Sarasota has recently been named the #1 place to live in Florida according to US News and World Report (see updated 2022-2023 report). While this is the latest validation of Sarasota’s offerings to a wide range of consumers, more important is the consistency in the past few years of Sarasota being at or near the top of the many rankings and lifestyle metrics. As long as Sarasota continues to invest in itself by raising its own bar, so too will people come to make Sarasota their home for at least part of the year.
The Sarasota real estate market continues to ebb and flow with activity — just like the surf on the beach. Though, as I stated earlier, there should be overall growth in our community well into the next decade. In the end, population growth, quality, and value drive demand. Pricing continues to increase but at a much slower rate. New construction continues to add inventory and competition for resales.
Here are the sales highlights Q1 of 2019:
- Sales decreased by 8.1% from the 1st quarter of 2018.
- The luxury market (those properties listed for $1M or more) decreased by 40% from a year ago.
- The affordable segment (less than 200k) shrank by 14%.
- The distressed marketplace is getting smaller. It is now just 3% of the total market. Three years ago it was greater than 10%. This is a sign of a healthier market.
- Our market continues to be driven by value seekers. 83.5% of the total market is under $500,000.
With good weather all winter, clear water for swimming, and lots of marine life visible, Sarasota has had a vibrant season. We even had the Lion King Mufasa visit Sarasota. Van Wezel had its most successful 3 weeks ever with this show in town.
Looking at the forest through the trees or perhaps more apropos seeing the Gulf through the estuary, canals, and waterways, Sarasota’s real estate future seems bright.
Buyers should not be wooed by the novelty of new alone. They need to fully understand the lifestyle that comes with the location they choose. In the next 5 years, there will be thousands more residents accessing our transportation corridors. If you are buying further east to be in new construction, travel times to the natural and cultural attractions of Downtown Sarasota and her islands will increase.
When you are ready for expert advice on your next real estate transaction give me a call: 941.587.0740.
