Manasota Market Update June
Summer Market Overview: Sarasota and Manatee County Let's find out what's happening in the summer market here in Sarasota and Manatee County. We'll cover the following topics: Months of Inventory Median Price Days on the Market Single Family Homes Inventory:Currently, there are 5,567 homes for sale, representing a 76.5% increase in inventory from the same quarter last year. This significant rise provides more options for buyers. Sales and Absorption Rate:The number of sales fell by 0.06%, resulting in a current absorption rate of a 3.4-month supply of homes, which represents a slight sellers' market. Median Price:The median price rose by 0.2% from quarter to quarter, now standing at $526,000 for the two-county region. This indicates that values have essentially remained stable over the past year. Days on the Market:On average, sellers are going to contract in 73 days, up 22.8% from the same quarter last year, and a 5.8% increase from a month ago. Implications for Sellers and Buyers:Sellers can still get a great price for their homes, but accurate pricing is crucial in 2024, which is vastly different from 2022. For buyers, the increased inventory means more choices and potential concessions off the asking price. Properly priced homes, however, are selling quickly despite the longer average market time. Condos, Villas, and Townhomes Impact of Rising Fees and New Laws:Rising condo fees due to the Florida Insurance Crisis and new laws requiring 30-year milestone inspections for buildings over three stories have shifted this market. Inventory and Sales:These affordability issues have led to more sellers putting their units on the market. Inventory has increased by a whopping 89.9%, while sales are down by 2%. The absorption rate is now at 4.9 months, a 92.4% increase from last year’s 2.8-month supply, shifting the strong sellers' market to a neutral market. Median Price and Market Times:The increased inventory has lowered values by 3.8%, with the median price falling from $394,000 to $365,000. Average market times have increased from 44 days to 82 days. Advice for Buyers and Sellers:For buyers, research is key. Investigate the financial health of the association and inquire about milestone inspections for older high-rise developments. For sellers aiming for a successful sale, hiring the right agent and setting the correct price from the start are crucial.
Get Ready for Hurricane Season: Tips and Resources
Introduction: Welcome to National Hurricane Preparedness Week! As we approach the hurricane season, which officially begins on June 1st, it’s vital to start preparing now. History shows that tropical cyclones can form even before the season starts, with 15 instances since 2003 of early storms. This year, experts from Colorado State University are predicting an active and above-average season, forecasting 23 named storms, 11 hurricanes, and five major hurricanes. Let's ensure we are well-prepared to handle whatever this season throws our way. Early Season Alert: It’s a common misconception that hurricanes only occur during the designated season. However, the reality is that they can form at any time under the right conditions. This underscores the importance of preparing early and staying vigilant throughout the year. 2024 Hurricane Season Forecast: The forecast for this year indicates a higher than usual activity. With 23 named storms, 11 of which could become hurricanes, and five potentially escalating to major hurricanes, it's clear that preparation is more crucial than ever. Local Preparedness Tips: Sandbag Distribution Centers in Manatee County: Manatee County provides sandbag distribution centers where residents can fill up to ten bags per household. Sandbags are a first line of defense against flooding, one of the primary threats during a hurricane. Emergency Shelters and Evacuation Routes: Multiple emergency shelters are available throughout Manatee County. These shelters are a vital resource for those who need to evacuate from vulnerable areas. Familiarize yourself with local evacuation routes. Knowing your route can save crucial time during an evacuation. Resources for Residents: For more detailed information, including a full list of shelters, a map of evacuation routes, and other critical resources, visit the Manatee County emergency management website. This site provides up-to-date and comprehensive information essential for hurricane preparedness. https://www.mymanatee.org/departments/public_safety/emergency_management Conclusion: As we gear up for another hurricane season, the importance of preparation cannot be overstated. By understanding the risks, utilizing local resources, and following established safety measures, you can significantly improve your readiness and safety. Remember, the best time to prepare for a hurricane is before it arrives. Let's stay informed, stay prepared, and stay safe.
First Homes For Full Time Heroes
For many individuals across the nation, the dream of owning a home often feels out of reach due to various financial constraints. However, thanks to initiatives like the Florida Hometown Heroes Loan Program, this dream is becoming a reality, particularly for those who serve our communities as first responders, medical professionals, and more! This program offers tangible assistance to those who dedicate their lives to keeping us safe and healthy. At its core, FL Hometown Heroes is a testament to the profound impact that targeted support can have on individuals and families. By providing down payment and closing cost assistance, this program honors the invaluable contributions of our everyday heroes. From offering financial assistance, to having the benefits of tax exemptions, and even a lower first mortgage interest rate, this program is built to serve those who serve our communities! Though it's easy to see why you should apply, there are some requirements to receiving this amazing benefit. The top one is being employed by a Florida based employer and working 35+ hours per week to qualify. Another big factor is that this program is only for first time buyers who "must have had no present ownership interest in a principal residence at any time during the three-year period prior to the date on which the Mortgage Loan is executed unless qualifying under the Veterans’ Exemption or as an active-duty military borrower." This program serves as a tangible expression of the phrase "helping those that help us," highlighting the interconnectedness and mutual support that define tight-knit communities. Aspiring homeowners who are first responders, medical professionals, or other essential workers are encouraged to explore whether they qualify for the program. By visiting their website or simply searching "FL Hometown Heroes Loan Program", individuals can access valuable resources and determine their eligibility for this wonderful opportunity!
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