For some reason, I’m finding this summer more uncomfortable than in past years. I considered that I’m just getting older, but I can’t believe that, or maybe reading the sales statistics every month is getting me hot under the collar.
The June nationwide and local sales statistics both came out the same day on July 23, too late for last week’s paper. The numbers are, to say the least, cool if not frigid. It’s no wonder I’m feeling the heat.
Since the national report is printed in most national newspapers you may have already seen it, but it’s my mission to make sure all my readers don’t miss anything. So, these are the nationwide numbers, and the Manatee County statistics will follow for June:
The national numbers are based on existing single-family homes. The median sale price nationally was $426,900 for June which was up 4.1% from last June. The month’s supply of available properties was 4.1 months.
Manatee County single-family home sales were down 4.1% from last June. The median sale price was $518,950, down 1.2%, and the average sale price was $736,322, up 8.4%. The median time to contract was 57 days compared to 37 days last year. The number of active listings was up 56.6% from last June and the month’s supply of available properties was 4.0 months compared to 2.8 last year.
Condos in Manatee County closed 17.2% fewer units. The median sale price was $344,495, down 6.9%, and the average sale price was $416,198, down 11.6%. The median time to contract was 73 days compared to 34 days last year, and active listings were up 72.3%. The month’s supply of active listings was 5.8 months compared to 3.4 months last year.
The National Association of Realtors reports on the nationwide statistics on their website and the Manatee County numbers are on the Realtor Association of Sarasota and Manatee’s website. As you can see, the national median sale price is considerably lower than Manatee County’s, even though they report a 4.1% increase from last June.
Manatee County shows a slowdown in the housing market, as does Sarasota. Markets are influenced by a variety of multifaceted factors – rising interest rates, economic uncertainty, seasonal factors, market saturation with available listings, buyer choices and affordability. The opinion of the Realtor Association is that there are more opportunities for buyers right now, and serious sellers need to adjust their strategies and expectations.
The Federal Reserve has given some indication that interest rates could be falling before the end of the year, which should remove part of the interest rate negative. And with the end of summer and hurricane season, there could also be some pressure lifted off sellers. A real estate broker recently told me when the first snowfall happens in the north, that’s when you start to see the market moving.
Whatever statistics show, it’s still a moment in time, or at least a month in time, and could change next month. Our economy and national conversation is a moving target and could and likely will change with the next news cycle. Therefore, there’s no reason to get hot under the collar. October is just around the corner and I’m not getting older.
