Sarasota Summer…and the heat is on!

Hello Friends,

So, what’s happening in our housing market? Like any market, it’s cyclical. If you’re thinking of making a move soon, there are two housing market factors that are probably on your mind: home prices and mortgage rates.

One reliable place you can turn to for information on home price forecasts is the Home Price Expectations Survey from Fannie Mae – a survey of over one hundred economists, real estate experts, and investment and market strategists. According to the most recent release, experts are projecting home prices will continue to rise at least through 2028. While the percent of appreciation varies year-to-year, this survey says we’ll see prices rise (not fall) for at least the next 5 years, and at a much more normal pace.

What does that mean for your move? If you buy now, your home will likely grow in value and you should gain equity in the years ahead. Now, what about mortgage rates? This is the million-dollar question in the industry. And there’s no easy way to answer it. Though mortgage rates could still go down later in the year, housing market predictions change regularly in response to economic data, geopolitical events and more. How long do you want to put your plans on hold, is the bigger question.

Staying informed about market trends and working with an experienced real estate professional can make all the difference in achieving your real estate goals. Let’s connect to make sure you have the latest information.

Debbie McHardy

SARASOTA PRESIDENT 2024

FEATURED LISTINGS

CONTACT ME FOR MORE DETAILS ON ANY OF THESE PROPERTIES.

TRIPLE CREEK VILLAGE

12413 Streambed Drive, Riverview, FL

3BR/2BA | 1,458 SF | $335,000

Freshly completed residence featuring high end finishes and a 2-car garage.

BLVD SARASOTA

540 N. Tamiami Trail, #1804, Sarasota, FL

4BR/4BA/2HB | 5,760 SF | $7,850,000

Luxurious 18th & 19th floor condo with a 3-car garage, an expansive terrace and unrivaled access to a rooftop resort style pool.

BAYWINDS ESTATES

1647 Baywinds Lane, Sarasota, FL

3BR/3BA | 2,196 SF | $850,000

West of Trail home with 3-car garage, first level private apartment, set on a quiet street.

TURNBERRY TRACE

4331 Turnberry Circle, North Port, FL

3BR/2BA | 1,479 SF | $370,000

Immaculate home with an open concept design, covered lanai with lake views.

MARKET REPORT

• New Listings have remained at the same level month over month and have increased year over year.

• Active Listings inventory levels increased from the previous month and are up 59% compared to last year.

• The number of units sold increased by 7% from the previous month but decreased by 1% year over year.

• Inventory increased by 59% for the same time frame.

• Total Sales Volume increased by 7% month over month but has increased by 6% year over year.

• Average Days on Market have remained the same month over month and has increased since the previous year.

This report represents all residential listings in the Stellar MLS coverage area for May 2024.

Amenities include a rooftop lounge, fitness studio, pickleball court, hot and cold plunge bath, infinity-edge pool with lounge areas and grilling stations, lockers, saunas, steam rooms, owner’s lounge, theater room, executive workspace, and a dog run. A concierge staff includes valet parking and a mail room. Contact me for more information.

For the first time in state history, the median sale price for Florida exceeded that of the national number and has stayed there for several months. Florida’s pricing landscape can be volatile, but the fundamentals underpinning today’s trends are relatively solid. Still, there may be some signals that suggest the pace of price growth may moderate. Read the full article here.

The city of Sarasota is on track for more tree coverage with the next phase of the urban forest project. In an update to the Sarasota City Commission at a recent workshop, city planning and sustainability staff reported the urban forest project is in its second phase of bolstering canopy coverage along Ringling Boulevard. The project, which the commission approved last fall, will facilitate tree installments using $55,000 of funding from a U.S. Department of Agriculture urban forestry grant. The urban forest project’s second phase took data from the initial tree survey and plotted where to plant trees along Ringling Boulevard. Per an outline based on that data, the stretch of Ringling from Lime Avenue and Pineapple Avenue will become a “canopy road” shaded by trees dotted both along the median and on the sides of the street.

Sarasota developers want to team up on a decade long effort to bring a right-sized convention center and adjacent hotel to Sarasota, and they are asking the Downtown Improvement District Board of Directors for help. The idea is to redevelop the south side of the block of Ringling Boulevard between Orange Avenue and Pine Place, the site currently occupied by the city-owned Federal Building and the U.S. Postal Service office and its vehicle maintenance yard. The federal building would remain and the new construction would occur on the post office property. the U.S. Postal Service is looking to relocate both the main office and the maintenance yard in separate locations, and that often when the federal government vacates property it is deeded to the host city. The pitch is that the city would retain ownership of the property and lease it to the partnership, which would build and operate the facilities.

Following extensive public engagement, new public parking policies took effect Monday, July 15 to increase turnover and efficiency of City of Sarasota public parking spaces:

Electric vehicle charging: A $1 per hour fee will begin for the use of electric vehicle charging stations in public parking spaces citywide.

Garage parking: The complimentary parking period at the State Street, Palm Avenue, and 2nd Street garages will be reduced from 2 hours to 1 hour. The cost of parking for the second hour will be $2 and the cost for each hour after the second will be $1. The daily maximum will remain $23.

Benjamin Franklin Drive: Paid parking will be implemented for 80 premium spaces along Benjamin Franklin Drive on Lido Key. The rate will be $1 per hour.

Centennial Park: Paid parking will begin at the Centennial Park Boat Ramp. Fees will be $5 for a single vehicle all day and $10 for a vehicle with a trailer all day.

Sarasota County is looking for volunteers for the Liberty Litter Cleanup. Volunteers will focuses on area beaches hit hardest by July 4th. Cleanup efforts will take place from

7 a.m. – 9 a.m. You can register online here.

June 14- Aug. 17

 Ringling Museum presents their Summer Circus Spectacular. It’s presented in collaboration with The Circus Arts Conservatory of Sarasota

July 3

 Nathan Benderson Park’s Fireworks On The Lake, gates open at 5:00 pm, fireworks display around 9:00 pm. Prices per carload $25 to $55

July 4

 Freedom Fest on Longboat Key takes place at Bicentennial Park, next to Town Hall, 501 Bay Isles Road with a parade starting at 9:00 a.m.

July 4

 Head over to The Westin Sarasota rooftop at 7:00 p.m. with views of downtown and dance to the beats of the DJ, while enjoying a BBQ buffet. Tickets available on

Eventbrite and they go fast!

July 4

 Spend the day at Perspective Rooftop Pool Bar, 1255 N. Palm Ave, Sarasota. Doors open at 11:00 a.m., enjoy lunch, Cabana can be reserved, ending with a Fireworks night party.

Get Tickets here.

Ongoing

Sea Snooze at Mote Aquarium. Kids learn about resident animals through games and crafts, and sleep over in the indoor galleries.

Get all the info here.