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Happy Labor Day!
Tag: Manatee County
The number of single-family homes sold in Manatee were down 22% YoY in July. While the pace is definitely slowing, prices are holding better than one would expect in this scenario (so far). Inventory is coming on the market quickly, and the active inventory is at around three months of sales volume. Both of these are good signs for balancing the market as sellers have dominated for some time now. How this will ultimately impact price is another story. The law of supply and demand will definitely govern, but the backdrop of the broader economy will definitely play a role.
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Why Own?
There are many reasons why home ownership is more compelling than renting. The infographic below from Florida Realtors via NAR highlights seven important ones.
We have seen the brakes heavily applied to the number of real estate transactions in the United States. The chart below, from the National Association of Realtors, shows just how much has changed in recent months.
We are rapidly approaching two months of inventory in Manatee County, which is a welcome change from where we were over the last 12+ months. Buyers are starting to see real options and some leverage in negotiations. Personally, I am a much bigger fan of markets where both sides have leverage rather than the one-sided market (sellers this time) we recently experienced. If you have questions about the infographic below, or what the market looks like at your price point, let me know.
