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

As I gear up for my 2023 Sarasota County housing market forecast, this month my focus is on active listings, which are a forward looking indicator on how prices are trending.  In October, the year over year median active list price for single family resales was unchanged at $599,000.  Approximately 40% of all active listings … Continue reading Prices have plateaued

Where are prices heading?  Historically, less people list in November and December. With mortgage rates hovering at 7% and recovery from Ian just getting underway, I expect fewer sales. Inventory will continue its slow ascent as prices weaken. It remains a seller’s market – a slight advantage. Forward looking indicators reflect a market more favorable … Continue reading Where are prices heading?

Sarasota County continues to have a critical shortage of homes for sale, and it does not appear to be changing any time soon.  Notwithstanding the spike in mortgage rates to 6.02% last week, the highest since the financial crisis of 2008, fewer homes are for sale, resulting in less sold homes.  Not only are more … Continue reading Critical shortage of homes not changing any time soon.

Tracking the number of mortgage applications for purchase (“MAFP”) is a strong barometer of trending sales. When MAFP increase, home sales rise. Conversely, a downturn in MAFP means less homes selling. In July, the Mortgage Bankers Association (“MBA”) reported MAFP fell to their lowest level in 22 years and continued to fall 1.4% in the … Continue reading Home sales, interest rates and prices.

The Sarasota housing market is cooling. It is still a strong seller’s market, but it has lost its effervescence. The tide has begun to turn. There are fewer showings and days of multiple offers are winding down. A combination of rising interest rates (currently 5-6%), 43% more homes for sale and 12% less homes sold … Continue reading The tide has begun to turn.