Sarasota Real Estate Market Q1 2017 Breakdown

Sarasota Real Estate Market Q1 2017 Breakdown

Sarasota was named one of the hottest real estate markets in the United States for the first quarter of 2017, with Sarasota real estate prices on the rise along with an increased number of homes for sale of all types. The overall number of properties that were sold increased by 4% compared to the same period in 2016, with particularly strong showings among condo and luxury home sales.

Luxury home sales rose during Q1 of 2017

During the first quarter of 2017, there was a 20% rise in luxury real estate sales, based on MLS statistics from the Realtor Association of Sarasota and Manatee. Luxury home buyers are seeking to invest in the Sarasota market because it hasn’t been saturated yet and offers world-famous beaches, a rich local arts community, incredible golfing and shopping opportunities, beautiful year-round weather and one of the best educational systems in the state.

Condominium sales rose in January of 2017

One particularly strong area of growth in the Sarasota market was seen in condominium sales. Condo sales increased 15% in January of 2017 compared to 2016, while overall condo sales were up 6.2% throughout Florida from the prior year. Sarasota condo sales also rose 13.6% in March 2017 compared to March 2016.
Purchasing a condo in Sarasota remains one of the most cost effective ways to access the most scenic and popular communities in the area, and these homes can be ideal for first time home buyers or vacation home buyers.

Median homes prices in Sarasota continue to climb

The statistics show that median home prices in Sarasota are continuing to climb year after year, which is a great sign for current homebuyers. During January 2017, single family homes in Sarasota sold at a median price of $250,000 compared to $230,500 in 2016 — an increase of 8.5%.

Also for January 2017, the overall median sales price for single family homes in the state of Florida was $220,000 which represented a 10% increase compared to 2016. This suggests that both the state and local market is on an upswing and that any upcoming real estate purchases are likely to grow in value.

Inventory remains higher than 2016

Although there has been a notable increase in home sales in Sarasota this year, buyers still have a substantial inventory to choose from. This gives them the opportunity to pick from multiple condos, single family and luxury homes with the features they want and in their preferred price range/location. In Sarasota, the available inventory at the start of 2017 was up 30% compared to the prior year. For March 2017, condo inventory in Sarasota was up 18% compared to 2016 while single family home inventory was up by 13%.

Stacy Hanan can help you with your current real estate goals

Stacy Hanan is a top performing realtor with many years of experience in the Sarasota market and can help you get the highest price for your home if you plan on selling it in the current peak season, or find some excellent buying opportunities in the areas of Sarasota that interest you the most.
Call Stacy Hanan today at (941)-266-0529 to ask any questions at all about buying or selling Sarasota real estate this year!

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Whether you are purchasing your first property or selling a cherished family home, I am here to assist you every step of the way, ensuring that your real estate experience is positive and fulfilling.

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