Good News for Real Estate: Strong Recovery Underway in Sarasota
Sarasota, Florida is rapidly exiting from the recession and is currently one of the strongest-performing economic markets anywhere in the country. This is one implication that can be drawn from a recent ranking by the Brookings Institution of metropolitan areas around the U.S. The study compiled economic data gathered from the fourth quarter of 2011. The Brookings Institution, a Washington-based think tank, named the Sarasota region among the 40 strongest areas in the U.S. for economic performance. Brookings factors in changes in employment, the unemployment rate, gross metropolitan product, and housing prices.
Among the nation’s top 100 metro areas, Brookings ranked the Sarasota region 67th for gross metropolitan product, a figure comparable to the national GDP measures that define recessions.
But in other important categories Sarasota ranked highly: for its one-quarter change in employment, the region ranked 13th. For its two-year change in the unemployment rate, it ranked 20th. For its three-month rise in housing prices, the region was 6th.
Sarasota is perfectly positioned for a robust real estate and housing recovery. New home construction starts are up. Interest rates are still near historic lows. And in Sarasota, the housing market is still predominantly a buyers’ market. Prices are slowly coming up but are still far below the levels of five or seven years ago. And inventory is still good; a variety of properties are available in almost all price ranges in a number of attractive neighborhoods, from Sarasota’s lively downtown to its stylish and exclusive beach communities.
Savvy homebuyers already know that Sarasota compares quite well against other real estate markets, even other Florida markets. They know that Sarasota is the cultural capital of the Gulf Coast, with theater, symphony, ballet, opera, and a star-studded film festival. They know Sarasota’s Gulf beaches offer pure white sand, and they know the barrier islands offer a number of alluring waterfront properties.