Sarasota has been host to a full slate of events, festivals, and visitors during the 1st quarter of 2017. I have met quite a few people who are first time visitors to the area or returnees from a long hiatus. Most people barely scratch the service of things to do and places to see during their stays here.
Are Sarasota’s Visitors Turning Into Buyers?
Some of the visitors have left with more than just sand between their toes. There has been a definite uptick in sales this quarter.
Here’s what the numbers reveal:
- During the 1st quarter of 2017, the number of properties sold increased by 4% over the same period a year ago.
- The luxury market, which are those properties listed for $1M and above, jumped 21% in sales from the year prior.
- The affordable segment- which are the properties listed for $200k and less- saw sales decrease by 13%. I think that the decrease in sales in this segment is a function of higher prices with less inventory in this segment. Close to 50% of the market is now between $200k and $500k.
- The distressed part of the market decreased by 50% from the 1st quarter of 2016. It remains steady at 1 in 20 properties being a distressed transaction.
Where to Find the Better Values In Sarasota’s Real Estate Market
I still feel there is opportunity for the luxury Buyer between $1.5M and $3.0M. There are about 19 months of inventory in this segment. I have also seen some healthy Buyer discounts for properties listed above $3M.
As I mentioned last month, I am seeing Buyers purchase certain properties for less than what the Seller paid. I am strongly encouraging buyers to make bold offers in certain instances, for example when a property has been listed for more than 1000 days.
If you like to understand how this information impacts your real estate values, or your property search, Call Me.