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The Nick Flerlage Venice Area Real Estate Update:

Local Market Housing Report

Note: National Association of Realtors® (NAR) data below is from June (the most current national data)


National Association of Realtors® (NAR) data shows that sales of existing homes dipped in June owing to a low supply. While homes sold at a near record pace, activity ultimately ended up muted. Only the Midwest saw an increase in sales last month.


Total existing-home sales (measures completed transactions for single-family homes, townhomes, condominiums and co-ops) dropped 1.8% to 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 % higher than a year ago.


Existing Home Sales By Region


NAR's chief economist, Lawrence Yun, indicated that the dip in contract activity in the prior three months translated to a pullback in existing sales in June. "Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that's straining their budget," Yun said. NAR's economist added, "The good news is that sales are still running slightly above last year's pace despite these persistent market challenges."


Housing Data Takeaways

  • June's median existing-home price for all U.S. housing types was $263,800, up 6.5% from June 2016 ($247,600). Last month's median sales price overtakes May as a new peak and represents the 64th straight month of year-over-year gains.

  • Total U.S. housing inventory at the end of June dropped 0.5% to 1.96 million existing homes available for sale, and is now 7.1% below a year ago (2.11 million) and has dipped year-over-year for 25 consecutive months. Unsold inventory nationally now offers a 4.3-month supply at the current sales velocity, which is down from 4.6 months a year ago.

  • First-time buyers drove 32% of sales in June, down from 33% both in May and one year ago. The annual share of first-time buyers for 2016 was 35%.

  • Freddie Mac data indicates the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the third consecutive month, dipping to 3.90in % June from 4.01% in May. For all of 2016 the average commitment rate was 3.65%.

 

Venice Housing Market Statistics

Median Home Price: $345,000

3 Bedrooms/2 Bathrooms

Average Square Footage: 1,924

Price per Square Foot:  $174

Number of Homes on the Market: 470


Make Your Offer Count!

Before making an offer on a home in today's competitive housing market, it is more important than ever for home buyers get their financial house in order when applying for a loan.



While there are online resources available that can provide a sense of one's overall financial position, be sure to review your credit report in person with your mortgage professional and get pre-approved for a loan before making an offer on a home.



A little preparation goes a long way and can make a big difference when it comes to closing on your dream home. Contact us today to get the right loan for your current needs!


Back 2 School in the Suncoast!

The first day of school is fast approaching throughout the Suncoast! School buses will be loaded, backpacks filled with supplies, and the first bell ringing through the halls. Check out the dates for the first day of school at our area school districts.



Charlotte County Public Schools | 1960 Landings Boulevard, Sarasota

First Day of School: Thursday, August 10th

2017 - 2018 District Calendar  

Sarasota County Schools | 1960 Landings Boulevard, Sarasota

First Day of School: Monday, August 14th

2017 - 2018 District Calendar

 

 

The Flerlage Real Estate Group hopes all the students in the Suncoast have a successful and fun 2017-2018 school year!!!



Both Charlotte County Public Schools and Sarasota County Schools are top rated districts in the state. They are both dedicated to academic excellence and offering a wide variety of extracurricular activities. If you are interested in Buying your dream home within one of these school districts, Search Homes for Sale. Give the Flerlage Team a call today or visit our website at http://www.experiencevenice.com/!

 


Contact Information

Flerlage Real Estate Group
RE/MAX Alliance Group
1314 B East Venice Ave
Venice FL 34285
941-882-2229
Fax: 941-244-5354