SARASOTA, FL – Following in the wake of the home-buying frenzy that took place during the COVID-19 pandemic – fueled by remote workers wanting more living space and record-low borrowing costs – the inventory of homes available for sale on the open market was nearly bone-dry for a while.
Competition became so fierce that desperate – especially in popular markets to move to, such as Florida – would-be buyers across the country often would resort to paying above the asking price and even purchasing properties sight unseen.
However, with inflation and Federal Reserve rate increases driving up home mortgage rates, the buying madness has slowly been abating and inventory has been opening up in certain markets, albeit slowly. However, the nation is still experiencing a severe housing shortage, but the situation is improving in certain markets, and Florida – despite its enduring popularity as a transplant destination – is no exception.
A recent report listing the Top Ten U.S. Cities with Biggest Increases in Homes for Sale has been released, and Sarasota, Florida ranked number five on the list, with a year-over-year listing increase of 259 percent; listings increased from 1,150 in January 2022 to 4,100 in January 2023, with a current median home list price of $539,750.
Situated on the Gulf Coast approximately 50 miles south of Tampa, Sarasota has seen the number of new residents calling the city home swell in recent years, drawn by its warm temperature, low taxes, and cheaper cost of living.
Sarasota’s idyllic beaches and a significant uptick in new construction translates to the city boasting the most active listings per capita of any of the places on the report’s top ten, the report says.
And home prices, especially in the luxury market, have spiked dramatically in the last few years as more and more people – many hailing from the Northeast and California – continue to flock there to build new lives, whereas previously the majority of new transplants to the city consisted of retirees from the Midwest, experts say.
Florida Gulf Residential specializes in the areas of Sarasota, Siesta Key, Bradenton, Lakewood Ranch, Longboat Key, Venice, Palmer Ranch, Osprey, Anna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.