How's the market doing Steve?
Well some version of that question reaches my ears almost daily.
Responding with the appropriate answer is only possible if I know which part of "the market" you are referring to.
Are you looking to sell or buy?
What is the product we are discussing?
Condo, single family home, vacant land, resale, new construction? What about location, price point, condition, size, uniqueness to the area?
They all of their own sub-market data within "the market".
Of course that's not usually the amount of detail that most people are asking about unless they are seriously contemplating a transaction in the near future.
Enquirey minds generally just want to know how long it is taking homes to sell and if prices are up, down, or heading for crash.
You can read my blog about "Days On Market" that I posted on July 30, 2023 for more information on that topic.
This blog will address the average home pricing trends for the past 10 years.
It's quite simple actually. The far left blue bar shows that in the 3rd quarter of 2013, the average price of a home sold in Sarasota county was around $270,000.
By the 1st quarter of 2022 the average had climbed to more than $600,000.
If you were not aware, mid 2020 through mid 2022 was the most extreme seller's market any of us have EVER seen. That extreme ended in May of 2022 and we quickly transitioned into a much more pre-2020ish real estate environment. However if you look at the blue bar to the far right of the graph you will see that the average price of Sarasota county home sale were still higher than they were in all of 2021 and in quarters 1,3, and 4 of 2022.
I dare say, if you are waiting for a market dip before purchasing in Sarasota County, you may never buy here. However, we still have a fair amount of inventory under $400,000. We just need to help you focus on the most important criteria for where you are going to call home. This is one of our special gifts at Steve Martin Homes Group.
You won't know what's possible until you give us call. (941) 894-9800
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- Steve
Steve Martin Smith is an active Licensed Florida REALTOR and Host of the Real Estate Agent Man Podcast. Steve Martin has sold more Sarasota County homes than 98% of the area’s REALTORS from January 2015 through December 2022. Steve finished the period of 2020 through 2022 as the #1 selling REALTOR at RE/MAX Platinum Realty. Selling everything from modest homes and condos to $1,000,000+ estates, he is truly a tri-county REALTOR. Originally from the Detroit area, Steve discovered Sarasota County in 1983 and then moved his young family here in 1998. In his life before real estate, Steve worked corporate business management positions for 25 years while simultaneously volunteering in youth and family ministry roles with his wife Katrina. Today they enjoy helping families to realize their goals and dreams. Steve also fancies himself a song writer and plays guitar whenever he gets the chance.
*as recorded by Stellar MLS for the period of 1/1/2015 through 12/31/2022