Today I am in Southside Village in Sarasota’s West of Trail to review the sales from the 3rd quarter of 2012, July through September. The summer is typically the slowest period of the year here in Sarasota, but even so, the number of properties sold increased by over 12% from the same period last year.
View my two minute video below – to discover which is the hot area of Sarasota luxury real estate:
Gulf Front Sarasota Property Leads the Market
Gulf-front in particular is seeing a resurgence of active buyers. The two listings I have been holding open, along the highly coveted section of north Siesta Key known as Big Pass, will close in the next two days. The least expensive property still available on this stretch of the beach is now $11.9M.
In Desirable Neighborhoods The Early Bird Gets The Real Estate Worm
A lack of inventory in the best neighborhoods means properties are going under contract within days. In this desirable Southside Village neighborhood – also referred to as West of Trail – I know of six recently listed properties that went under contract almost immediately…..two in two days, one in three days, two in six days, and the last in eight days.
Currently, there is about 12 months of inventory of property between $1-2m. I expect this number to decrease as we move into the busier buying season.
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Finally….a note on Sarasota Short Sales
It appears that more short sale deals are getting done. The number of closings has edged up slightly from last quarter to about 1/3 of all closings. Which is still down from the same period a year ago.
Overall, as we enter the final quarter of the year, the market is looking good. But, as always, knowledge and timing are key. Buyers who are ready to commit are watching and waiting until the right match comes along, and then pouncing.
Can I help with any real estate questions? Call me at 941.587.0740.
