The results for the 2nd quarter are in! Sarasota’s local real estate market has spoken. Sales are up over 6% from the same period a year ago.
Luxury Sales Take Spectacular Leap
Here’s the WOW! Sales in the luxury market exploded, increasing more than 26% from the Q2 2017 to the Q2 of 2018. Two points I feel important to share as it relates to this data point:
- These gains do not even include all of the new luxury condominium sales in downtown Sarasota, as there were no closings in these specific properties during this past quarter.
- There were 7 sales over $5 Million. The largest sale for the quarter was $8.6m. It was a 100 acre equestrian farm in Venice. The other major sales were all water front properties among Bird Key, Lido Key and Longboat Key.
This data proves out that Buyers are willing to make major investment in the barrier island lifestyle.
Distressed and Affordable Market Segments Shrinking
The distressed market is now under 30 units a month in our market, which makes up less than 2% of the total market.
The affordable segment (those properties listed for $200k or less) is now less than 30% of the total market. In 2012 it made up about 60% of our market. Though even with the increase in prices, 85% of the market in Sarasota is under $500k. Rest assured, almost all lifestyle choices are available for less than $500k.
There is a lot of inventory that needs work and Buyers and Sellers are grappling with how to value these properties. Are updates from 10-15 years ago good enough or too dated? This is still where I feel the best opportunities are available.
American Announces direct flights to Chicago and Dallas
While there are always articles highlighting Sarasota, getting into our local Sarasota airport continues to be a challenge for some. American Airlines announced a new non-stop to Chicago. There will be more capacity and perhaps price competition as now both United and American Airlines will have daily nonstop service to Chicago.
American Airlines also announced non-stop service from Sarasota to Dallas Ft. Worth. This makes getting back and forth to the west coast easier. This also opens up more opportunities for traveling to Asian with just one stop between Asian and Sarasota. American Airlines is now the leader in nonstop destinations serving four destination – Chicago, Dallas/Ft. Worth, Charlotte, and Washington, DC.
This increased accessibility is good for the Sarasota real estate market. The easier it is get here, the easier it is to make Sarasota home for all or part of the year.
There are many great places to visit – though there are few that are a better place to call home.
Call me @ 941.587.0740 for a private orientation to the old and the new.
