In today’s video, I am standing on the dock behind one of the homes we have listed in Country Club Shores. This neighborhood, on the south-end of Longboat Key area, is one of the best waterfront values in Sarasota.
A Prosperous Summer in Sarasota Real Estate Market
The third quarter of 2014 just ended, and it was a healthy summer with many visitors from around the world. This is a continued trend for Sarasota, as it becomes more and more international.
Here’s What We Learned in Q3 2014:
- From the 3rd quarter a year ago, sales were up three percent.
- The luxury market (which are those properties listed for $1M or more) saw an increase of about six percent from a year ago.
- A deeper look into the luxury market reveals that the sales volume increased by 17%. And the average sales price increased from about $1.8M to $1.98M. These increases were driven by the high-end luxury buyer (those properties listed for $3M or more). Sales in this segment tripled from a year prior.
Distressed Sales are Going Down
- The distressed market as a percentage of total sales decreased about five percent compared to a year ago. It is about one fifth of the total number of sales.
- Our Sarasota real estate market is getting healthier and more stable with the distressed sector shrinking.
Amount of inventory under $200k continues to decline
- The number of sales for properties listed under $200k continues to decrease with each quarter. Though 5.2 of every 10 sales are in the affordable range.
My Takeaways from a Sunny Quarter
The key conclusion I’d like to share for the quarter is that while the market is stabilizing in general, there are many variances within the distinct micro-markets of Sarasota. By this, I mean that even from one island, neighborhood or subdivision to the next, there a different dynamics affecting the level of activity and sales prices.
Call Lee to learn about Sarasota’s micro-markets today: 941.587.0740.
