Sarasota Real Estate Market Update
In this short video we cover what is going on in the Sarasota Real estate Market and what is different about our local market.
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▬ Contents of this video ▬▬▬▬▬▬▬▬▬▬
0:45 Real Estate is Hyper-Local
1:05 Sarasota area unique market influences
1:25 Relocations are up
1:45 Home sales are up, why?
2:05 Cash home buyers
2:40 Median price of newly listed homes is down
3:40 Before buying or selling
#siestakeyhomesforsale #sarasota #sarasotafl
Video: Foreclosures Coming as Forbearance Ends?
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▬ About Victoria and Dave Ranck ▬
We are Realtors in the Sarasota, Lakewood Ranch and Venice areas of sunny Florida.
► Website: https://victoriaranck.com/
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What’s up with the Real estate Market?
Is the Sarasota market different from the rest of the country?
Will prices come down any time soon?
We’ll discuss these topics today so stay tuned!
Unless you’ve been hiding under a rock, you know just how crazy the real estate market is right now. In Sarasota and Manatee counties, homes are still selling quickly and often at or above asking. But, there may be some early signs of a slow down.
Before we continue, if you find these videos helpful please take a second to like and subscribe for more videos this. Let’s get started.
One thing to keep in mind about real estate market stats and predictions, is that the real estate market is hyper-local. What does that mean? Simply put, what is true in one area of the country may not be true in another area. There can be large differences between towns and even between neighborhoods within the same town. What makes the Sarasota area somewhat unique? We have several influences on our market that are not present in many other areas.
Sarasota is the number one retirement destination in the U.S. and Florida is the number one move-to state in the nation. Throughout Florida the number of relocations from certain northern states has greatly increased this year. Relocations from New York are up 84% across the state, and 105% in Sarasota county. Manatee county relocations from New York are up by 169%!
And that’s just from one state. The number of homes sold in the Sarasota area is up 25% over 2019 and 40% over last year. So it isn’t just a lack of inventory that is driving market conditions, but an over abundance of ready, willing and able buyers. Many of these buyers are relocating to Florida.
Another factor that is different in our area is the high number of cash buyers. In Hillsborough county to our north, cash sales run about 27% of the total transactions. In Sarasota County cash transactions account for 52% of all sales. We also have a larger than average number of 2nd home owners – snow birds – because of the great weather and beautiful beaches.
Given these and other factors, Sarasota and Manatee counties may continue to see a highly active market even as the market begins to cool down across the nation. That said, the median price of newly listed homes in Sarasota county has fallen by almost 20% in the last few weeks. That could be an indication that sale prices will begin to fall as well, but only time will tell.
What about a flood of foreclosures now that forbearance is ending? First I don’t think we will see a flood of foreclosures and I talked about it in a recent video. I’ll put a link in the description. Even if foreclosures do increase elsewhere, the large number of cash sales should at least partly mitigate the issue in our area.
I encourage you to get the current edition of the Sarasota Real Estate Market Update. In it we take a deeper dive into the Florida Real estate market, the unique characteristics of the Sarasota market and we answer the question “Are New York to Florida relocations really flight or just hype?”. It’s a free download and future issues will be automatically delivered to your inbox as soon as they’re published.
Finally I leave you with 2 thoughts. First, your situation is unique to you. Think about what’s best for you and your family before you decide to sell or buy a home. Consider more than just dollars and cents. Second, before you decide to buy or sell make sure you have all the info you need. That’s why we make these videos. We hope to give you the tools you need to make the best decision possible.