Monthly Report!
We finished up our move this month and are all settled in the new office. Come by and see us!
The market still seems to be following the same trend it has in the last few months. We did have a little bounce back in the number of closed sales, compared to June of last year. The number of single-family residential closed sales in June 2023 in Sumter County was 141, compared to 113 in June 2022. However, year-to-date we have still sold less homes this year than last year. We are still seeing homes available on the market. The median and average sale price have continued to decrease. We have 3.5 months’ worth of inventory, which is still below the benchmark of 5.5 months. Our 3.5-month supply may be in a higher price range than the average person can afford. People in older homes with lower interest rates might be holding out on selling their homes until interest rates decrease so they can afford to purchase another home. There are also other outside factors, such as our insurance crisis related to roofs. A few years ago, it was sinkholes.
A Florida Realtors article states, “The 30-year mortgage rate moved closer to the 7% range, but most experts still predict wobbling rates in the upper-6% range”. It will just be a waiting game to see what will happen to interest rates. We don’t foresee a big crash, but interest rates have not slowed down.
We are seeing encouraging signs in the market. There have consistently been modest declines in prices. The market seems to be adjusting modestly, not drastically.
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We appreciate your business. We value your real estate needs and are honored to serve you.
Sincerely,
Danny Smith, ALC, CCIM
Billie Faye Smith, Broker
Cassie Cribb, Realtor®
Lauren Vick, Realtor®
(352) 748-5656
Article Link: https://www.floridarealtors.org/news-media/news-articles/2023/06/will-mortgage-rates-keep-rising-probably-not
