The housing market in Sarasota is a topic of interest for many prospective homebuyers and real estate enthusiasts. Understanding the current state of the market can help individuals make informed decisions when it comes to buying or selling properties. In this blog post, we will explore the key aspects of the housing market in Sarasota, including median sale prices, average days on the market, competitiveness, migration trends, and environmental risks. Let's dive in and discover what the housing market in Sarasota looks like today.
Sarasota Housing Market Update
Market Statistics and Trends
According to data by Redfin, the Sarasota housing market has seen significant activity, with homes receiving an average of 1 offer and selling in approximately 34 days. The median sale price has soared to $535K, marking an impressive 28.1% increase from the previous year. Furthermore, the median sale price per square foot has climbed to $320, reflecting a 6.8% rise since last year.
Comparing Sarasota to the National Average
Sarasota's housing market stands out, with the median sale price 27% higher than the national average. Additionally, the overall cost of living in Sarasota is approximately 5% higher than the national average. Prospective homebuyers and investors will find this information crucial for their decision-making process.
Competitive Landscape and Redfin Compete Score™
The housing market in Sarasota is labeled as somewhat competitive based on the Redfin Compete Score™, which rates competitiveness on a scale of 0 to 100. Homes typically sell in about 34 days, with some properties receiving multiple offers. The average homes sell for about 4% below list price, indicating a vibrant market.
Nearby Cities Comparison
Comparing Sarasota with nearby cities reveals varying competitiveness levels. Some cities experience a higher degree of competitiveness, resulting in quicker sales, while others have a more balanced market. Understanding these dynamics aids in making informed decisions regarding location and pricing strategies.
Sarasota Migration & Relocation Trends
Sarasota's appeal is evident in its migration trends. People are moving into the area from various metros, with cities like New York, Chicago, and Boston topping the list. Conversely, certain cities attract residents from Sarasota, showcasing the ebb and flow of population in the region.
Factors Driving the Market
A number of factors are driving the Sarasota housing market, including:
- Strong demand: Sarasota is a popular destination for retirees and second homeowners, and demand for housing remains strong.
- Limited supply: The supply of homes for sale in Sarasota is limited, which is helping to keep prices high.
- Rising interest rates: Rising interest rates are making it more expensive to borrow money to buy a home, which could cool the market somewhat in the coming months.
The Sarasota housing market is expected to remain competitive in 2023, with median home prices continuing to rise. However, the pace of growth is expected to slow from previous years.
How to Buy or Sell a Home in Sarasota
If you are thinking about buying or selling a home in Sarasota, it is important to work with a qualified real estate agent who can help you navigate the market and get the best possible deal.
Tips for Buying a Home in Sarasota:
- Get pre-approved for a mortgage before you start shopping. This will give you an idea of how much you can afford to spend and will make you a more competitive buyer.
- Be prepared to act quickly. Homes in Sarasota are selling quickly, so it is important to be decisive when you find a home that you like.
- Work with a qualified real estate agent who can help you find the right home for your needs and budget.
Tips for Selling a Home in Sarasota:
- Price your home competitively. The best way to get your home sold quickly is to price it competitively. A real estate agent can help you determine the best listing price for your home.
- Make your home show-ready. This means decluttering, cleaning, and making any necessary repairs.
- Market your home effectively. A good real estate agent will have a marketing plan to get your home seen by as many potential buyers as possible.
Sarasota Housing Market Forecast for 2023: What to Expect
The Sarasota housing market has demonstrated several key trends that shape the forecast for the upcoming months. Based on data from Zillow, here is a forecast for the Sarasota housing market, providing insights into what you can expect in the coming months.
Sarasota Market Forecast
In Sarasota, the housing market has seen a 1.1% decrease in the average home value over the past year, bringing it to an average of $462,158. Homes typically go to pending in approximately 22 days.
Key Metrics as of July 31, 2023:
- Median Sale to List Ratio: 0.975
- Percent of Sales Over List Price: 10.9%
- Percent of Sales Under List Price: 73.3%
North Port-Sarasota-Bradenton MSA Forecast
Sarasota is situated within the larger North Port-Sarasota-Bradenton Metropolitan Statistical Area (MSA). The housing market forecast for this region provides further insights into the future performance of the Sarasota housing market.
In the broader North Port-Sarasota-Bradenton area, the average home value has experienced a 2.5% decrease over the past year, with the average value now standing at $458,872. Homes in this area typically go to pending in approximately 26 days.
1-Year Market Forecast (August 31, 2023):
- Projected Market Growth: 5.6%
- Median Sale to List Ratio: 0.977
- Percent of Sales Over List Price: 11.5%
- Percent of Sales Under List Price: 71.5%
These metrics suggest that while the Sarasota housing market has experienced a decrease in the average home value over the past year, a modest growth of 5.6% is anticipated in the broader North Port-Sarasota-Bradenton area over the next year. Buyers and sellers should take note of the prevailing trends and forecasts to make informed decisions in this evolving market.
The forecast for the North Port-Sarasota-Bradenton MSA provides a broader perspective, projecting potential market improvement over the next year. As always, it's important to consider that market conditions can be influenced by a range of factors, and consulting with real estate professionals and staying informed about trends can help individuals make informed decisions in this evolving real estate landscape.