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Sarasota Florida Housing Market Forecast
Homes prices in Sarasota Florida is expected to tank in 2024. This year is an election year and many homebuyers are jittery during a turbulent election year. Lower interest rate is forecasted in the later half of the year. Home prices are forecasted to plummet 40% or more in Sarasota County Florida. Average price of homes in Sarasota Florida is $535,000 for single family homes. Condos are priced in the low $500,000 median price range.
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9 Replies
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Home prices in Florida is expected to crash because many folks are priced out of the housing market. Insurance premiums skyrocketing 25%, Mortgage rates in the 7%, inflation soaring are some of the reasons why homes throughout Florida is expected to take a blood bath.
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It’s not just Sarasota County that home prices are forecasted to plummet but the whole state. Tampa, Palm Beach, Miami, Fort Myers, and even Ocala is forecasted to crash by at least 30% or more.
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The Sarasota, Florida housing market in 2024 is experiencing a mix of trends. The market is somewhat competitive with homes selling relatively quickly, though there has been a slight downturn in home prices by about 2.7% compared to the previous year. However, the median home price is still notably higher than the national average, which reflects the area’s desirability.
Inventory levels have risen significantly, with a reported 86.1% increase in the number of homes available year-over-year. This substantial increase in inventory could be contributing to the slight softening in prices, as more options are available for buyers.
Despite these dynamics, the market remains active, with homes typically selling within 26 days, and a significant percentage of homes selling above list price. This suggests that while prices may have dipped slightly, there is still robust demand and competition for homes in desirable locations.
For those considering buying or selling in Sarasota, it’s a market where opportunities exist for both parties, though navigating the pricing strategy will be crucial due to the evolving dynamics of the market.
https://www.youtube.com/watch?v=sr4wiPY8q60&ab_channel=YahooFinance
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Home inventory are 135,000 homes for sale in Florida which is four times as much as the 35,000 homes for sale in 2022. Home prices in many major cities are forecasted to plummet. Watch this interesting video.
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Average to lower price homes in Sarasota Florida are still selling over list price. It is higher priced homes that are having a difficult time getting under contract. Many homeowners who purchased homes at its peak during 2021 and 2022 throughout the state of Florida are expected to take a major hit between $25% to 45% which diminishes their appreciation. Many homeowners who purchased homes before the peak will most likely not lose money but the probability they will wipe out all their capital gains is extremely likely most experts predict.
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Lennar Homes and the nation’s top homebuilders are droppng home prices as much as 20% to 30%, as well as offering incentives and rate buydowns to 4.75%.
https://gustancho.com/florida-housing-market/
gustancho.com
Florida Housing Market For Homebuyers, Investors and Renters
Florida housing market is competitive for homebuyers, investors, and renters.
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I’M moving to Florida
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Request denied, Mr. John Strange. You are needed in Chicago, my man.
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Wait until next year after property values in Florida plummet 40%.