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 in about the same position this year as last in Sarasota County, and it is still a strong buyer’s market. In Manatee County, it is even a stronger buyer’s market this year than last. 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.
Roughly 63 percent of U.S. homeowners have mortgages. Given that large percentage, its important to understand what the equity positions in their homes look like to assess real estate fundamentals. The good news for us is that according to CoreLogic, homeowners with mortgages saw their equity in their homes rise by almost $1 trillion (12.3%) in the last year. That points to a healthier market.
The latest mortgage statistics show higher levels of delinquencies this year in Sarasota and Manatee counties. Both short-term delinquency rates (30 days late) and more serious delinquencies (90 days plus late) are up when compared to the same period last year. However, foreclosure rates continue to be lower than they were last year.
If you are the proud new owner of 6450 Watercrest Way, #301, you will have just that opportunity. Listed at $498,000, this 3 Beds 3 Bathroom condo features 2,287 square feet of living space plus a two-car private garage.
