The new year is always the time to evaluate the previous year and predict what the following year will bring based on that information. All realtors are guessing what the market will do in 2019. One local article had a unique prospective and prediction for the 2019 real estate markets in both Sarasota and Manatee counties.
2019 is filled with Millennials, which happens to be the largest segment of home buyers. 45% of new mortgages will be applied for by millennials while only 17% of the mortgages will be applied by baby boomers.
Forbes.Com predicts the following:
Millennials
- Millennials will apply for more than 45% of all mortgages and predict a really good real estate year in 2020 as the millennials will turn 30, but feel 2019 will be a little slower, which could have positive benefits long-term.
- They also feel millennials will be purchasing less expensive condos and lower end vacation homes as they’re more affordable, especially if the interest rates rise as predicted.
International Market
- If you’re seeking something outside of the Sarasota/Manatee market, Forbes.Com is also recommending investment properties in the Bahamas. As they have been hit by several hurricanes, the communities are starting to rebuild and waterfront property is literally 10 cents on the dollar.
Realtor.Com has two forecasts of their own:
Mortgage Rates
- They first believe mortgage rates will hit 5.5 percent by the end of 2019
Sellers Market
- They predict the market will be a sellers’ market, however, negotiations will have to be made on price
Manatee and Sarasota county forecast:
- Manatee county have a phenomenal November and closed 7.6 percent more properties and 12.9 percent more condos than last year.
- In addition to the number of properties sold, the median sale price in Manatee county increased 8.5 percent from last year and now resides at $313,496.
- Condo sales increased 2 percent to $186,500 in Manatee county while single-family homes increased 4.9 percent to $379,982
- Homes in Manatee county typically sold within 90-95 days
- Median sale price in Sarasota county increased 5.3 percent to $300,000
Florida forecast:
- Florida continues to see a rise in the median sale price on single family homes, which is now $255,000, an increase of 6.3 percent from last year.
- Condos in Florida are also on the rise as the median sale price is now $185,000, an increase of 5.1 percent (as reported by the Florida Realtors Research Department).
Regardless if you’re interested in selling or buying, we can help. For information on the real estate market in Southwest Florida, contact us directly at BrandyCoffey941@Gmail.Com or 941.404.4737.