Today I’m out on the beachfront here on the southern end of Longboat Key. All the residents of all these condominiums have had access to their beachfront the entire time throughout the pandemic.
Three weeks have passed since our May Day update on the Sarasota Real Estate market. How are we now?
In one word BUSY. There has been a tremendous uptick in the amount of activity in the real estate market here in Sarasota. We’ve had showings on all of our listings this past week. We have several clients who have already traveled here or have scheduled their trips here to purchase in Sarasota. As things are opening up, there are lots of people, both locally and from other places, who are trying to figure out their next move.
NOW is the Time for Sellers
We have a supply problem here in Sarasota. For every property that is listed for sale in our market, 1.6 properties go under contract. So as supplies dwindle, prices are going to rise, and it’s a great time for sellers here in Sarasota.
There are still many opportunities for buyers. The market dynamics continue to be stable. Here are some key highlights I want to point out:
- We’re seeing about 86% of all sales under $500,000.
- About 4% of sales are in our luxury market (properties listed for 1M or more). The luxury market is performing exceedingly well — in fact from January 1st through about May 20th of this year they’re about as many closings in the luxury market as there were during the same period last year in 2019. And that’s with people pausing their life for about 4 to 8 weeks.
Our beaches are now open, the manatees are giving birth, and people are getting out for sunshine and sand. There are many opportunities in our market.
If you’re looking to buy or sell please reach out @941.587.0740
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