Spaghetti Models for the Sarasota Real Estate Forecast

Today I’m visiting historic Spanish Point, thirty acres on the bay where archaeologists and anthropologists agree that our first residents and visitors came 7000 years ago.

The big question is always “How is the real estate market?” With the stock market, housing market and consumer sentiment providing different signals, it is not clear yet what type of market 2021 will be. I kind of liken it to taking spaghetti or maybe even fettuccine and tossing it against a wall. Some of it sticks in different patterns and designs and some of it falls to the ground.

Our Market at the moment currently favors sellers. There are about 2500 properties for sale here in our community. This is about two months of inventory. This sounds like a very short runway- however it’s not so cut-and-dry. There are new properties that come to market on almost a daily basis giving buyers new options each week.

What do different micro markets in Sarasota look like?

  1. Out on Lido Beach there are the Ritz Carlton managed Beach Residences. Currently, there are 14 units for sale out of a total of 88 residences. That to me seems a little bit of a high percentage sitting on the market. Median days on the market is 164.
  2. On the other hand, in the West of Trail neighborhood called Southside Village, which is bordered by Selby Gardens to the north and Siesta Drive to the south, there are about 25 total properties for sale. The median days on market is about 75 days and the list price to sale price ratio is about 96%. So they’re selling a bit under their list price.
  3. When we go over to Siesta Key and look at single family homes there are about 75 properties for sale. Here the median days on market is about the same as it was on West of Trail, about 74 median days on the market. There is also about the same in terms of list price and sales price ratio about 96%.

Our market has lots of different personalities to it. For example, in recent days we have negotiated multiple offer situations on behalf of some buyers to help them land a contract on their choice property. We have sellers who were very fortunate to have their properties to go under contract within a day or two of being out on the MLS.

We also have sellers whose properties are a bit slower to sell. Whether it’s been the price is a little too high, or the tenants have not allowed buyers come to the property, there’s a little bit of everything going on in our market.

Always on the Leading Edge of Technology

We are happy that we’ve been able to launch a new technology this month which enables prospective buyers to get an immersive 3D experience viewing a property virtually. We’ve used 3d technology before, however this is a new generation of hardware and software that allows prospective buyers- regardless of where they are in the world- to look at a property as if they’re opening the top of a dollhouse. They can see directly down inside and them get a total immersive experience walking through each room.

This gives somebody an opportunity to look up at the ceilings, down at the floors, around corners, and through closets. Most importantly, it allows a buyer a truly great way to experience a property without actually being there. Hopefully the next iteration will allow for smell-o-vision so that you can smell the salt air, sea breeze, or even the fresh baked chocolate chip cookies. With that it may just become the next 1-Click shopping experience.

Our market here in Sarasota has been the beneficiary of tremendous wealth being created since 2009 and we are very, very fortunate.

Ready to buy or sell, let’s get started (941.587.0740).

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