Current Real Estate Market in Sarasota

Despite the recent natural disasters that have impacted the state of Florida, a recent study determined that housing prices in areas affected by natural phenomena, such as the city of Sarasota, remain high during the three years following the events, compared to unaffected cities.

Although it is still early to speak with certainty about the effects these disasters had on the real estate market in the city of Sarasota, the balances indicate that housing prices, to date, have reached an increase of approximately 10%.

As housing prices rise, it is normal for sales to show significant declines across the real estate sector; however, in the city of Sarasota, the most affected sector is that of single-family homes and condominiums. As a result, the real estate market in the city is also experiencing increases in inventory and housing offers.

Real estate experts in Sarasota and the recent study indicate that the increases in property prices are due to all the recent renovations, repairs, and reconstructions that were carried out once the storm had passed. All these changes and improvements in the homes have caused the selling price to increase significantly over time.

On the other hand, since Florida is a state prone to enduring storms and hurricanes, new housing constructions are now complying with strict safety codes that allow properties to withstand any natural disaster.

Due to this new trend and the requirements for hurricane-resistant safety, many homeowners and real estate developers in Sarasota are being forced to demolish and replace old properties with constructions that can withstand all unexpected natural events.

Currently, most new properties in Sarasota are elevated, and the foundations are designed to protect the home against any flooding. Additionally, homes now feature windows and roofs that can withstand the effects of disasters and have hurricane-resistant exterior cladding or materials.

Despite these changes that the real estate market in Sarasota is experiencing, agents are optimistic and believe that everything could shift to a more balanced and dynamic environment where buyers will have more options to purchase, due to the increase in inventory, and builders will be able to negotiate prices for new and inventory homes to level the demand in the city.

Available foreclosures:

Sarasota: 15 homes available.

By Elías DaSilva | 05 de Noviembre de 2024.