The Sarasota Real Estate Market experienced yet another month of strong housing appreciation. As we move into what is normally our busier season, my expectation is that prices will continue their remarkable strength.
The year 2021 is likely going to finish with the highest volume of luxury transactions in the Sarasota Real Estate Market’s history. Luxury tiers between $1-3 million and above $3 million have reached a remarkable pace, causing inventory levels in the segment to fall dramatically and prices to rise.
Inventory is the Sarasota area’s dominating factor. Sellers are waiting for the peak tourist season to get underway, seasonal residents to return, and for the arrival of our European buyers who have been absent from our buyer pool for most of the last two years.
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.
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Michael Saunders & Company
440 Gulf of Mexico Drive
Longboat Key, Florida 34228