What Is Happening in Sarasota's Market?

Recently I sat down with Michael Barbino, the leader of our Sarasota office, to talk about what’s going on in our local market right now.

The Sarasota market is still a seller’s market, however, the inventory problem isn’t quite as low as it is in Tampa. Although Sarasota has less than six months of inventory, it does have more than double the inventory in Tampa.

But, demand varies between price points. Michael told me about a listing he had under $200,000 that gained multiple offers within just a day. Even with slightly higher inventory, we’re still seeing bidding wars.

Snowbirds have left, which has contributed to the raised inventory, but families right now are still looking for homes before their kids go back to school.

However, despite some of the changes associated with the summer market, we are continuing to see prices rise. Manatee, for example, is at $299,000 compared to the $270,000 it was at 18 months ago.

Sarasota is still definitely a seller’s market.

Within that same time frame, Sarasota’s prices have gone from $200,000 to $260,000. In Sarasota especially, new construction has been driving a lot of home sales. In fact, Lakewood Ranch is the third busiest in the nation.

Additionally, if you want to see these stats yourself, you can find them here.

Overall, we’re seeing a very healthy market. One great thing in particular is that we’re seeing more and more financed transactions than we have in past years. With Fannie Mae having changed the DTI especially, the market is definitely solid.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.