Now that we have half the year on the books, the question of how the Sarasota real market is fairing has become as ubiquitous as “How is the weather?”. The answer depends on your vantage point. The current market can seem confusing, and headlines are often contradictory.
Here are a few “on the ground” scenarios to illustrate this point:
- For buyers in the market that are looking at new construction in Sarasota within the $900,000 to $1,100,000 range, it can be very frustrating as there is a lot of competition with other buyers in this price range.
- For sellers who have properties that are listed for $6 million or more, it could be very frustrating because there’s a dearth of showings in that segment.
- And for the buyer looking for a waterfront condominium that’s brand new in downtown Sarasota, there are no choices.
So what is going on?
- The second quarter of 2023 (April, May, and June) outperformed the third and fourth quarter of 2022 and the first quarter of 2023, so we’ve had a bit of a market rebound. However, sales are down 10% from this same period a year ago.
- The luxury market (the segment that is $1.5 million and up) is down 15% from the second quarter of 2022.
- The ultra-luxury market (those properties listed for $6 million or more) is down 26% from the same period.
We have seen an uptick in inventory over the past several months- so there are more choices- but there are still not enough choices that are enabling buyers to purchase. They are simply not finding what they are looking for. In fact, new listings are down in the second quarter of 2023 compared to the same period a year ago, so there are fewer properties coming on the market, because where are you going to go once you leave Sarasota?
This is a great conundrum. There are people that want to buy, but most people don’t want to sell. So, overall, the market is quite healthy. We don’t have enough supply for the people that are looking to buy, but we have people that are willing to stay, and I think that’s great validation for our real estate market here in Sarasota.
If you are considering a real estate move this year, please give me a call @ 941.587.0740. I can translate for you how the market is doing for your specific situation and lay out a strategy for your personal goals- whether you are a buyer or seller on our market.