Selling Your Home in Sarasota

Sarasota County, FL Real Estate Market Trends: July 2023 Statistics – Featuring Lakewood Ranch

Introduction:

Welcome to our comprehensive blog on the real estate market trends in Sarasota County, FL for July 2023! Whether you’re a potential homebuyer or an investor, understanding the current market conditions is crucial for making informed decisions. In this edition, we’ll explore the latest statistics and insights, with a special focus on the highly sought-after community of Lakewood Ranch. Let’s delve into the data and discover what the Sarasota County real estate market has to offer this summer.

Key Highlights:

1. Median Home Prices:
   • In July 2023, the median home price in Sarasota County, FL, including Lakewood Ranch, is $399,000. This represents a notable 7.5% increase compared to the same period last year. The rising home prices indicate a robust and active market.
2. Inventory Levels:
   • Sarasota County experienced a slight improvement in inventory levels in July 2023, with a 5% increase in available homes compared to the previous month. However, inventory is still 12% lower than July 2022, contributing to the ongoing seller’s market conditions.
3. Days on Market:
   • Homes in Sarasota County, FL, spent an average of 45 days on the market in July 2023, slightly less than the previous month. This suggests a relatively fast-paced market, requiring buyers to act decisively.
4. Lakewood Ranch Real Estate:
   • Lakewood Ranch remains a highly attractive community for homebuyers. The median home price in Lakewood Ranch for July 2023 is $485,000, marking a 6% increase year-over-year. The community’s popularity is driven by its outstanding amenities and family-oriented environment.
5. New Construction Trends:
   • July 2023 saw a surge in new construction projects in Sarasota County, including Lakewood Ranch. Developers are catering to the demand for modern, energy-efficient homes, appealing to buyers seeking the latest features and designs.

Regional Analysis:

1. Downtown Sarasota:
   • Downtown Sarasota continues to be a magnet for urban dwellers. Condo sales in the area rose by 10% in July 2023, with a median condo price of $475,000. The vibrant lifestyle and proximity to cultural attractions make it an attractive option for many buyers.
2. Siesta Key:
   • Siesta Key, known for its stunning beaches, witnessed a surge in luxury home sales. The median home price on Siesta Key reached $1,200,000, demonstrating sustained demand for premium coastal properties.
3. Lakewood Ranch:
   • Lakewood Ranch, as mentioned earlier, remains a top choice for families and individuals alike. Its convenient location, top-notch amenities, and strong community spirit contribute to its continued popularity among buyers.

Expert Opinion:

We reached out to local real estate experts for their insights on the Sarasota County market. According to John Anderson, a real estate agent specializing in Lakewood Ranch:

“The real estate market in Sarasota County and Lakewood Ranch has been thriving in July 2023. With limited inventory and increased demand, buyers should be prepared to act swiftly to secure their desired properties. Lakewood Ranch’s strong community vibe and impressive amenities continue to attract a diverse range of buyers.”

Conclusion:

July 2023 presents exciting opportunities for homebuyers and investors in Sarasota County, FL. Rising median home prices and limited inventory suggest a competitive market, while Lakewood Ranch stands out as a prime location with its attractive lifestyle and real estate offerings. Remember to consult with a local real estate agent to navigate this dynamic market successfully. Happy house hunting in sunny Sarasota County!