The market started to materially shift in April, with even more change arriving in May. We finally have over a month of inventory available for single-family homes in Sarasota County (but just barely). The market still favors sellers in a big way, but more balance appears headed our way.
The National Association of Realtors is forecasting significantly lower home sales numbers for the next year. The chart below shows expected year on year change being negative through Q2, 2023.
Even though we are all tempted to go all in to get a home purchase completed, there are some steps to consider before any home purchase. The graphic below does a nice job of highlighting some important considerations.
CoreLogic is forecasting low risk of our homes going down in price over the next 12 months (see chart below). Our area falls into the “very low” category, with a less than 10% chance of price depreciation. As the U.S. population continues to shift in our direction, I agree with the company’s assessment that it is much more likely we continue to see rising home prices in the next year.
