The real estate market in Sarasota, Florida has been on a steady rise for years, with luxury properties in both Sarasota and Manatee Counties selling for record-breaking prices. This is due to a combination of factors, including an influx of buyers from the northeastern coast of the United States, a decrease in housing inventory, and an increase in demand for housing. As a result, the area has become one of the least affordable places to live in the country. The dramatic increase in housing prices has caused some alarm, as it could affect the area's tourist-dependent economy by making it difficult for workers to find affordable places to live.
The Sarasota real estate market saw an increase of 14.9% year-on-year (year-on-year), resulting in 28,764 home sales. In the single-family housing market, closed sales in Manatee County increased 4.3% year-on-year to 559 sales and fell in Sarasota County by 16.8% to 691 sales. Since homes remain on the market longer than in previous periods, sellers are likely to lower their prices. Those who buy homes as their primary residence are more likely to successfully ride the wave of long-term home values, particularly in that mid-price range. Rents on the North Port-Sarasota-Bradenton subway are the 14th most expensive in the country for mid-sized metropolitan areas, according to information from the United States.
The national moving company PODS has placed Sarasota at the top of its ranking of the most attractive places in the country. The Hyatt Regency Sarasota is under contract with a developer who is in the early stages of plans to have the decades-old hotel demolished and remodeled into a Thompson hotel, a luxury brand owned by Hyatt. This is just one example of how Sarasota is becoming an increasingly attractive destination for luxury buyers. If you're looking to buy a home in Sarasota, you should be prepared to pay more than the asking price due to high demand and low supply. It's important to work with an experienced real estate attorney who can help you navigate this competitive market and ensure that you get the best deal possible. Norton Hammersley provides comprehensive legal representation to individual and corporate clients in the acquisition, development and sale of residential and commercial real estate, leasing and financing of single-family homes, multifamily projects, residential subdivisions, hotels, office buildings, condominiums, centers commercial and other real estate developments throughout Florida. It's also important to stay informed about current trends in the Sarasota real estate market so that you can make informed decisions about your purchase.
ABC Action News reporter Michael Paluska also met with the executive director of the Sarasota Housing Authority, William Russell, to discuss current trends and strategies for navigating this competitive market.