Today I am in downtown Sarasota on the rooftop terrace of our newest listing — a hidden gem known as Library Mews. It’s actually hidden in plain sight right next to Selby Library and the Sarasota Opera.
A SHOT IN THE ARM
The Sarasota real estate market, like the entire community, is experiencing the VACCINE EFFECT. As peoples’ immunological responses are strengthened, they are emerging from quarantine and heading here. There’s a lot of activity locally and our real estate market is no exception.
With the amount of buyers coming into town, there is also a dramatic increase in in-person showings (as opposed to virtual or video showings). We are actually seeing a lot more multiple-offer situations. In fact, just this week we’ve helped two of our clients secure very special waterfront properties thanks to our ability to very strategically position and structure their offers.
In one such example, there were 14 COMPETING OFFERS and our buyers prevailed! It’s not always the highest price that wins, it’s an entire package. With these multiple-offer situations we are now seeing a situation in this first part of March where the median sales price is actually greater than the original list price.
SALES TO LIST PRICE RATIO RISING
In fact, what we’re seeing is a trend over the last several months. The sales price to list price ratio in January was about 98.2% and in February it was about 98.6%. We’ll see what happens in March.
With all these multiple offers, there’s a lot of scrutiny going on, however I really believe that Sellers and Brokers are pricing those properties effectively. They are stepping back and letting the market dictate where the right price should end up. There is not a lot of greed in the market. Right now we’re all waiting to see what happens and let the buyers dictate the outcome of the sales.
READY, WILLING, and EXPEDITIOUS!
There is also a little bit of a serendipity and a little bit of luck going on in the market. For example, this week on Lido Key I helped a family buy a property that has never before been on the market. We’ve been working together for over a year and it just so happens they are here in Sarasota this week. So the moment I saw the property come to market, they were able to walk over to look at the property, and put it under contract before anyone else could see it.
The Sarasota real estate market, like our community, continues to have tremendous growth and opportunity. I don’t see the enthusiasm for Sarasota abating any anytime soon. A couple of indicators are that airlines have extended their non-stop service — which is usually seasonal- through September. This means that they’re expecting a very strong summer here in our community.
The real estate market is going to be tight for the next several months. Though I do believe that we’re going to see increases in inventory in May and June. And finally, there are sellers in the market because those individuals are consistently reevaluating their quality of life and their current home. When it no longer is the right match or they seek a different lifestyle experience, they become sellers. And because Sarasota still has lots to offer, and is growing in its amenities, content, and quality, we’re going to see buyers coming here for the foreseeable future.
Ready to sell or buy please give me a call @ 941.587.0740.
