Venice/Englewood Area Real Estate Market Update May 2010
The first quarter results for the Venice/Englewood real estate market for 2010 are promising. We have seen a strong increase in properties going under contract, healthy increase in the number of homes sold each month and a steady decrease in the amount of properties available for sale. The number of homes for sale increased for the month of May, up 3% from April: 3157 homes for sale to 3165 homes for sale. Pending sales have dropped for the first time this year, down 28.1% from April 2010: 584 properties pending to 420 properties pending closing. Closed sales decreased for the first time this year, down 5.2%, from 463 properties sold to 439 properties sold during the month of May. Evidence the road to recovery will be a bumpy one. We are still in a Buyer's market. If you are considering selling your home, there are steps you can take to help make your home "stand out from the crowd" and ensure a successful sale.
Home buyers unable to tap into a federal tax credit before it expired on April 30th are finding a consolation prize in mortgage rates, which have sunk to lowest level on record. According to Freddie Mac, interest on 30-year fixed loans averaged 4.69% (week ending 5/28/2010) compared to 4.75 % the prior week, while the 15-year rate slipped to a new low of 4.13% from 4.2%. That's the lowest point since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. The near-record low mortgage rates seen during the past few weeks may not be around much longer though as signs of improving economic conditions could lead Federal Reserve Chair Ben Bernanke to raise key interest rates which could drive up mortgage rates.
Number of Homes for Sale/Sold/Pending in Venice/Englewood Areas Combined
Graph includes single family homes currently for sale/sold/pending in the Venice/Englewood areas combined. Properties sold may or may not be listed by Coldwell Banker Residential Real Estate and are listed by various MLS participating offices. Non-MLS properties are not included.
Serving customers in Venice Florida, South Venice, Osprey, Nokomis Florida, Casey Key, Manasota Key, Englewood Florida, Rotonda West and North Port communities. Call me to list your home for sale, answer questions regarding steps you can take to AVOID FORECLOSURE or answer any general questions you may have about real estate.
Contact me by email at Kari@KariBattaglia.com. Need information fast, call me direct at 941-270-1851. Copyright©2011 by Kari A. Battaglia. All Rights Reserved.
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Kari, what a well written and useful market report for Venice FL. I like your comment on those that didn't make the tax credit are seeing a break in interest rates! That sure is the truth!!!