Q3 2015: Is it Time to Make your Move?

Today I am standing in front of our newest listing, a beachfront condominium on the south end of Longboat Key.

New Condominium Inventory Meets Growing Demand: What Will Happen to Prices?

There has been a lot of activity in the local Sarasota real estate market. Sellers are taking notice and initial listing prices are increasing. Buyers have more condominium choices with lots of infill development occurring around the downtown area. These new construction projects will begin welcoming residents beginning in the 3rd quarter of 2016. I am interested to see how this will affect inventory levels and pricing as people leave other parts of Sarasota to move downtown.

Luxury Market Up: Distressed Market Down

So what has happened during the summer so that you can plan your own move accordingly?

1. The distressed market continues to shrink. While there have been many, many hardships and lots of money lost, this segment of the market is now just 15% of total sales- a decrease of 27% from the same period a year ago.
2. The luxury market, which are those properties listed for $1M or more, continues to perform well in 2015. The number of properties sold increased by 12% from the 3rd quarter of 2014.
3. The vast majority of closings in Sarasota are still under $500k yet fewer are in the affordable range of under $200k. This segment decreased by 11% from last year at this time.

Sarasota Attracts Newcomers from Far and Near

Sarasota continues to resonate with newcomers to our area. There are lots of new faces and continued internationalization as more people choose to invest their money and time in our area. My advice for those who already live here and are looking to make a change, as well as those who wish to move to Sarasota, is to position yourself to be close to the amenities that are important to you. As our community grows in popularity, spending less time in the car getting to where you want to go, and more time outdoors and enjoying the lifestyle is paramount to finding your happy place.

Any questions about new construction call me @ 941.587.0740.