Demographics of buyers from outside the state are changing

As we approach the summer real estate market in Sarasota, we are witnessing both an increase in demand for homes and a shift in the demographics of out-of-state-buyers.

Where are buyers coming from? We examined all Coldwell Banker Realty residential property transactions in Southwest Florida (including Charlotte, Collier, Lee, Manatee and Sarasota counties) between Jan. 1 and April 30, 2022, in which buyers reported their place of origin. Florida buyers themselves purchased the most homes in the southwest of the state during this period, approximately 50% of all transactions. The Top 10 locations from which out-of-state buyers arrived were, in order, New York and Illinois (a tie), Michigan, New Jersey, Massachusetts, Pennsylvania, Ohio, California, and Wisconsin and Virginia (a tie).

Nearly all foreign buyers were from Canada during the first four months of 2022, a trend we also saw throughout 2021. According to the 2022 Coldwell Banker Global Luxury Report, the five U.S. states that attracted the greatest number of foreign homebuyers from April 2020 to March 2021 were California, Arizona, Texas, Florida and New Jersey.