Sarasota real estate prices reach new record

Sarasota real estate prices reach new record

In tune with the general nationwide trend, prices for Sarasota real estate also reached a new record in May. The median price also broke the US$400,000 barrier but showed no sign of putting buyers off as demand remains strong. However, supply continues to fall short and many would-be homebuyers are disappointed. 

Record median sales price in Sarasota 

Data for May from the Realtor’s Association of Sarasota and Manatee (RASM) found that the median sales price in Sarasota County stood at US$407,000. The figure represents a new record and is the first to exceed US$400,000. In addition, it’s 36.6% higher than May 2020. 

Sarasota County in Southwest Florida is currently experiencing the same boom as other areas in the Sunshine State. The May figures reflect the robust state of the Florida real estate market generally and mirror the trends seen in April. 

No signs of fewer buyers of Sarasota real estate 

Despite the recent price hikes, real estate in Sarasota County continues to attract buyers from across the country. “Regardless of the recent price surge, Florida real estate remains on par or less expensive than other markets,” said Alex Krumm, President of RASM. 

Krumm pointed out that property prices in Southwest Florida give buyers from outside the state the “flexibility to pay more for a home while remaining relatively inexpensive compared to their previous place of residence”.