Over the past month, mortgage interest rates have decreased, which is good news for new borrowers. For every $100,000 borrowed, the recent drop in rates will save them approximately $21 per month. As of this week, the average interest rate for 30-year fixed-rate mortgages in the United States was 6.27%. This marks a notable improvement from the 6.6% rate observed last month.
The single-family home market in Sarasota County is moving a bit differently than Manatee. Closed sales are down materially YoY, but the median sales price still rose by 10%. That is telling us that the majority of the reduction in sales is coming from the lower end of the market. Homes from the middle to the higher end of the market seem to be less impacted by the 2023 downturn in volume. Like Manatee, Sarasota’s market is coming into balance between buyers and sellers. However, it is taking a different path depending on price point. The infographic from Florida Realtors below tells more of the story.
The single-family home market for Manatee County is continuing to find its way towards balance between buyers and sellers. YoY closed sales are still down, but not as much as the rest of the country. Also, median sales prices are continuing to creep up, but at a much more reasonable rate than in 2022. Overall, the market appears very healthy in Manatee. The infographic below from Florida Realtors shows more of the story.
The infographic from Florida Realtors below shows some of the most likely items to show up on a home inspection. I know home inspections can be a bit nerve wracking. However, the results are easily manageable the vast majority of the time.
Congratulations to our sellers in Esplanade as we have another one of our listings in contract!
