The buzz in the real estate industry is that the current market is just like it was back in 2019. I have to believe that the only statistic that’s relevant is that the number of properties sold in the first quarter is about equivalent to 2019. We’ll get to that a little bit later.
For some context, Sarasota has evolved A LOT in the last five years:
- Let’s start with the Sarasota-Bradenton International Airport. Five years or so ago, the airport had about 6 airlines and 11 nonstop destinations. Now in 2024, there are 11 airlines and over 55 nonstop destinations.
- Since the pandemic, multiple paradigms have shifted. In Sarasota in particular, we have two luxury hotel brands under construction that didn’t even exist five years ago in The Rosewood and The St. Regis.
- Bitcoin is trading 10 times higher than it was back then. Electric Vehicle sales make up about 10% of the entire car market which is really apparent on our roads here.
The community of Sarasota is moving forward. There are numerous more points to illustrate how dynamic our local real estate market is. For those who have a deeper curiosity I invite you to schedule a chat. My team and I are up close on a daily basis with the myriad of factors that exert pressure on our market and are in constant change. So, I would assert that Sarasota is a completely different market than it was five years ago.
The Sarasota Real Estate Sales Results for Q1 2024
- Number of properties that sold in Q1 (January, February, and March) increased slightly over the same period in 2023, about ½ of a percent.
- However, sales volume increased by 8% indicating a lift from what has occurred in the luxury market and in the most desirable properties.
- Luxury Market (properties listed for a $1,500,000 or more.) saw a 14% increase from the same period a year ago.
- The Ultra Luxury Market saw an increase. This quarter alone, there are four sales over $10,000,000. The same period a year ago, zero.
We have about 5,700 properties in inventory throughout Sarasota County. We’re beginning to see some equilibrium as that pendulum is working to find its middle ground between buyers and sellers. In some segments of our market buyers have more inventory to work with. However, options continue to be limited particularly for the most desirable locations. So increases in inventory have not lead to price decreases everywhere.
So What’s Fueling Demand Here in Sarasota?
I think there’s a huge validation in the luxury market. Those buyers are spending large sums of money investing in Sarasota real estate as they are confident the value their purchases bring. There’s been virtually no talk of a recession. The Dow has been up 18% from this period a year ago, and if you have a heavily weighted tech portfolio, it’s up even larger.
So, today’s buyer has a lot more money to spend, and the reality is that the quality of life in Sarasota is unparalleled. Whether it’s the beaches, the waterfront, the cultural amenities, the arts, being able to be outside 12 months a year — we have a very, very special lifestyle here in the Sarasota area.
Whether you’re looking to make a purchase here this spring, or your time horizon is two to three years out, it’s never too early to start. Nothing is more valuable than aligning yourself with an expert to guide you on the many nuances that influence the behavior of today’s buyers and sellers. We invest in the long term relationship with our clients.
We want to ensure you are informed and educated about living here in Sarasota. My team and I will be with you every step of the way, and we look forward to hearing from you soon. Call me @ 941.587.0740.
