The latest mortgage statistics show an improving market in Sarasota and Manatee counties as the numbers continue to improve. Both short-term delinquency rates (30 days late) and serious delinquencies (90 days + late) are lower than they were last year at this time. From a mortgage perspective, Hurricane Irma had significantly more impact than this year’s red tide.
The most recent data shows that there are roughly 54% less people 30 days late on their mortgages than there were last year at the same time. The total is only 2.9% (versus 3.2% last month).
The market for condos and townhomes above $400,000 has shifted in favor of buyers. When compared to last year at this time, the shift is especially pronounced when you reach the $600,000 and above market in both Sarasota and Manatee counties.
Whether you are looking to buy, sell or invest in real estate, it is important to understand market conditions. Real estate is hyper-local, with market dynamics changing from subdivision to subdivision. However, county trends generally give you a good idea of what to expect.