In this video I’m standing in Pioneer Park, one of the great parks in downtown Sarasota’s cultural arts district. Pioneer Park is known for its walking trails, tennis courts, baseball diamond, playground, and it’s accessibility to Broadway Promenade where we just listed a beautifully appointed 3 bedroom courtyard condo!
In this month’s newsletter I want to talk about the results of the first quarter of 2018. Here are some pertinent highlights:
- Sales were up 8.7% over this period a year ago.
- The distressed market continues to get smaller and smaller. Now only 1 of 30 sales fits this category. This is down by 41% from the same period a year ago.
- The affordable market (those properties listed for $200K or less) continues to get smaller. It’s roughly 1/3 of the market here in Sarasota.
The largest part of our market are those properties listed between $200K and $500K. However, we are seeing a lot of robust growth in the luxury market.
Sarasota: Where Luxury Abounds
The luxury market, which are those properties listed for $1M and more, grew by 44% from the same period in 2017 to 2018. A quarter of that growth is due to the opening of two condominiums downtown – 624 S Palm and The Vue. A healthy 10% of the luxury market is the ultra-luxury market, which are those properties that are listed for $3M or more.
A couple of things that I want to leave you with:
- The British Pound has appreciated by 14% from the same period a year ago. While we expect this to bring more foreign buyers, specifically from Great Britain, that has not materialized yet.
- Today’s buyers are looking for value. This is an inherent hedge against a repricing of our market as it did many years ago.
Finally, Sarasota’s real estate market can be characterized as fits and starts. It requires patience on behalf of both the buyer and the seller because there are periods of extreme activity followed by periods of no activity.
So, be patient, whether you are a buyer or a seller.