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?

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.

January 18, 2024 Interest rates drive inventory and home values. If you need to sell in this market, you must align your expectations with current market conditions. Gone are the days of multiple offers.  Expect more days on the market and buyer’s in the driver’s seat. It’s been a great run, but real estate is … Continue reading The Times They Are A-Changin’ – Bob Dylan 1964

Strategically pricing your home for sale is always the key. This past week in Sarasota County, 46% of all single family homes for sale had price reductions, 30% is the norm. In July, the median list price for all homes for sale was $580,000. This week the median price of new listings was $550,000, a … Continue reading Home selling strategies and outlook as we head into 2024

A look into 2024: Sarasota County Home Sales Follow the trends, take comfort in the data, and make an informed decision.  That is the reason I write these commentaries. As mortgage interest rates go, so goes inventory. Inventory increases as rates climb. As rates fall, inventory shrinks. Volatility in interest rates creates economic uncertainty. It … Continue reading A look into 2024

October 15, 2023 Although cooling, the economy remains overheated. The CPI increased 0.4% month over month, 3.7% year over year in September. Core inflation, which excludes volatile food and energy prices, rose 4.1% in September, well above the Fed’s 2% target. The cost of shelter was the single largest contributor to inflation, followed by the … Continue reading A softening of the housing market.

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