We saw a major dip in YoY closed home sales in Manatee in March as the lack of active inventory continues to drag the market down for home buyers. If there is a silver lining, it is that new listings are up YoY. I would like to see active inventory levels about five times higher than they are today. With that, we would see more balance in our local market. See the infographic below for more details.
We saw mortgage interest rates trend sharply higher in the last 30 days. The recent change will cost new borrowers another $30 per month for every $100,000 borrowed.
While it seems like sellers need to nothing to sell their home for top dollar these days, the signs of a shift are popping up around us. If you are thinking about selling and have cash on hand for some upgrades, you will likely see a nice return by upgrading appliances (see below).
While it was good to see new listings start to rise, the market remains very tight in Manatee. We still have a long way to go to get to a “normal” market. That said, market dynamics can change rapidly. See the chart below for the latest results.
