The sales numbers for 2019 show that our local real estate market is quite healthy. There are many buyers and sellers in our market, and what’s consistent between those two groups is that they’re both educated and informed. The activity this past year proves out that there really are no great deals to be had, and there’s very little speculation.
Here are the top two data points to illustrate:
- The total sales for 2019 sales were up 6.87% compared to 2018 sales.
- Sales in the fourth quarter of 2019 increased by 23.3% over the same period in 2018.
Let’s break down what’s happening in the 3 key market segments:
- The luxury market (those properties listed at 1M or more) where we spend most of our time is quite robust. In fact it’s up 46% from the same period a year ago. The interesting trend here is that the median price is shifting downward slightly from about $1.53 million to about $1.4 million dollars.
- The affordable segment (defined by properties selling for $200,000 or less) accounts for about 1 in every 4 properties. If we zoom out to look at all sales below $500,000 we can account for 84% of the 2019 sales.
- The distressed market continues to stabilize. It’s really about 3.25% of our market or about 1 in every 30 sales.
We’re seeing a lot of new buyers in the market, specifically in the luxury segment. We also have a large number of what I refer to as “Lifestyle Evolvers.” These are people that live in already live in Sarasota but are changing lifestyles, moving from one part of Sarasota to the other. One of the most common trends is where people are moving from the barrier islands to experience the increasingly hip urban scene of Downtown Sarasota.
Sarasota’s Market as we enter 2020 is quite robust. There is sustained demand over the long term for Sarasota as we are buoyed up by the population growth of Florida. The one observation I have made over the many years is that external factors can have a major temporary impact. When there is an event that creates a distraction- such as an environmental or geopolitical issue- there is a slight pause in real estate activity. Once that passes, however, demand resumes right where it left off. So if there is opportunity this upcoming year it will be during one of those lulls.
There is a degree of scarcity in housing inventory near the beaches and arts and culture. The only reason people are leaving is if they are aging out or want to change up their lifestyle experience.
So if you are contemplating selling, now is precisely the time to engage with us. Call us @941.587.0740 and let us handle all the complexities with unsurpassed experience and state-of-the-art marketing expertise.