Home sales are up in Bradenton-Sarasota for 3rd month in a row. What about price? (Tampa: for sale)

[wondermint2]

For full article:

https://www.msn.com/en-us/money/real...9c256006&ei=48

In July, for the third consecutive month, the sales of existing single-family homes in the Bradenton area increased while the median price fell.

Sales were up 10% to 624 homes, while the median price fell 1.2% to $515,000, compared to the same month a year ago, the Realtor Association of Sarasota and Manatee reported Tuesday.

In May, more homes changed hands in the Bradenton area than in any month since June 2021 while the median price fell 6.4% to $515,000.

The trend continued in June with 17.7% more homes — 759 — selling than in the same month a year ago. June also saw a decline in the median price from $550,000 to $525,000.

[Sunshine Rules]

Our Board of Realtors are calling this a stable real estate market, I personally would use another word....stagnant.

The high interest rates are having an impact on the local market, with many potential buyers sitting it out until the rates drop. A local mortgage broker who's been in the business for decades here recently told me that we should not expect to see an increase in the number of buyers until mortgage rates drop below 5.5%. Instead, rates are getting ever closer to 8%.

It's not just buyers. Home owners wanting to trade up or down are also sitting on the sidelines due to both lack of inventory and higher mortgage rates.

New construction sales are making a substantial contribution to the monthly statistics at this point. Even so, most of the builders have been advertising builder incentives for buyers since January of this year (normally the incentives disappear during the winter season, January - April).

It's not just our market. The median sales price for homes in Tampa, St. Pete & Clearwater have also dropped this summer, with the number of active listings increasing.

[joshan]

well said with Stagnant...

[MOforthewin]

Originally Posted by Sunshine Rules

Our Board of Realtors are calling this a stable real estate market, I personally would use another word....stagnant.

The high interest rates are having an impact on the local market, with many potential buyers sitting it out until the rates drop. A local mortgage broker who's been in the business for decades here recently told me that we should not expect to see an increase in the number of buyers until mortgage rates drop below 5.5%. Instead, rates are getting ever closer to 8%.

It's not just buyers. Home owners wanting to trade up or down are also sitting on the sidelines due to both lack of inventory and higher mortgage rates.

New construction sales are making a substantial contribution to the monthly statistics at this point. Even so, most of the builders have been advertising builder incentives for buyers since January of this year (normally the incentives disappear during the winter season, January - April).

It's not just our market. The median sales price for homes in Tampa, St. Pete & Clearwater have also dropped this summer, with the number of active listings increasing.

Further down the coast here houses are simply not moving in SWFL Lee, Charlotte, Collier. Had a customer who's a loan officer and he said it's slowed down for him a lot. I'm noticing a lot price reductions on houses around here, especially ones around 500k and up. Another realtor I used to work with isn't even doing much work right now it's so slow he said so he's focusing on repairing his house from Ian.

There is inventory around here right now, me that is.

Tampa is also more working aged people, people who are more likely to need bigger loans to buy a house versus a 60 year old who just sold their house up north and can pay cash or take a smaller loan they can afford.

Sarasota and Tampa area counties are two different markets, demographics of people. Sarasota County is about tied for median oldest age in FL. Hillsborough county is a pretty young county.

[beach43ofus]

This is low season for tourists, and home sales. I don't see why people drop their prices this time of year, when there are so few buyers around. If its a hardship case, then I get it, but otherwise, you are throwing money away.

I wouldnt even list my home for sale this time of year. No sooner than October 15th.

I'm seeing people list their homes at the slowest time of year, then lower prices time and time again...sad.

[MOforthewin]

Originally Posted by beach43ofus

This is low season for tourists, and home sales. I don't see why people drop their prices this time of year, when there are so few buyers around. If its a hardship case, then I get it, but otherwise, you are throwing money away.

I wouldnt even list my home for sale this time of year. No sooner than October 15th.

I'm seeing people list their homes at the slowest time of year, then lower prices time and time again...sad.

Yep. I see these wild 20k and more price reductions. Then again some of the homes listed I see listed are overpriced and they have been sitting on the market for months then these big slashes. I guess if you're in no hurry to sell it I'd list it high too if I didn't need to move fast. If it took 7 months so be it if you get full price with the right buyer.