In today’s video, I’m sitting at one of Sarasota’s strategically placed pianos, one of many fun and enjoyable highlights of the sidewalk culture of our downtown area. I’m reporting on the highlights from last year – watch below to get my takeaways and hear how the market did overall.
A Healthy Market a Happy City Makes
Sarasota’s real estate market was healthy in 2014 and more people are investing in Sarasota. This is great news for the overall health of the area’s economy, and for all of us enjoying the wonderful Sarasota lifestyle.
Here are the takeaways from a good solid year:
- Sales during the 4th quarter were up 5.6% from the same period a year ago. There was a total increase from 2013 to 2014 by 3%. Good solid growth!
- The luxury market – those properties listed for $1M and more – is very stable. Sales rose 2% from a year ago.
- Sarasota continues to maintain its affordability, which contributes to its well-roundedness and community health. Over 90% of the properties sold are listed for $500,000 and less.
How About Distressed Sales?
The distressed market has decreased 10% from a year ago, which is good news for the market’s overall health. This market is getting smaller, but it’s still a significant part of our overall market with 1 in 5 properties in this category.
How About Prices in the Sarasota Real Estate Market?
When we hit the bottom in 2012 prices were artificially low. During the past two or three years we had unsustainable appreciation rates as the market recovered itself. The local real estate market has recalibrated now, and from now on we should experience much slower yet steady appreciation. Which is good news as it means the market is stable, and not in any kind of boom-bust cycle.
Meet Us For Coffee
What do YOU need to know about Sarasota real estate?
Have a FREE cup of local coffee on us.
In 20 minutes you’ll be 20x smarter.
Call us: 941.587.0740
And What’s the Outlook?
With this appreciation in the past few years, most properties have increased in value, which has had the result of unlocking a lot of trapped equity. This means the numbers of sellers and buyers in the real estate market will increase, as there is more liquidity, which will eventually lead to more balance.
Whatever your plans are for 2015, making a real estate investment in Sarasota can help you enjoy the lifestyle you want by increasing the value of your total portfolio. Let us know if we can help you achieve that and call us at 941.587.0740.
