Published September 14, 2023 On September 11th, The Wall Street Journal reported national home prices were 13% lower than last year. I’m sorry, but there is no national market. All real estate is local. In Sarasota County, prices were essentially the same, slightly above one year ago. In August, the average sold price per square … Continue reading A supply-constrained market keeps a floor on prices.
August 14, 2023 This is the best housing market for buyers since 2019. The current supply of homes is modestly higher than last year. This will keep prices flat to 6% higher over the next year. Lock in today’s flat pricing. When mortgage rates drop, refinance. Your home will be an appreciating asset as you … Continue reading Now is the time.
July 13, 2023 Lower rates create more demand. The supply of homes is a function of demand and sellers willingness to sell. When rates hit 6.5% more buyers move to the sidelines, and more sellers decide not to sell. After all, why would a seller give up a 3% mortgage to become a buyer at … Continue reading Summer Musings on the Local Housing Market
June 18, 2023 I thought this month I’d answer some questions from readers of The Rob Report, and buyers and sellers whom I have the pleasure to serve. I hope it provides insight on the state of the housing market in Sarasota County. If you are considering selling your home, I hope it gives you … Continue reading Your Questions Answered
May 9, 2023 Buyers who are sitting on the sidelines, thinking they will be able to pick up a house at bargain prices in 2023, will be disappointed. Although inventory has increased over 100% from a year ago, it remains 35% below pre-pandemic levels. Median sold prices have come down 12% from last year at … Continue reading Sarasota County: A clamp on prices.
April 24, 2023 Last week the average 30-year fixed rate mortgage rose to 6.39%. Higher mortgage rates have slowed home price growth. However, persistent buyer demand continues to fuel higher prices. In Sarasota County, median prices for existing single family homes rose 6.7% in the first quarter compared to the same quarter last year. Our … Continue reading Sarasota County: Market cools but continues to rise.
March 8, 2023 If you are not putting your home up for sale because you think it’s not a good time to sell, according to the facts, you’re wrong. Short term memory. There’s a tendency to compare conditions today based on recent events. I think some historical perspective is in order. The news:“Housing is … Continue reading Demand is driving the market, more than interest rates.
February 13, 2023 The unemployment rate, wages, interest rates and their effect on home prices. In Sarasota County, the median sold price for existing single family homes was $451,000 in January, down 5.8% from December, 2.4% less than one-year ago. Accordingly, as I reported last month, sold prices have plateaued. New listings increased modestly, 4.5%, … Continue reading The unemployment rate, wages, interest rates and their effect on home prices.
Rising rates and economic uncertainty sow doubts on the housing market. But if you’ve been watching the headlines, you get the impression there is no buyer demand, that prices are coming down. That is not the case in Sarasota County. Remember, local markets behave differently. We continue to have tremendous demand, including heavy traffic at … Continue reading Inventory and prices steady as mortgage rates fall.
How is it that median sold prices seem to be holding, not going down? The short answer is that the supply of homes for sale, although increasing due to more buyers marginalized from higher interest rates, is still not able to keep pace with demand. Sold prices are a 2-month lagging indicator, reflecting contracts signed … Continue reading 2023 Home Sales Forecast