This morning I visited some of Sarasota’s most popular destinations- St Armands Circle, the Unconditional Surrender statue at the Downtown Bayfront, and Siesta Key Beach. I want to demonstrate that whether someone wants to shop and eat, take pictures, or recreate on the beach, life for residents and visitors here in Sarasota continues- even though 2020 has been tumultuous.
There is always a lot of press about our real estate market. The main headlines right now continue to be about “Low Inventory.” However, I think the deeper story is “What is Selling.”
- YES, there are many multiple-offer situations.
- YES, the market for buyers is competitive.
Yet not all properties are selling equally. Today’s buyer is eyeing the big bowl of juicy fruit that is our real estate market and they are choosing the ones that are just right. So, sellers in the same building- or even the same street- may be having different experiences based on the orientation of the views, condition of the property, and listing price.
The local unemployment rate was down to 5.6% in September and Florida’s consumer confidence was up slightly to 84.4% This is a fair number, certainly higher than what it was a few months ago.
For me, one of the best leading indicators of the real estate market is the Ultra Luxury Market. These are properties listed for $3M or more. It has been very, very healthy with hundreds of properties sold in the past few months and many more closings set in the next several months. I see this as a validation in both our community and the local real estate market.
We do not have panic buying, rather we are experiencing that our local real estate is comfort food for uncertain times.
If you want to taste, or to clear your plate to try something new, let me know (941.587.0740).