Unless you are living with your head in the sand- no pun intended- there’s a lot going on in the world. But, if you’re a buyer of Sarasota real estate you have to be laser focused on the task at hand. That’s because, like everywhere else in the world, we have supply chain issues. This played out in the first quarter’s numbers for 2022:
- Sales are down 25% from the same period a year ago. This is actually the lowest number in over seven quarters. Again, this is because of the lack of housing inventory.
- The luxury market (1M+) is down 19% from the same period a year ago. However, the luxury market as a percentage of total sales is increasing. Nearly 1 in 10 properties sold is in the luxury segment. This is a chicken and egg scenario. Are Sarasota’s property values increasing or are people more comfortable investing larger sums of money into Sarasota?
- The median price is up 27% from the same period a year ago. What’s happening in the greater world is happening here. Can we expect property owners to become sellers? That’s hard to imagine as when you live in a beautiful place like this, where else are you going to go?
New Construction in Sarasota’s Downtown and Barrier Islands
As I have reported recently, there’s lots going on with new construction in Downtown Sarasota. The demand for new construction is most notably demonstrated with One Park in The Quay. There’s tremendous sales velocity there. In their first 90 days they have closed nearly 70 units, which is nearly half sold out.
The DeMarcay, which is in downtown Sarasota, is about 75% sold. The St Regis Resort Longboat Key Residences has only 4 or 5 remaining from their total amount of 69 residences. And out on Golden Gate Point the Peninsula is just coming out of the ground. They are already taking reservations and soon will go to contract. And out on Lido Beach the Rosewood Residences Lido Beach Key will be going to contract in May of this year.
When you need professional guidance on navigating this complex market, give me a call @ 941 587 0740.. It is imperative more than ever to be diligent and fully prepared when buying or selling in this market.