Longboat Key and Sarasota Market Data

News June 2017

Housing Report

Note: National Association of Realtors® (NAR) data shown below is from April (most current national data)

A persistently low supply of existing homes available for sale slowed April's sales velocity, resulting in a 29-day median number of days that a home remained on the market, a new low according to the National Association of Realtors®.

Total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops), fell 2.3% to a seasonally adjusted annual rate of 5.57 million in April from 5.70 million in March. Despite the decline, sales remain 1.6% higher than a year ago and represent the fourth highest pace for the last 12 months.

  Existing Home Sales By Region
NAR's chief economist, Lawrence Yun, said that every major region except the Midwest saw a drop in existing sales in April. "Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," Yun said. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."

Housing Data Takeaways

April's median existing-home price (all housing types) was $244,800, up 6.0% from the same time last year ($230,900). Price gains in April represent 62 consecutive months of year-over-year growth.

Total housing inventory nationally at the end of April rose 7.2% to 1.93 million existing homes available for sale, and is 9.0% below one year ago (2.12 million) and has dropped year-over-year for 23 straight months. Nationally, unsold inventory offers a 4.2-month supply at the current sales pace,  down from 4.6 months a year ago.  

Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the first time in six months, dipping to 4.05% in April from 4.20% in March. For all of 2016, the average commitment rate was 3.65 percent.

Summer Selling Opportunities

Sellers, you have an excellent opportunity to sell your home this season if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market today in many places is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell as soon as it could.

An Overpriced Home:
· Minimizes offers
· Lowers agents response
· Limits qualified buyers
· Lowers showings
· Lowers prospects
· Limits financing
· Wastes advertising dollars
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Save Thousands in Interest

Many people ask about bi-weekly payment plans designed to reduce the interest paid out over the course of your loan. These programs help the borrower budget an extra payment a year, and over time this can knock years off the repayment schedule.

You might be surprised to learn that you can do this yourself without any special programs, simply by submitting an extra principal payment as you are able. By submitting an extra payment, you get the advantages of an early payout, without the extra contractual obligation. Now is a great time to assess your financing options.

Contact us today for our list of preferred local lenders!

Why Choose
Roger Pettingell?

Experience

  • Over 32 years as a top producing REALTOR® on Longboat Key and in Sarasota.

Achievements

  • Number 1 single Coldwell Banker agent in all of Florida for 2008, 2010, 2012, 2013, 2014, 2015 and 2016
  • Number 1 Realtor on Longboat Key and Bird Key for 2008, 2010, 2012, 2013, 2014, 2015 and 2016
  • Number 1 Realtor for all Sarasota in 2008, 2010, 2012, 2013, 2014, 2015 and 2016
  • Coldwell Banker Society of Excellence award in 2013, 2014 and 2016
  • Ranked among the top 250 agents in the country for 2014 and 2016 by REAL Trends as reported in the Wall Street Journal.

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About Roger Pettingell

Roger Pettingell of Coldwell Banker Residential Real Estate is your Longboat Key, Florida Luxury Real Estate Specialist. Roger provides his real estate expertise to sellers, investors, developers, and buyers in the Sarasota area including Anna Maria, Bird Key, Bradenton Beach, Casey Key, Cortez, Grand Bay, Holmes Beach, Longboat Key, Marina Bay, Osprey and Siesta Key. Search for homes, luxury homes, condominiums, investment property, development property, and vacant land and lots on the Longboat Key, Florida and the surrounding area.