Today I want to talk about Sarasota’s real estate market during the 1st quarter of 2013 and reveal the positive indicators which are present in the market.
Please watch today’s video, from one of Sarasota’s prime locations, to learn my advice on where to find value in the Sarasota market.
First Quarter Leading the Way
The first quarter is typically a big showings time, as people come to escape the winter gray and experiment with sunshine. Sales from the activity typically show up in the statistics from March to May. I expect the numbers for the 2nd quarter this year to be very solid.
That said, this quarter not only paved the way for a great second quarter but was solid in its own right. Here are the numbers:
- Closings are up 9% from the 1st quarter of 2012.
- Sarasota still remains very affordable with 90% of the market under $500k.
- The distressed market shrunk by about 3.3% from the same period last year and is less than ¼ of our total market.
- And the luxury market – properties listed for more than $1m – actually had a 3% decrease in closings. This is primarily from a very slow January. I expect to see very strong luxury numbers in the 2nd quarter.
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Premium Features Commanding Premium Prices
The major theme that I am seeing in Sarasota real estate market is that properties that are new or updated, have the right setting, and are prime location are selling for premium – whereas others properties are selling for a good value based on historical data.
Again, Buyers that are willing to change out a kitchen, have a limited view, tolerate some road noise, or have a less than perfect location are still getting really good values. As Albert Einstein said, “Imagination is everything – it is the preview of life’s coming attractions.”
Any question, Call Lee @ 941.587.0740.
