Q3 2017: My Top 3 Takeaways on The Sarasota Real Estate Market

John Ringling Causeway

The active engagement we have experienced with our clients has ratcheted up several notches post hurricane Irma. The points I want emphasize with all my clients who are vested in Sarasota are:

  1. The Sarasota Real Estate market is healthy. There is consistent demand with fewer options at the lower price points and more at the higher ones.
  2. Many listing prices are aspirational. As a Buyer, make your purchases based on previous sales rather than where the Seller thinks the market may go.
  3. Newer/Updated is preferred. There is still a migration to thoroughly renovated or new construction.

Looking at the Numbers: Who Could Believe We Had a Major Hurricane?

During the 3rd quarter of 2017, the period from July through September, our market experienced the following:

  • Sales decreased by less than ¾’s of 1% from the 3rd quarter a year ago even with the Hurricane activity.
  • Sales for luxury properties (those listed for $1M or more) increased by over 23% from the same period a year ago. And while sales were down in this segment last year, the number is also 8% higher than it was in 2015.
  • The distressed market is less than 5% of total sales.
  • For those wanting to invest $500,000 and less that segment is still 85% of our market.

Secure your Property. And Then, Enjoy Your Sarasota Life.

Much of the conversation about real estate this quarter was highly shaped by the high incidence of Hurricanes. As I have reported previously- we here is Sarasota were very fortunate to have minimal damage.

If you are returning now, you are likely not to even notice that anything even happened here. The interest in the lifestyle and investment in our community has not abated, but I do feel compelled to finish with a few more thought on storms.

Homeowners should consistently do these few things so that your property is secure:

  • Have an arborist periodically assess the health of your trees
  • Keep branches away from power lines
  • Have a roofer check the tiles
  • For older homes determine the cost/benefit of shutters, impact windows, hurricane clips, etc
  • Get flood insurance even if you are not on the water.

Our thoughts and prayers continue to be with those who were more deeply affected by natural disaster this season.

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