Today, I filmed the video below from the backyard of one of my newest listings on St. Armands Key. Behind me are the beautiful Sarasota Bay and Coon Key.
This week was an active one. I had two different buyers make offers on properties, only to learn that there were multiple offers simultaneously on both properties.
Sarasota Real Estate Competition Heats Up
What this shows, and what I’m seeing everyday, is that there is activity in the Sarasota property market. Today’s buyers need to know they are not alone in wanting to purchase a piece of Sarasota.
And the first quarter numbers reflect exactly this. In fact, the results for Q1 2012 are remarkably similar to a year ago (which is a healthy sign).
A Luxurious First Quarter: “The Growth End of the Market”
- In the luxury market, where I spend most of my time, sales for properties listed over $1 million were up 34% from the 4th quarter of 2011.
- Distressed sales are now down to ¼ of total sales. During the 4th quarter of 2011 nearly 40% of sales were distressed so to be down to 1 in 4 is significant.
- Our market remains affordable with a little less than 2/3 of all sales being for properties listed under $200,000.
- Another 25% of all sales are for properties listed between $200 and $500k. Therefore 9 out of every 10 sales are for properties listed less than $500k.
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The hot niche in the market continues to be at the luxury end, as I predicted more than a year ago.
However, there is movement across the whole market. And we are seeing year-on-year stability as well as fast-moving inventory and a reduction in distressed sales, which is all good news.
This is a healthy market, a market in which to make a leap, and a market ideal for those looking towards a Sarasota investment property.
Any questions? Call Lee at 941.587.0740.
