What can we expect in 2019 Sarasota Real Estate? Let’s start with what has happened during 2017 & 2018. Total Sales Dollars increased between 6% and 11.9% depending upon the County over the preceding year. Total Unit Sales also increased between 2% to 8%. And finally, and most important, the Appreciation increased between 1.8% to 6.3% depending on County over the previous year.
Now the three County Annual News & Projection for 2019…….
In Sarasota County. The Total Dollar Sales increased 6% to $4,644,250,564 in 2018. Total Unit Sales increased to 12,561 Properties Sold. Property Appreciation increased 1.8% from the previous year. Inventory Level increased to 5.5 months of Inventory. Remember 6 months of Inventory is considered a Normal “Balanced” Market.
Manatee County. The Total Dollar Sales increased 11.9% to $3,121,092,391 in 2018. Total Units Sales also increased 8% to 9,576 Properties Sold. Property Appreciation increased 3.75% from the previous year. Inventory Level decreased to 4.1 Months of Inventory.
Charlotte County. The Total Dollar Sales increased 8.5% to $1,463,863,386 in 2018. Total Unit Sales increased 2% to 5,926. Property Appreciation increased 6.3% from the previous year. Inventory Level increased to 5.5 months of Inventory.
Projection for 2019. In all 3 Counties the Inventory Level in January 2019 is now at or over 6 Months of Inventory. Sellers are anxious to obtain higher prices, while Buyers are reluctant to pull the trigger at those higher prices. Consequently, we are seeing more Market Adjustments or Price Reductions.
I expect the volume of Unit transactions in all 3 Counties will continue at the levels of the past years. There are 1,000 people a day moving to Florida because of weather and more favorable economics (those high Northern Taxes). Property Appreciation will continue at 2% to 4% and Mortgage Rates will remain in the 4% range. More Finance of Properties than Cash Sales. Take a look at the graphics with the Real Estate Activity by County in Manatee, Sarasota and Charlotte Counties to see specific 2017 & 2018 changes to Total Dollar Sales, Total Unit Sales, Average Sold Price, Number of Cash Sales & Finance Sales.
Still very attractive Single-Family Home & Condominium Pricing and Great Interest Rates!
Interest Rates for a 30-year mortgage with 20% down (Single Family Home):
$100,000 for 30 years at 4.375% costs $499.00 per month.
$200,000 for 30 years at 4.375% costs $999.00 per month.
$300,000 for 30 years at 4.250% costs $1,475.00 per month.
Different types of Loan Products are available including:
• FHA 100%
• Bank Statement Program for Self Employed
• FHA 96.5% – Down to 580 Credit Score
• USDA 100% Loans – 620 Credit Score
• VA – 100% Financing
• FHA Streamline Refinance
• W-2 Only Program
• Condo Financing
• International Buyer Financing
Each person qualifies for a loan differently and your interest rate could be different. APR is not quoted, but available. Different programs are available with low down payments. Call me to see what your rate is.
Still Low Housing Prices & Great Interest Rates! What are you waiting for?
We can help you with an REO/Bank Owned, Short Sale, Normal Sale or New Home Sale. Don’t miss your opportunity!
Call Kym at (941) 400-9420 or Helen at (941) 400-9489 to help you find Your Florida Lifestyle!
Published on 2019-02-18 09:41:59