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 foreclosures are down when compared to the same period last year. However, serious delinquencies (90 days + late) have flattened out.
Tag: Sarasota County
While I focus most of my time on what’s happening in Manatee and Sarasota counties, it’s also important to follow the broader real estate trends. Overall, the real estate market in the United States has been seeing significant price increases. Over the past 12 months, average sale prices for homes have risen by 5.6%.
The Sarasota and Manatee county markets for condos & townhomes are currently moving in lockstep for homes below $600,000. However, the Manatee market has really slowed down when compared to Sarasota for condos above $600,000.
We saw mortgage rates rise again last month. The most recent rise will cost new borrowers an additional $8.50 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.86%. At the end of last month, they were sitting at 4.72%. After a few months of relatively stability, the general forecast for a continued rise over the next twelve months is steadily becoming a reality.
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 will give you a good idea of what to expect.