota County this year than last. Although Manatee County is also a stronger buyer’s market for luxury homes this year than last, it hasn’t changed nearly as much as Sarasota County. Markets are generally considered in “balance” when there is about six months of inventory for sale at the current pace of home sales. When the inventory gets greater than that, buyers tend to have more leverage than sellers in negotiations.
