The Sarasota Luxury Real Estate Market segment has narrowed list-to-sale periods as well as list-to-sale prices, with May sales averaging 96% of list price. Inventory has fallen 40% making for a more favorable seller’s market.
The Sarasota Real Estate Market recorded a more than 80% increase in sales of existing single-family homes and condominiums in April than were recorded in April 2020, and list-to-contracts periods at record pace.
The Sarasota Real Estate Market had 40.2% more existing single-family home and 62.6% more condominium sales in March than were recorded in March 2020. And inventory at the end of March was almost 75% lower than last year.
With inventory of existing homes and condominiums for sale hitting record lows, sales in The Sarasota Real Estate Market far exceeded last year’s activity.
Sarasota Real Estate Market conditions seen during the last half of 2020 continue into 2021 and are being driven by dramatic demand from buyers fleeing their home states, continued low mortgage rates, and an acute inventory shortage of existing homes.
Preliminary data on January 2021 Sarasota market sales are as impressive as the last half of 2020, including pending sales expected to be up more than 50% compared to last year, and with inventory still extremely tight. I am optimistic that the months ahead can be expected to see more record-setting activity.
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