The May National Numbers are in....Do They Reflect the Florida Numbers?

Who wins; Buyers or sellers? Wathc as Mike breaks it all down for you!

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The real estate market is ever-changing, and staying informed is crucial whether you’re buying, selling, or simply keeping an eye on the market. This month, we delve into the national real estate numbers and compare them with the trends we see on Florida’s West Coast, particularly in Sarasota and Manatee counties.

 

Mortgage Rates: A Rollercoaster Ride

Mortgage rates have been volatile, oscillating between 6.6% and over 8%. This fluctuation is influenced by factors such as inflation, job creation rates, and the Federal Reserve’s policies. Senior economists from Zillow and First American highlight that ongoing economic uncertainties and geopolitical factors will continue to impact these rates. Understanding these dynamics can help you navigate your real estate decisions more effectively.

 

Home Sales: A Tale of Two Markets

Nationally, home sales have seen a decline from the highs of 2021 and 2022, now standing at approximately 4.3 million. Conversely, on Florida’s West Coast, particularly in the second-home market, sales are beginning to pick up again. This region’s unique appeal to global buyers helps stabilize and even boost local sales.

 

Price Trends: National vs. Local

While national home prices have seen modest increases, the Florida market tells a different story. Prices in Sarasota and Manatee counties have risen nearly 9% from last year, significantly higher than the national average of 3.4%. This trend underscores the importance of localized market knowledge when making real estate decisions.

 

Days on Market: What It Means for Sellers

The average days on the market have increased nationally, with homes now staying listed longer compared to the rapid turnover seen in previous years. However, Florida's West Coast sees a mixed trend. While there is an increase, it is not as pronounced, indicating a relatively stable market for sellers in this region.

 

Why Local Expertise Matters

Understanding these broad trends is essential, but the real value comes from local expertise. At Team Renick, we delve into hyper-local data, examining trends specific to individual communities, homeowner associations, and even specific properties. This granular approach ensures that our strategies are tailored to meet your unique needs, whether you're looking at condos on the islands or single-family homes on the mainland.

 

Conclusion

Staying ahead in the real estate market requires a deep understanding of both national trends and local nuances. Team Renick is dedicated to providing you with the insights and personalized plans needed to navigate this complex landscape. For a detailed analysis and personalized advice, don’t hesitate to reach out to Mike Renick at 941-400-8735. Let’s turn your real estate goals into reality!

 

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