Southwest Florida is no stranger to hot markets for property and the area regularly ranks at the top. 2022 promises more of the same, with Sarasota County real estate coming to the forefront to dominate the hottest market listings. According to a recent report, this part of Southwest Florida takes the first six places in 2022.
Sarasota County hottest in the US
The property portal Redfin conducted a study of market activity in the autumn and compiled a listing of the hottest markets in the US. Sarasota County real estate took the top six positions in the ten busiest in the country.
South Sarasota ranked as the hottest, followed by East Venice and Englewood, completing the top three. Other Sarasota County locations, Venice, Nokomis and The Meadows, took the following positions, making this part of Southwest Florida the absolute winner.
Reasons behind popularity of Sarasota County real estate
Local agents report a change in buyer profiles in the Sarasota County market over the last year. The area has traditionally been a favourite with retirees, but the demographic has become younger since the pandemic.
“The Sarasota area has changed radically over the past year,” said a Redfin agent, quoted by Florida Realtors. “Many neighbourhoods have become younger with all the first-time buyers and early retirees moving in.” Over 67% of Sarasota County real estate searches were from a different metro area.
Redfin research in Q3 2021 highlighted the demographic shift, finding that 50.3% of adults over 55 had retired. The figure is up from 48.1% in two years. In addition, it’s estimated that over 3 million Americans have retired early since the pandemic arrived. And Southwest Florida is the nation’s favourite retirement destination.
South Sarasota County real estate
Redfin calculates its hot market figures based on the time spent on the market, the number of sales made above list price and the sale-to-list-price ratio. As a result, South Sarasota takes the position of hottest market in the US.
Florida Realtors report that the median house price in this part of Sarasota County is US$434,023, an increase of 19% in the year. 36% of properties sell above list price and homes typically spend just seven days on the market. As a result, supply in the area has plummeted by 50% in 12 months.
East Venice real estate
This district in Sarasota County has America’s second hottest real estate market in 2022. Here, properties sell for a median of US$420,000 (up 38% in the year) and take a mere four days to sell. 53% of homes go for higher prices than listed and inventory levels are down by 25%.
Englewood real estate
Englewood is a sought-after residential area on the Gulf Coast in Sarasota County and like the rest of the districts in the area, has experienced a surge of demand over the last year. Redfin ranks it as the third hottest market in the US in 2022.
Median prices for Englewood real estate stand at US$427,500, a 38% uptick in a year and 28% of properties sell at higher than their listed price. Homes spend an average of eight days on the market and supply has dropped by 28%.
Other hot real estate markets in the US in 2022
Sarasota County real estate dominates the top ten where Florida occupies eight of the total. Joining Sarasota are Weston in Broward County and Downtown Fort Myers in Lee County, another district in Southwest Florida.
Other US markets barely get a look-in in the listings where there are just two non-Florida districts. These are Chatham in Cape Cod, Massachusetts and Lake Lure in North Carolina. They stand in seventh and ninth positions respectively.
(Source: Redfin, Florida Realtors)