Sarasota’s Real Estate: The Mid Pandemic Market Update

What’s happening where we live here in Sarasota? First, we’re seeing the median price continue to go higher and higher for the last four straight months. It’s now about $296,000 for a home here in Sarasota. Second, interest rates are very, very low. Currently, if you borrow the maximum for a conforming loan- that is about $510,400- at the current rate your payment is approximately $2,085 a month. This is incredibly inexpensive. Those who have the ability to pay in cash still may choose to borrow so they can leave their money in their other investments because the borrowing rate is so low. In fact, some people believe that the interest rates are actually negative when you factor in inflation.

Sarasota is still a great attractor- perhaps even increasingly so as the current state of our world is a catalyst for people to evaluate where and how they live. This is a great 12-month destination for people who want to spend time in warm weather and outdoors. Whether it’s boating, golfing, playing tennis, pickleball, walking, running, biking, it continues to draw people from all over the world.

There are two types of buyers right now: Migrators and Switchers.

  • Migrators are coming to Sarasota from somewhere between five hundred to three-thousand miles away. They are either retired, semi-retired, or taking advantage of the benefits of remote working.
  • Switchers are already here and are enjoying the Sarasota lifestyle. They are people who have decided to choose a different property, one that better meets their needs in the present circumstances, what I call “right-sizing.”

Whether you are a switcher or a migrator, there are lots of good opportunities to find the property that best matches your lifestyle. New inventory is being created daily from the new construction of single-family homes and condominiums as well as the properties that switchers are vacating.

In fact, just today one of my favorite properties in all of Sarasota came on the market – Casa del Carnevale. It is 171 feet on the open bay on St Armands Key. This is just the third time it has become available since it was originally created in 1936.

We cannot control the world in which we live, however, we can control where we live. Whether you are a Migrator or Switcher call me @ 941.587.0740 when it’s time to sell, buy, and live well here in Sarasota.

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