We saw mortgage rates drop a little bit more in the last 30 days. The most recent decrease will save new borrowers an additional $8.19 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 4.17% as of this week. Last month at this time, they were sitting at 4.31%. We have seen a slow and steady decline since November.
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.
Arrive by boat or by car! Homes with front and back bay views on Siesta are rarely available. Listed at $5,925,000, this five-bedroom, six-bathroom home boasts 7,443 square feet and six garages.
While the luxury single family home market ($1M+ homes) is more of a buyer’s market in Sarasota County this year than last, it is in roughly the same place in Manatee 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.
The local market for condos and townhomes above $400,000 currently favors buyers. When compared to last year at this time, there has been a significant shift towards a buyer’s market for condos across all price points in Sarasota county. While Manatee county hasn’t shifted towards a buyer’s market across all price points, it has at the luxury end of the market.
