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3 Things To Consider If You’re Considering A Move To Sarasota County.

This blog discusses Sarasota County property values and the relative meaning of value in relation to real estate. It includes market updates for the Suncoast region and historical real estate and demographic data in Sarasota County.

# 1 Everything You Need To Know About Sarasota County Property Values.

According to data, Sarasota County encompasses 725 square miles with a population of 434,006 (as of 2020). That’s up 14.4% over the 2010 census. Current estimates continue to show upwards of over 1,000 people moving to Florida each day. Assuming even distribution throughout Florida, our piece of Suncoast paradise can expect continued growth for years to come. 

How can we be so sure? 

History says so. Going back to a population of 12,440, Sarasota County has seen double and even triple digit growth every decade since 1930. Considering everything our country went through during those 90 years, Sarasota County has proven to be not only a resilient community through some very challenging times, but a very attractive destination for people who want to raise a family or enjoy their retirement. That has value. 

That same resilience applies to our property values, as well. Sure our region took some of the brunt of the housing crash in the late 2000’s. But looking back, Sarasota County was one of the first in-first out real estate markets, meaning we faced it first and weathered it well. Now we’re back to record high property values because of our community’s resilience and appeal. 

#2 The Here And Now of Sarasota County Property Values.

Thinking about buying a new home this year? Keep in mind that the price is what you pay, but the value is what you receive. This is a cornerstone principle as you consider some of the uncertainties emerging in today’s financial and real estate markets. 

Enter in some high profile bank failures, fluctuating interest rates, ongoing inflation and other economic concerns that will continue to influence buying and selling behavior over the months and years ahead. As history has shown, these factors attract opportunists looking for the proverbial “good deal.” 

But a ‘good deal’ is really in the eyes of the beholder. Now, return to our value proposition: Back in the first chapter of the first day of the first real estate class came the question, “How much is a home worth?” The answer, flatly, was “whatever someone is willing to pay for it.” And that’s the Suncoast real estate market in a nutshell. 

#3 Sarasota County Property Values Market Watch

Nationally, existing home sales have continued to fall off since February of 2022, down over 36% nationally (source: Kiplinger newsletter). For the southern region of Florida, it’s a much healthier 20% (source: Stellar MLS). And not surprisingly, our average sales price is up 5% over a year ago at $433,196. Actual Days On Market (ADOM) is now a more realistic 50 days, up considerably from the less than two weeks of early last year. Our region’s inventory has also increased accordingly, fluctuating from 3-4 months versus less than 30 days a year ago.

Earlier, we stated that “the price is what you pay, but the value is what you receive.” So when you're buying a house, it is so much more than wood, bricks, and paint. It's the place you will find the most comfort, where you will long to be at the end of a hard day, a place you will make memories with those closest to you. The value of your house transcends all things monetary; it’s your joy, safety, happiness, and so much more. 

So is your joy, safety, happiness and more worth more than the asking price? Equal to the asking price? Less than the asking price? You, the market, will always decide. Looking back a year ago, it was worth well over asking price to multiple offerors competing for the same perfect home. Today, it’s worth asking price or maybe a few pennies less.

The moral of the story is that no matter what goes on with the economy or the world, we get to make the choice of where we want to live and how much we’re willing to pay for it. As history shows, there’s every reason to believe that your real estate purchase in Sarasota County will deliver financial value and quality of life. It’s hard to say what tomorrow’s headlines might bring, but there is no better place on earth to find out than Sarasota County, Florida, USA. 

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