Interest rates come down, just a little bit...
The headline news this month is that interest rates dipped a little bit. It is not a huge drop but it is enough to save some money on a mortgage. This is likely in anticipation of a possible September interest rate cut coming from the Fed. The market is seeing the inflation rate stay low and unemployment creep up, both of which the Fed said it needs to see to cut interest rates. Keep an eye out as a drop could be coming soon. Just be aware that if the interest rate drops sharply there will be a surge of buyers that will trigger a price jump.
In the rest of the news, the St. Petersburg housing market is the same as it has been for the last few months. Inventory is way up compared to last year but it is still below pre-2020 levels. Prices have remained steady with a yearly appreciation of +7%. A well-priced, great location, turn-key home is selling quickly while the rest is sitting for a while. Condos and townhomes are still getting their butts kicked, and buyers can definitely get deals in those markets.
A couple of things to keep in mind...
6.83% - This is the current average interest rate on a 30-year fixed mortgage. The average is down .15 points from last month.
67 days - This is the average time from beginning a house search to moving into a new home. You need a few days to get the pre-approval letter from the lender, 3-4 weeks of looking at homes, and a 35-day average from an accepted offer to closing on the home.
Which inspections should I get? - A general home inspection is highly recommended. A four-point inspection and a wind mitigation inspection will be required by your insurance company. A sewer scope inspection and a termite inspection are optional (I only recommend these inspections based on the condition and age of the home). Need a full breakdown of each inspection? Feel free to reach out!
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Here is a 30-day snapshot of a few St. Pete areas:
INDIAN ROCKS BEACH
Active Statistics
Active Listings: 76
Pending Listings: 11
Avg. Days on Market: 105
Avg. Listing Price: $1,250,106
Avg. Listing Price per sq.ft: $705
Sold Statistics
Total Sold: 13
Avg. Sold Price: $1,059,003
Avg. Sold Price per sq.ft: $715
MADEIRA BEACH
Active Statistics
Active Listings: 129
Pending Listings: 34
Avg. Days on Market: 108
Avg. Listing Price: $998,000
Avg. Listing Price per sq.ft: $712
Sold Statistics
Total Sold: 11
Avg. Sold Price: $885,015
Avg. Sold Price per sq.ft: $677
GULFPORT
Active Statistics
Active Listings: 59
Pending Listings: 22
Avg. Days on Market: 69
Avg. Listing Price: $425,550
Avg. Listing Price per sq.ft: $329
Sold Statistics
Total Sold: 17
Avg. Sold Price: $376,000
Avg. Sold Price per sq.ft: $351
Want info on a specific neighborhood? Email me at ao@aaronoetting.com and I will send it over!
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