We saw mortgage rates stay essentially flat again last month after a rapid rise to start this year. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.51%. At the end of last month, they were sitting at 4.54%. While it is great to see upward momentum reverse for the time being, the general forecast continues to be for a slow continued rise over the next twelve months.
The Sarasota and Manatee county markets for condos & townhomes are currently moving in lockstep. Both markets are Seller’s markets for condos & townhomes priced below $400,000, Balanced markets for condos & townhomes priced between $400,000 and $600,000, and Buyer’s markets above $600,000.
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.
Although the luxury single family home market ($1M+ homes) is better balanced this year than last in Sarasota County, 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.
The real estate market for townhomes and condos in both Manatee and Sarasota counties was great for sellers in the first half of 2018. Between the two counties, almost $1.3 billion worth of homes sold from January through June. The table below shows some of the highlights from the first half of this year.