To say that 2022 has been a tale of many trends in the real estate market would be an understatement. In Sarasota, specifically, real estate has shown growth, incredible demand, price increases, bidding wars, and supply shortages, to name a few. Factor in a Category 4 hurricane hitting the region in late September as well as rising interest rates and it has made the fourth quarter look different than the rest of 2022.

According to Ellen O’Day, the managing broker for two of our Coldwell Banker Realty offices in Sarasota, closings and interest briefly slipped this quarter, but are already picking up again. New construction homes with construction delays have had closings move to late December or even January. Listings are picking up, which will help a local market that has been short on supply the entire year.

“Sellers are listening more to their agents and being more realistic with asking prices,” noted O’Day. “We still need better inventory for our middle of the road buyers, such as the $400,000 to 700,000 range. And builders continue to contact us, looking for property to develop in Sarasota County.”

This has allowed buyers a slight reprieve in having to make a same-day decision in the under $1 million market. Bidding wars are not as frequent, and buyers are not being forced into potentially rash decisions on such an important purchase decision. Some potential buyers who left the market after getting repeatedly outbid, are returning.

The Sarasota luxury real estate market is still experiencing a good deal of demand. A property priced over several million was just listed by our Longboat Key office and was under contract in a single day. Cash sales are also still a large part of Sarasota home sales. Some months, cash sales account for at least 75% of the sales in our Longboat Key location. With this number of cash buyers, who aren’t affected by what mortgage interest rates are doing, Sarasota remains a strong real estate market.

Florida, as a whole, has always be in demand ‒ the weather, the beaches, the outdoor activities, the long list of things to do. Real estate markets are and always have been regional in nature. This sometimes gets lost in translation in news stories.

When considering your real estate moves for 2023, remember that real estate is local, just like weather. When you get up in the morning and check the weather to decide what you’re wearing, you don’t check the national weather forecast. You check your local forecast. The same holds true for real estate. Don’t be concerned about what’s happening in Denver or Chicago but ask a real estate professional what’s happening in Sarasota.

Duff Rubin is president of Coldwell Banker Realty in Florida.  

This article originally appeared on Sarasota Herald-Tribune: Sarasota real estate in 2022: Growth, strong demand, price increases