Sarasota Florida Real Estate Market Report
Understanding the residential housing market in Sarasota is easy with our Market Reports. These are updated on a daily basis so you are always able to view the numbers in current conditions. We select the time period to reflect a 6 month history in order to provide a large enough sampling of sales activity to accurately illustrate trends.
The Appeal of Sarasota Florida
Sarasota is one of the most sought after areas in the state of Florida for relocation, investment and retirement properties. The demand for properties in Sarasota has historically and currently created a very active real estate market. While our market may sometimes parallel the national real estate market at large, Sarasota real estate is influenced by factors unique to the area. While other parts of the country may experience a "buying/selling season", in general the market in Sarasota may exhibit flurries of activity throughout the year. The appeal of the area along with the versatile reasons for buyer and seller movement within the area create steady activity and pressure for inventory.
To provide you with a snapshot of the current Sarasota Real Estate Market, our market reports capture the latest numbers. Inventory is based on the Florida REALTOR Stellar MLS system reflecting all active resale properties as well as a large percentage of new construction homes available. Sales activity is based on both pending and sold properties. Both are captured over the last 6 month time period and are updated daily.
You can access the full current Sarasota Real Estate Market Report or create your own focused market report using our Market Report tool.
The Role of the Realtor in the Market
Both buyers and sellers of real estate are essentially concerned with one factor: the ability to get the best price on a home. We as Realtors are consulted to gauge the value of a home and strategically price it for the market. Sellers look to us to accurately price the home for the current market. Buyers look to us to guide them to make fair and effective offers. This aspect of our profession is perhaps our most important role as your Realtor. After all, a home is often your biggest lifetime investment.
Often both parties are influenced by emotional factors. It’s our aim as Realtors to help you filter out emotional “noise” and instead concentrate your attention on the bottom line—attaining the best value in the given market.
We are referring to whether or not a home can achieve the price a buyer or seller has in mind. Over the long haul, the end price agreed on between a buyer and seller may be handsomely rewarding, but in some markets the growth of equity in a home may take years. Whether it’s the optimum time to buy or sell a home often takes back seat to the demands of your life’s circumstances. Maybe it’s time to relax ate for a job, or the house is too big or too small for your current family. Maybe you want to reposition your equity into other investment vehicles. Whatever the case, time, location and hard numbers may supersede motivation and emotion when selling a home.
With this in mind, the first step for a buyer or seller to take when ready to buy or sell a homes to remove emotional blinders. To do this one must look at hard numbers. Realtors are trained in providing a CMA, or Comparative Market Analysis, on a home. This is also referred to as a BPO, Broker Professional Opinion. These CMA’s help the buyer or seller better gauge the pricing on a home by looking at the facts: the features, upgrades, improvements, condition, age, and location of the home and the current market timeframe.
Setting out on this first step to gauge the value of a home by gaining a better understanding of the current market in any given location using our market report tool. The tool uses data on Active, Pending and Sold properties to provide a general sense of how hot or cold the selling activity may be in an area at the time. While this tool is excellent for providing a general look at the market, how this translates for a specific property in that area requires a closer look. To attain a clearer picture of the value of a specific property, contact us to provide you with a complimentary CMA. This information will help you gain a more concise idea of how your investment in your current or prospective home stands up to your expectations.
Current Market Trends
*2019 ended with a monthly market summary of activity in Sarasota County showing pending sales up by 33.8% over the previous year. Closed sales were up by 61.9%. While sales were up inventory of active listings on the MLS were down by 11.4%. This set the stage for a dynamic start to 2020.
*SOURCE: REALTOR Association of Sarasota Manatee
To gain a closer look at the Sarasota Market, here is a list of some of the micro markets in Sarasota. You can also run your own market report using our Market Report Tool.
Below are the averages for the last 6 months of all active, pending and closed sales in greater Sarasota: