Thinking of buying real estate in Sarasota Florida?
What does the Sarasota Real Estate Market hold for 2018?
2017 started off the year much like 2016 with inventory pressure, meaning a lower supply than is ideal.
However, by the end of 2017 inventory of available homes was reported as strong and expected to rise.
Prices, also, have been rising.
As 2017 ended and 2018 began local area realtors have reported "buyer demand has been consistently high and rising."
And, at the start of the new year, 2018, the market has neither favored buyers or sellers and is being described as a "neutral market."
At year end, 2017, in Sarasota County the average median home value was $245,000, with a rise of 0.04% predicted within the next year.
The median "listing" price at the start of 2018 was $335,000 in Sarasota County.
The main factor driving up prices the past few years was the law of supply and demand.
The market in early 2018 is "neutral" according to local brokers and agents. Neither a buyer's or seller's market.
One thing that affected the local market in recent years is the fact that several Wall Street Hedge Funds came into the local market in 2013 buying up single family homes in bulk for their portfolios with the goal of turning them into rental properties; also prematurely raising rents above normal market rates.
What these Hedge Funds also did in 2013 was over pay the current market price for some of these homes they bought in bulk; in some cases as much as 30% - 40% over market valuations.
A July, 2015 newspaper article stated that the Hedge Funds had begun to start unloading (selling) the properties they bought here in 2013-14 because they had reached their profit targets in price appreciation.
What the future holds for real estate in Sarasota Florida, at this time, is unpredictable so be cautious of the material on which you base your research.
Watch the "spin" and know where to do your research and on whom to rely, if not yourself.
I’ll get to those reasons in just a moment, but first, let your imagination take over for a few minutes and let me ask you a few questions about your goal of buying real estate in Sarasota Florida.
Now that you’ve thought about the answers to those questions, let me tell you a little more about Real Estate in Sarasota Florida.
The Sarasota-Venice Real Estate market also encompasses the communities of Osprey and Nokomis, which are between Sarasota and Venice and close to Gulf of Mexico beaches and Sarasota beaches. And of course, the closer the home is to the water, the pricier it will be.
But, then, not everyone is looking for a beach house. You may be one of them. And if so, you’re in luck, because there are more homes, condos, town homes and villas for sale off the water than on the water here in the Sarasota-Venice Real Estate Market.
The home styles and designs are gorgeous and they can range from classy Mediterranean style mansions with beautiful barrel tiled roofs and beach front lanais looking out over the Gulf of Mexico, Sarasota Bay or the Intra-coastal waterway to sleek contemporary hideaways and what’s known as the traditional Florida Home, with tiled roofs and screen-enclosed lanais (porches).
When it comes to real estate in Sarasota Florida, there are also new construction homes on the market as well as resale homes from which to select.
Whatever your desire, there’s a home style for you in Sarasota. And with prices ranging from under $100,000 for condos to multi-million dollar estates you should be able to find a home here in paradise.
Florida Property Tax Reform
Florida adopted a major property tax reform measure in January, 2008 that created an additional $25,000 homestead exemption applied to the assessed home value above $50,000.
Let Me Help You Achieve Your Real Estate Dreams!
I'm John Dial and as an actively licensed Florida and Sarasota Real Estate Professional, with local and statewide resources through Broker Referral Associates of Florida, LLC, I would be happy to help you sell your home or buy the home of your dreams in the price range and location you want, whether in the Sarasota area or elsewhere in the state of Florida
Whether you are looking for Sarasota Real Estate, to buy or sell, or Real Estate across Florida, simply fill out the below contact form in as much detail as possible and let me put to work for you my powerful network of Sarasota and statewide real estate connections to help you with your real estate goal.
It's as easy as that!
Disclaimer: Local market conditions may change quickly and may vary greatly from the time this page is updated. None of the opinions on this page should be relied upon as market conditions are fluid and change frequently. You are encouraged to do your own research and/or hire competent professionals with up-to-the-minute market data and information.