Here’s the latest market update for real estate in Sarasota Florida and everything you need to know about buying or selling a home in our Gulf coast city! Historically, Sarasota has had a very seasonal market. In the years before the pandemic, our market activity tended to drop right after Easter as the temperatures rise during the summer time, with the pace picking pack up in the fall months and going strongest through winter time when there’s peak interest in escaping colder climates for our tropical comfort. The pandemic changed all of that, with so much interest from residents relocating throughout the year. This year, though, we’re seeing a shift from pandemic trends and some return to the patterns we’ve seen before. Seasonality isn’t as big a factor as it used to be though. There is still SO much interest in Sarasota that our sales have not tapered as much as we’d anticipated and instead, we are expecting the summer to remain busy. Some of the trends that have shifted notably though are related to price. About 42 percent of listings have seen price reductions. This seems to be an indicator that the original listing prices were too ambitious for what the market is sustaining now. The key takeaway for sellers is that pricing strategically and competitively is essential in order to garner the highest initial interest in your property and, ultimately, the most favorable offers. Buyers need to be cautious too about not undercutting a property’s value because there is still a high risk of losing out to another buyer in our competitive market. If you have any questions about current stats or strategies for Sarasota neighborhoods, just let me know!

Subscribe to this channel here for weekly content that shares all there is to do in SRQ 👇👇👇

So many people reach out wondering what the lifestyle is like in Sarasota and what they can afford and I absolutely LOVE sharing what it’s like to live, work, dine, shop, and play in our beautiful Florida city!

Reach out whenever you like if you have any questions about relocation or the cost of living in Sarasota Florida.

Moriah Taliaferro

📲 Call/Text at 941.504.9910
📲 Email:
👉Blog:

So we’re reaching the end of May it’s Probably June by the time you’re seeing This video and I wanted to give a brief Recap of what’s happening these past Couple months in the real estate world [Music] Historically Sarasota was very seasonal In our real estate cycle on any you know Annual basis in fact right after people Left you know shortly after Easter we Would see a very like long lull during During the entire summer where we Wouldn’t have a few sales but not really Many and I will say now that we’re Approaching summer being that we’re at The end of May filming this video Beginning of June Um I don’t think we’re going to have a Very slow summer at all in fact I have Multiple clients that are coming in town Who are either just starting their Search but intend on buying before this Upcoming season or they are they’ve been Looking for property and we’ve Identified that they’re going to be Making a purchase this summer so I do Expect the number of transactions to Actually be higher this year than last Year and if we just look at the 90-day Trend we have have seen that the market Activity which would compare the amount Of properties coming on the market Versus the properties coming off the Market has increased which does show

That there’s more home selling than Coming on the market for both downtown And Longboat Key which are the main Areas that I I focus on from a data Standpoint so that’s great to see One other thing that we’re seeing though That is really important I think for Those that are considering selling is That we are seeing about 42 percent of The homes that are listed Actually have to reduce their prices Before they go under contract 42 percent Is substantial but with that the dollar Per square foot for both condos and Single-family homes has really plateaued So what that tells us is that people Were overreaching when they originally Listed they had to keep reducing the Price until they got to where the market Is based on comparable sales and then They went under contract so because the Price per square foot hasn’t dropped Which means the actual sales price Comparing over the past months you know Even since April of last year hasn’t Dropped substantially we did over that Period of time see that between 8 and 12 Percent correction but that’s really Teetered off the past 90 days it’s Really plateaued so that’s a good sign But it is a lesson for sellers to know That over stretching the price is the Kiss of death and it’s going to take Longer to sell your property and it can

Oftentimes affect the final sales price If you started out at the right price And then went under a contract shortly Thereafter that’s a much better strategy Than kind of throwing spaghetti at the Wall and hoping it sticks so the the Time period that it takes to go under Contract and sell has increased since April of last year where we were seeing You know properties take only four days Or maybe a week if they were slowing Down the process but on average we’re Looking at 45 to 50 days for Condominiums and single-family homes Which really isn’t that long so if You’re a buyer that’s looking and you’re Not actually in Sarasota it does give You time to fly down and inspect the Property and and decide if you want to Make an offer but it also needs to you Know set an expectation for sellers that After that 45 day period 50 days maybe If you don’t have an offer in hand there Needs to be some type of reevaluation Done Mortgage rates are really high you know If you’re lucky you get under eight but Really it’s eight and above Um that definitely deters a lot of People from from purchasing not Necessarily in downtown Longboat Key or Those surrounding areas because majority Of our transactions are cash but it it Does affect people’s affordability

Especially those that are you know First-time home buyers or those that are Actually getting a mortgage so I think It makes people re-evaluate Um what are they willing to compromise On if they absolutely want to purchase a Home or are they willing to stretch Themselves a little bit more To to Go outside of their comfort zone so that Is something that I will say our family Considers as we evaluate our needs and Needs for maybe a single family home Like is now the right time or do we want To just go ahead and make that purchase Despite rates being where they are so Definitely things to consider whether You’re looking to buy or you’re looking To sell understanding who is the person That will be buying your home and what Are the considerations that they’re Going to have I will say most of the Clients I’m working with who are Purchasing property they have a much Higher standard for how the condition of That property should be as well as how Well how well that property has been Maintained they are asking for service Records from the seller they’re asking For all the vendors to really understand What are going to be the improvements That they need to make so I think it’s It’s very important to have all of that Information collected ahead of time so

You can just provide it to that buyer Right up front it will definitely secure The sale much better so those are my Thoughts on where we’re at in the market If you had any questions or want to Discuss what it what would be the best Strategy for both buying a property and Selling your home as well as what is the Market value for your home please reach Out to me anytime thanks so much for Tuning in

Related Posts