The luxury condo market in Sarasota county is on fire! Almost 3 times as many condos over $600k are selling each month as last year, and there are less condos for sale than there were a year ago. At current sales rates, there is only about four months of inventory out there. It is definitely a seller’s market.
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Balancing the Market
For the past few years, we have seen quite a bit of change in the real estate market in Sarasota and Manatee counties. The two markets have sometimes moved together and have sometimes diverged. However, one fact has remained constant in both counties through the rest of the change. The market has remained balanced for single family homes selling between $400,000 and $599,999. What do I mean by balanced?
In the past two months, we have seen average mortgage rates jump up from 4.09% to 4.51%. That may not sound like much, but it really makes a difference. For every $100,000 you borrow today, you will be paying almost $25 more per month in interest than you would have been just 60 days ago.