This year marks the 450th birthday of Galileo, whom Albert Einstein called the father of science. I consider him an independent thinker, much like so many of our clients who are self-driven, thought leaders, and entrepreneurs. As we move forward into the 2014 Sarasota property market, it is good to discover and understand the truths of our market in 2013, as Galileo himself advised.
My Takeaways from the 2013 Sarasota Real Estate Market
Sales for 2013 were 9% higher than they were in 2012. While rising prices made the headlines, not everyone made money, as prices are still lower than the boom years. As I’ve written about before, this is a savvy market, and only properties which deserved an increase in value saw it happen. Homeowners who bought at the top of the market are still struggling to recover their lost equity.
As always buyers and sellers have a lot of information to choose from when making their next real estate decision. For the 4th quarter of 2013 this is some of it:
- The high-end luxury market (properties listed for $3M and more) had its greatest number of sales in December, as buyers shifted their money or profits from one asset class to Sarasota real estate.
- The luxury market (properties listed for more than $1M and more) saw a decrease of more than 9% from the 4th quarter in 2012.
- The distressed market continues to shrink. It is 15% smaller for the 4th quarter of 2013 than the same period last year.
- We also see Sarasota continue to be highly affordable with close to 90% of the sales under $500k for the 4th quarter of this year, which is an increase from the same period last year.
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
The Euro is still quite strong versus the US dollar so we believe that as long as there is value and cache in the market, global interest will remain strong. In fact, as of October 2013, Florida is the only state to have three cities listed in the top 10 most searched US destinations for global buyers.
Regardless of your motivation to buy and sell, base that decision on good information. Discover the truths and understand them so you are well placed to make the absolute best real estate decision for your situation.
Let’s work together towards you real estate goals: 941.587.0740.
