The luxury single family home market ($1M+ homes) is more of a seller’s market in Manatee County this year than last; however, it is relatively flat in Sarasota County. 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.
Congrats to Michelle & Mark! We have their home in contract in its first month on the market.
We saw mortgage interest rate change direction and start moving up in the last 30 days. The recent increase will cost new borrowers an additional $7.34 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 3.73% as of this week. Last month at this time, they were sitting at 3.60%. The slow and steady decline since November 2018 has halted for now.
You won’t want to miss this charming practically new home. Listed at $349,900, with three bedrooms, two bathrooms, and an office, this 2018-built home offers upgraded flooring in the main living area, a designer kitchen with large island, a walk in pantry, stone countertops, a café dining area, and a great room with large sliders that open up to a covered lanai overlooking a beautiful and peaceful lake.