2019 Sarasota area real estate sales will increase due to unique market growth factors, predicts Bryan Guentner, Broker for RE/MAX Platinum Realty of Florida
RE/MAX Platinum Realty of Florida sees plenty of upside for home sales in Sarasota, Lakewood Ranch, and Venice, Florida communities.
Bryan Guentner, Broker, said: “Sarasota Gulf Coast real estate market conditions are unique and barring unforseen economic circumstances, we should see nice real estate sales growth. We expect this year to be better than 2018 for residential home buyers and sellers.”
Among those growth factors – Realtor.com recently identified Lakewood Ranch as one of the top 10 fastest growing communities in the country. The nearby 2014 University Town Center mall has become a regional retail destination drawing many people into the area in addition to the area’s normal tourism.
When Lakewood Ranch growth is combined with an unprecedented boom in downtown Sarasota apartment and condo construction, and adding in the redevelopment planning of 42 acres of Sarasota’s bayfront, conditions are right for future real estate sales growth.
There are other area real estate sales growth factors as well, including the halo of continued area population growth in the North Port – Sarasota – Bradenton metropolitan statistical area (MSA). Updated census data shows that all nine municipalities in Sarasota and Manatee counties are experiencing increased population, job, and wage growth including Sarasota, Venice, Bradenton Beach, and North Port.
The good news – bad news situation for area real estate sales is related to the cost of housing in the area. Sarasota ranks at the top of realtor.com’s national luxury home index. And while that national prestige will likely boost 2019 high end home sales, it doesn’t make housing more affordable for average income earning families. Sarasota’s median home price at $290,000 is slightly higher than the national median sales price of $272,300.
But perhaps a little relief is possible in 2019. Statewide, inventory levels of homes on the market which has been shrinking in recent years has already eased a bit. More homes available typically puts overall downward pressure on home prices. Locally, 2018 closed out with a decrease in single family home sale prices by close to 7%, and condo and town house sale prices were down by 34%.
Strong lifestyle intangibles in the area also support the demand for area housing. People come to the area for vacation, sporting or cultural events, and career reasons. Health care, technology, tourism, and services are area job and career draws. People return or stay because of the weather, beaches, communities, and shopping and dining options.
Like anywhere else, the area has its challenges including controlling the recent red tide outbreak, making road and traffic improvements, and supplying more affordable housing. But Florida’s Gulf Coast and surrounding areas still have plenty of appeal for single family home, condo, or townhouse buyers.
Mr. Guentner concluded “It’s impossible to take all this data and accurately predict where area real estate sales will really shake out for 2019. But this area is a great place to live, and the unique growth factors here point to a good upcoming year. We’ve positioned the company offices, including our new office in downtown Sarasota, to help people buy and sell their homes in the years ahead. We continue to take on the best client-oriented real estate agents and employ the latest real estate sales technology to make that happen.”
In addition to RE/MAX Platinum Realty’s website, people interested in the area or agents looking for opportunities can visit their Sarasota Real Estate Google site.