We saw a reversal in mortgage rates last month after a rapid rise in April. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.64%. At the end of last month, they were sitting at 4.73%. While it is great to see upward momentum reverse for the moment, the general forecast continues to be for a slow continued rise over the rest of the year.
Tag: Manatee County
The Sarasota and Manatee county markets for condos & townhomes remain disconnected for properties between $600k and $1M. In Manatee, it is better to be a buyer; however, in Sarasota the market is balanced. While the $1M+ condo market in Sarasota has favored sellers all year, this is the first month that we also see it happening in Manatee.
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 much better balanced this year than last, it is still a strong buyer’s market in both Manatee and Sarasota counties. 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.
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Price Reduction in Esplanade
Enjoy the benefits of Esplanade resort living in this 3 bedroom, 3 bath condo. With almost 2,400 square feet of living space, this is a rare opportunity to own a “non-golf-bundled” home in one of Lakewood Ranch’s most sought-after communities.