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.
The luxury single family home market ($1M+ homes) is more of a buyer’s market in both Manatee and Sarasota County this year than last. 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.
As we prepare for the upcoming Labor Day weekend, I know we are all closely monitoring Hurricane Dorian and the potential impact it may have on our region & Florida. As you are aware, at this point the path of this powerful storm remains uncertain. With the safety of all of us at the forefront of our thinking, I thought I would share the hurricane preparedness links for Sarasota and Manatee Counties.
Be safe all!
The local market for condos and townhomes is continuing its shift. When compared to last year at this time, the market moved towards a buyer’s market across most price points in Manatee and Sarasota counties, with the most extreme movement happening in the luxury space in Sarasota. The exceptions (where the market is more of a seller’s market this year) are below $400,000 in Manatee and from $600,000 to $999,999 in Sarasota.
The luxury single family home market ($1M+ homes) is more of a buyer’s market in both Manatee and Sarasota County this year than last. 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.
