Sarasota and other housing markets throughout Florida have continued their rebound from low points in 2011, with large numbers of millennials, first time homebuyers, relocators, and investors looking to secure a home purchase in the next year or so.
The statistics show that real estate prices have increased in Sarasota, and in most states and cities in the United States, compared to 2016. Market trends indicate that pricing is going to continue to increase due to inventory shortages and an influx of buyers into Florida.
Pricing and inventory is a concern
Both inventory and pricing remained a concern throughout the United States, including Sarasota, in Q2 2017. Home values continue to rise in key markets like Miami, Sarasota, Denver, and Houston. Home prices throughout the United States are up by almost 50 percent since the 2011 housing bottom.
Although inventory is a major concern in many markets, Sarasota has the advantage of having a more versatile inventory selection, with multiple excellent options in the low to mid-range, as well as luxury homes. Buyers get to benefit from that selection, especially first-time homebuyers who are often far more limited in terms of choices in other parts of the country.
Growth is expected in the next few years
Local economists think that parts of Florida like Sarasota and Manatee County, which are showing strong signs of growth, will continue to do so over the next few years. This means that potential homebuyers may be scrambling to secure good deals that they may find in the market throughout the rest of 2017. Recently, CoreLogic predicted that home values in Florida would be increasing 6.4 percent in the next year, ahead of the nationwide average of 5.2 percent.
A constant influx of new buyers
Florida is a unique state in that it has a long history of boom and bust cycles. Although it was hit hard in 2008 due to a large number of secondary homes throughout the state, it also was one of the fastest states to recover. A few regions have shown a particularly strong recovery such as Tampa and Sarasota. A constant influx of new buyers and people looking to relocate from other states continues to prop the market up.
There are plenty of opportunities for first-time homebuyers in some of the more exclusive residential communities, with accessibly priced townhouses and condos, as well as medium to large single-family homes in exclusive gated communities throughout Palmer Ranch for those looking to upgrade. Sellers throughout Sarasota have upgraded many amenities to offer the best of the best for buyers and compete for their interest.
Let me help you find your next perfect home so that you can take advantage of one of the many incredible options available to you in Sarasota. You can contact me today at 941.266.0529 or send an email to [email protected] if you have any questions about the homes for sale in Sarasota or the local real estate market!
