Trend Watch: Your Guide to the Current Market Data

Trend Watch: Your Guide to the Current Market Data

  • Lisa Rooks Morris
  • 05/16/23

There's a lot to know about the current real estate market in and out of Sarasota. The short story is that we are returning to a 'normal' market with the seasonality that we were used to before the pandemic years. In our tropical region, that means we expect a slower market over the next few months while second home owners and seekers are enjoying cooler temperatures elsewhere.

The long story is a bit more complex. While there's no doubt that our trends are illustrating historic seasonal fluctuation, the reality is that our market is sustaining high average prices for a variety of inventory and that our prices are trending up even as financial markets project a bit of volatility. You can see clearly from the graph below that average prices year-to-date are twice as high as they were in 2018. That's a great indicator of appreciation in Sarasota's market and the positive potential for buying here. But you can also see clearly that the price increases in 2020, 2021, and 2022 were MUCH steeper than they are now. We've still got high demand and we anticipate that demand will continue to increase, but it's nothing like the frenzy that we saw in those three years. 

Another trend that we track constantly is days on market, or the length of time that listings stay on the market. Again, you can see clearly in this graph that the average days on market are significantly lower than they were in 2018, but you can also see that days on market are increasing from this time last year. That's a clear sign of the market shift and our return to seasonality. The granular data tells us that average days on market for April and May this year are significantly longer than in 2022. 

There's a lot to say about current trends and there are a lot of takeaways for both buyers and sellers right now. Strategic pricing is especially critical in this 'normalized' long term market and during the slow summer season here. Buyers still need to be realistic about market values, though. Just because prices aren't rising as quickly as they used to doesn't mean prices are falling. If you want to know more about what's happening in a specific neighborhood like Avondale, Lido Shores, or any of the enclaves in Sarasota, just let us know. 

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