The Sun Sets on 2021:The Sarasota Real Estate Numbers in Review

Welcome to 2022! We begin our 3rd decade of business delivering concierge-style service and unmatched expertise in Sarasota Real Estate sales, purchases, and investments. This is our 13th year of producing the most informative and timely video updates with real statistics and analysis so that our clients can make informed, insightful choices.

“LIVE BETTER HERE”

With the scene of relaxed and sun-drenched beachgoers enjoying the sunset here on Lido Key, the maxim we have embraced for 2022 is “Live Better Here.”

Enthusiasm for being part of our community is soaring. Living here is a want- not a need. If you don’t have to find a job here or if you can work remotely, it is especially easy to want to make the transition. And if you do need a local source of income, Sarasota is a haven for entrepreneurial spirit and like-minded people.

2021 was a year of re-exploration both of geography and ourselves; as people contemplated where and how they want to live. Living here is clearly what many want as demand continues to outpace supply.
Here are the statistical highlights:

  • Sales for 2021 are up 17.15% over 2020.
  • Sales for the 4th quarter of 2021 increased 14.4% compared to Q4 2020.
  • Median Price for the 4th quarter of 2021 is 22% higher than it was for the 4th quarter of 2020.
  • There are under 800 properties for sale. This is about 20% of “normal” levels which is driving prices up. While inventory is low, we are not running out of properties as new ones get listed each week.
  • The luxury market (properties listed for $1M or more) units sold decreased by 1.5% from the Q4 a year ago, however the percentage of sales in this segment has increased, meaning we are shifting to higher price points.

There are two types of buyers in our market:

  1. Those that want to “Live Better Here” NOW.
  2. Those who are looking at longer time horizon and have their sights on new construction options coming out of the ground.

For the latter, the wait is about 18-48 months for brand new condominium construction on the barrier islands and Downtown Sarasota. We are getting multiple calls a week with new clients eager to plant their stake in The Quay and other sexy new constructions projects such as The Rosewood Residences Lido Key and the St. Regis Longboat Key.

NOTE TO SELLERS: While a strategy of aspirational pricing has proved effective during some periods of 2021, there are also instances when coming out of the gate overpriced has led to significantly lower sales prices leading us to wonder if a slightly more conservative approach would have netted the seller a higher purchase price. If you may be a seller in locations where new construction is on the horizon, I do not recommend waiting too long as a lot of inventory will be added. As the wait time on new construction gets shorter and shorter, more buyers will be willing to have delayed gratification in exchange for shiny and new.

Sarasota’s future looks brighter and so does its real estate market. Our community is bustling with activity and the number of people interested in creating a home here is increasing. I expect that demand will remain strong.

When you are ready to navigate the many paths and options for selling and buying on your journey to “Live Better Here,” give me a call @ 941 587 0740.

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