Sarasota Real Estate: Why Home Prices Are Still Rising

In today’s video we are discussing a Sarasota Real Estate Market Update: Why are home prices still rising?? It may just surprise you.

The Sarasota real estate market is constantly changing, and it’s essential to stay up-to-date on the latest trends if you’re looking to buy or sell a home. In this blog post, we’ll dive into some of the most recent statistics and trends in the Sarasota real estate market, and provide insights into what you can expect in the summer of 2023.

Average Sale Prices

Last summer, the highest average sale price for homes in Sarasota was $704,000, with one month reaching $722,000. However, this year, we predict that average sale prices won’t reach those heights. While prices are still increasing, inventory is also on the rise, with more homes on the market than a year ago.

Inventory

While the number of homes on the market has increased, it’s still not enough to meet the demand. In a typical market, we’d have around 7,500 to 10,000 homes on the market, but currently, there are only 4,500 to 5,500 homes in Sarasota and Manatee counties. Additionally, new construction inventory is still low, with most builders at least 12 months out.

Average List vs. Sale Price

Currently, the average list versus sale price is 95.6% off the list price, meaning that buyers have more room to negotiate. As a seller, you need to be prepared for negotiations but avoid pricing your home too high, as it could sit on the market for an extended period.

Pricing Strategies

Pricing your home correctly is essential, and it’s important to understand how your home compares to others in the market. For instance, one of our clients had a villa listed alongside three others at the same price. By being aggressive and dropping the price by $15,000, the villa received a full-price offer within five days. So, while it might be tempting to price your home high, being more aggressive can help it sell faster.

Time to Sell

The average time to go under contract is 33 days, with another 30 to 40 days to close the sale. So, if you’re looking to sell your home, plan to move within two or three months of listing it. Keep an eye on the market and the number of showings your home receives to gauge whether your pricing strategy is working.

The Future of the Sarasota Real Estate Market

The Sarasota real estate market is always evolving, so it’s challenging to predict with certainty what will happen. However, we believe that the market will continue to change, especially during the summer months, which can be a bit different from the rest of the year. If you’re curious about the market or have any questions, reach out to us today, and we’ll be happy to help.

Conclusion

The Sarasota real estate market is experiencing changes, with average sale prices and inventory increasing. To succeed in the market, it’s crucial to price your home competitively, be aggressive when necessary, and stay up-to-date on the latest trends. By doing so, you’ll be well-positioned to buy or sell a home in Sarasota.

For more information on the Sarasota real estate market, or to get started with your home search or sale, contact us today! We look forward to hearing from you soon.