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 [...]

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 [...]

Published September 14, 2023

On September 11^th, 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 [...]

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.  [...]

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 6.5%?

Nevertheless, supply remains so low, [...]

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 some things to think about. [...]

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 this time, but they remain 40% [...]

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. [...]

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. [...]