This week, on Thursday, average rates in the U.S. on long-term mortgages dropped to a never before seen 2.86%. Rates had just previously been hovering at around 2.93% on 30-year fixed home loans. Are these signs that the economic scares over the summer are coming to a halt? The housing demand has certainly been on the rise in the majority of markets. Property sales in Gulf, Franklin, and Bay counties have seen a large influx in sales since May.
Freddie Mac, a mortgage buyer, reported that the average rate on 30-year fixed home loans has declined to 2.86%. The average rate a year ago was averaging 3.56% on the same 30-year fixed home loans. The average 15-year mortgage rate slipped down to 2.37% from 2.42%, and the 5/1 adjustable rate mortgages averaged down to 3.11%.
These low rates can certainly be categorized as historical, and the demand for property purchases is causing a shortage of inventory in many local markets.
Here are the number of property sales that have occurred to date (September 11, 2020) since May 1st of 2020 on Florida’s Forgotten Coast (2019 Sales of the identical date range in parentheses):
- Port St. Joe: 89 sales (91 in 2019)
- Cape San Blas: 138 sales (94 in 2019)
- Mexico Beach: 201 sales (144 in 2019)
- St. George Island: 107 sales (70 in 2019)
- Apalachicola: 31 sales (28 in 2019)
- Carrabelle: 90 sales (73 in 2019)
The demand for real estate for Florida’s Forgotten Coast has never seemed higher. Many buyers are waiting in the wings anxiously for the right property to come available along our beautiful coastline. Are we shifting back to a “Seller’s Market” once again?