The latest mortgage statistics show higher levels of delinquencies this year. Both short-term delinquency rates (30 days late) and more serious delinquencies (90 days plus late) are up when compared to the same period last year. However, foreclosure rates continue to be lower than they were last year.
Tag: Sarasota
We saw mortgage rates stay essentially flat again last month after a rapid rise to start this year. Average U.S. rates for 30-year fixed rate mortgages are currently at 4.54%. At the end of last month, they were sitting at 4.55%. While it is great to see upward momentum reverse for the time being, the general forecast continues to be for a slow continued rise over the rest of the year.
The Sarasota and Manatee county markets for condos & townhomes are currently moving in lockstep. Both markets are Seller’s markets for condos & townhomes priced below $400,000, Balanced markets for condos & townhomes priced between $400,000 and $600,000, and Buyer’s markets above $600,000.
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.
Although the luxury single family home market ($1M+ homes) is much better balanced this year than last, it is still a strong buyer’s market in both Manatee and Sarasota counties. 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.
