In this month’s video newsletter I discuss how our Sarasota real estate has performed in the first quarter 2014. I’m pleased to report total sales for the period were up just slightly, about one percent, from the same period last year, which is good steady growth.
Here are my takeaways from Q1 2014
Luxury and Distressed: A Changing Market-scape
Last year during this period, I felt the luxury market properties listed for $1million and more was surprisingly sluggish. I’m pleased to report it has rebounded with sales increasing by about 23 percent.
The distressed market continues to be a legitimate part of the total market. There are still lots of properties where the value of the property is significantly less than the amount owed. With appreciation in our market, hopefully this number will decrease at an accelerating rate. From the same period last year the number of distressed sales has decreased from about 1 in 4 to 1 in 5 properties.
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Affordable Sarasota?
There is always much discussion regarding affordability. More than 88 percent of our market is under $500,000. In the last year, with appreciation, we are seeing fewer properties sold under $200,000 and an increase in properties between $200,000 and $500,000. This means property values are on the up and the competition at the bottom of the market will only get fiercer.
Market Knowledge Still the Best Market-beater
Finally, our real estate agency work with a lot of educated buyers. With increased competition as the market heats up, it is important to start honing in on what to purchase, before you’re ready to buy. Then you’re prepared and ahead of the game when the right property comes to market.
We recently had a buyer who – because of their willingness to stay informed and engaged – was able to go to contract on a spectacular beachfront property without seeing it first. Because of their advanced preparation, they beat out the competition and multiple generations will be able to enjoy a special piece of paradise.
How can I help you? Call me at 941.587.0740 🙂
