Sarasota Luxury Real Estate Market
Trying to put all of the pieces together to formulate a comprehensive Sarasota Luxury Real Estate Report has proven challenging. From new construction and global economic factors, to area tourism and mortgage rates… Here’s what we know:
Inventory Levels are Up
Luxury Property Sales are Taking Longer
New Construction is A Contributing Factor
Current Condo Inventory
According to the Realtor® Association of Sarasota and Manatee April report, Sarasota County is reflecting a 6-month supply of condos, indicating a buyer’s market. As the condo construction continues, the inventory levels are anticipated to inch up.
Luxury Market Zip Code 34236
Condos (April 15, 2017) $1M-$5M
82 Properties on the Market
259 Average Days on the Market
Sold Condos 34236
January 1 – April 15, 2017 $1M-$5M
33 Properties Sold
111 Average Days on the Market
Cities with booming luxury markets are attracting high-income buyers seeking a place to live, work and grow their families. Transient and investment luxury buyers have shown much less interest in the close of 2016, and continuing into the first quarter of 2017. Twenty seventeen is also indicating a surge of starter home purchases, versus eager investors.
Stock Market Gains
The stock market gains have done very little to move the overall prices in the luxury real estate market. The average luxury home prices were flat in the final quarter or 2016, which appears to be carrying over into the first quarter of 2017.
The Impact of Tourism
Visit Sarasota County is also reporting relatively no increases in the number of visitors arriving in Sarasota for 2017, following years of setting visitor records. According to the organization’s president, the slowdown in Sarasota County is largely the result of the European markets. “The number of travelers to Sarasota County from the United Kingdom, Central Europe and other international markets is down 7 percent, 21.3 percent and 18.7 percent, respectively.” “Domestic markets are growing or holding their own, but the international pullback is taking a toll."