Sarasota Real Estate Market Minute
This is a brief real estate market update for Sarasota and Manatee counties
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We can’t definitively say how long this market will last, but the experts I follow agree that we should see some cooling off over the next few months. Hopefully that will lead to more inventory which in turn will lead to slower price growth.
There are 2 factors I’ll mention today. First, the median price of newly listed homes dropped by 15% in the first 2 weeks of June. The sales price of homes, in some price ranges, has ticked down just a few percentage points.
Also the number of active listings with price decreases has risen slightly, while the the number of price increases has dropped slightly. It’s too early to say if this represents a trend, but I do hear similar reports from Realtors in other areas in Florida.
Second, mortgage rates have risen above 3% for the first time in 10 weeks according to the Primary Mortgage Market Survey. Sam Khater, Freddie Mac’s chief economist said that if you can benefit from refinancing, now is the time to act.
If you’d like in-depth info on the local Real Estate Market, download the Sarasota Estate Estate Market Update. It’s packed with information about our local market. Get it today and each new issue will be delivered to your inbox as soon as it’s published.
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▬ About Victoria and Dave Ranck ▬
We are Realtors in the Sarasota, Lakewood Ranch and Venice areas of sunny Florida.
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