Prices have flat lined in Sarasota County. In October, the median sold price of existing single family homes was $436,000. The average for the past 6 months was $428,000. What will it take to increase prices? Lower mortgage rates. Despite the Fed’s recent ¾% cut in the Fed Funds Rate, mortgage rates remain elevated, 6.8% … Continue reading What will it take to increase prices?

October 28, 2024 The combination of stormy weather (Hurricanes Helene and Milton) and a half percentage point rise in mortgage rates have temporarily stalled new listings and pending sales in Sarasota County. Month over month, new listings of existing single-family homes are down 26%, pending sales (homes under contract) down 36%. The stall will be … Continue reading Home prices in Sarasota County are looking up.

In Sarasota County, according to Trendgraphix, selling prices and the number of sold homes have receded, in search of a bottom. In August, the median sold price for existing single-family homes was $469,000. Although up 3.8% from $452,000 in July, it remained down 9.6% from one year ago when it was $519,000.  There were 500 … Continue reading “If I had eight hours to chop down a tree, I’d spend six hours sharpening my ax.” — Abraham Lincoln

August 8, 2024 The next 46 months will be interesting indeed. If you’ve been on the sidelines waiting for the right time to buy a home, it’s time to come off the bench, before prices begin to rise. Prepare now. Get ahead of the curve. Meet with a mortgage broker or lender. Go through a … Continue reading Home prices at lowest levels in 3 years: Get off the sidelines.

July 5, 2024 One of the best measurements of current market conditions is pending sales. It reflects market activity in “real time,” before sales close. It is a clear signal of future sales activity, the number of homes getting offers, price point, percentage spread, days to pending. According to Altos Research, in Sarasota County, for … Continue reading 2024 Half Year Report: Sales, Price and Interest Rate Projections

Published June 17, 2024 How popular is Sarasota County? Peer into the April numbers from Visit Sarasota: Visitors were 120,800 compared to 136,800 in 2023. Visitor direct expenditures were $174,210,500 compared to $177,372,100 in 2023. Lodging occupancy was 66.9%  compared to 73.9% in 2023. Lodging average room rate was $297.37 compared to $293.33 in 2023. … Continue reading Slower growth

In Sarasota County, last month there were more existing single-family homes for sale (82%), less new listings (-1.5%), and less sold homes (-13.7%) than a year ago. What’s notable is that last week (56%) of all listings had price reductions, 22% more than last year; median days on the market (63), 50% higher than a … Continue reading Where are home prices heading?

In the media much has been written and discussed, but misunderstood, about the $418 million settlement of the National Association of REALTORS® (NAR) Anti-Trust suit.  Let’s clear the air. The proposed settlement could be a positive resolution.  It gets rid of a cluster of copycat cases that would have embroiled the industry for years to … Continue reading The NAR Anti-Trust Settlement: Let’s Clear the Air

March 12, 2024   It is noteworthy that in the face of higher interest rates and geopolitical/economic uncertainty, prices of existing single family homes in Sarasota County have fallen only in the single digits.   If your home is for sale or you are considering selling, ensure your expectations align with current market conditions. Adjust … Continue reading Align your expectations with current market conditions. 

Publised February 18, 2024 This month’s focus is on inventory, specifically the increasing supply of homes for sale. I expect inventory will continue to grow all year long. As mortgage rates go, so goes inventory. As rates rise, more buyers move to the sidelines, inventory and days on the market grow, prices fall. When rates … Continue reading As rates go, so goes inventory.