The Market NOW – Spring 2023

The words that describe Sarasota real estate RIGHT NOW are 'strong' and 'calm.' While we're no longer in the frenzy that we've talked about for the last two years, our market is still very strong and growing.

High demand is the reason for Sarasota's enduring strength, and it's a trend we don't expect to end any time soon. Because of our growing popularity and our incredible lifestyle amenities, Sarasota's population continues to grow. That puts pressure on the housing market because there's still not enough supply to meet demand. While our inventory is still tight, it's not as constrained as it was at this time last year, and 'months of inventory' have actually increased significantly in certain categories like ultra-premium price points.

New listing prices are down about ten percent from this time last year, meaning that homes are entering the market at a more advantageous price point for buyers than they were in the recent past. While listing prices have come off their peak, the list-to-close ratio is still close to 97 percent. That means that most homes are closing at 97 percent of their list price and that 'low ball' offers are not a good strategy.

The most valuable look at the data is a the micro market level, where we examine price and pace trends in specific communities like The Meadows, or specific price brackets like entry-level or ultra-luxury. Homes that are between $300K and $500K are extremely competitive right now, and moving off the market very quickly, while more expensive homes have had an extreme lengthening in days on market. This is very important information for sellers who may have gotten used to the expectation that a home sells within days of hitting the market. That's just no longer the case for most homes, and strategy is more and more important now.

Check out my latest market report video for details on what's happening with Sarasota real estate. And let me know of any questions that I can answer to help you in your real estate considerations.