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New Opportunities Rise as Sarasota Leaps in Top 20 U.S. Housing Markets

The timing looks perfect for the luxury home that we listed this November and you can best appreciate through this video.As we listed this elegant residence in Longboat Key, came a new report of Sarasota leaping to the top 20 U.S. emerging housing markets index.

This index ranked the Sarasota metro at No. 17, jumping 43 spots from the previous reading. This dramatic improvement represents the highest growth spike among the 300 U.S. markets the index covers. Notably, this index came out of a partnership between the prestigious business paper Wall Street Journal and Realtor.com.

Sarasota’s rise in this index is truly a source of excitement for the local real estate sector. It indicates that our metro is drawing exceptionally high interest from home buyers and investors.

What Drives Our Market?

So, what factors are driving this heightened interest from home buyers? The parameters used in the index, provide the answer. These market drivers that the index measured include a strong potential for return on investments and the quality of life that Sarasota offers.

Our market territory also demonstrated its strength in the following measures:

  • Economic health
  • Employment rate and wages
  • Property taxes
  • Commutes and plentiful amenities
  • Local real estate trends

September figures from theRealtors Association of Sarasota and Manatee (RAMS) attest to our robust local real estate market. For the month, RAMS reported a healthy gain in prices across residential types in Sarasota.

Sellers Get Full Asking Price

Home sellers for all categories in September remarkably received 100 percent of their original list price. Some buyers were even observed willing to pay more than the asking price.

The sales pace in Septemberwasas amazing. The median time to contract for all residential types was registered at just 7 days during the month. For condos/townhouses, this represents an 83.7 percent drop from 43 days in September last year. The median time to contract for single-family homes in September saw a 70.8 percent decline from 24 days a year earlier.

A rise in families moving to Sarasota from out of state is helping fuel this uptrend. Sarasota has become more than a destination for retirees and vacation home buyers.

More households are now coming to buy permanent residencesin Sarasota partlydue to corona-virus inducedbehavioral shifts.The work-from-home arrangements that many employers have adopted in turn enabled households to relocate to more desirable areas like Sarasota.

More Home-Hunters Go Virtual

This shift has likewise significantly altered how buyers now go home-hunting. Buyers, especially those out of state, are now picking residences even without personally touring sales-listed properties.

More and more buyers are now counting on virtual tours like the video production for the Judy Kepecz-Hays Team’s newest listing in Longboat Key. Apps like Zoom and FaceTime also enable us not only to show properties. With these tools, we can also hold meetings between buyers and sellers to facilitate sales deals quickly.

Given these platforms at our disposal, the Judy Kepecz-Hays Team is always ready to serve clients. This we offer as our Sarasota market appears poised for an even more hectic pace. Call or e-mail usif you buying or selling a Sarasota residence.