Leave a Message

Thank you for your message. We will be in touch with you shortly.

Sarasota Luxury Home Market Enters 2022 on an Upward Trajectory

December 29, 2021

Blog

Sarasota Luxury Home Market Enters 2022 on an Upward Trajectory
The Judy Kepecz-Hays Team couldn’t ask for more, as we move closer to the New Year. Market prospects are looking great for our sales and additional listings favor a booming market. Especially for our new listing at the Ritz-Carlton Managed “The Beach Residences” a 3-bedroom luxury residence.
 
Aside from this residence, Judy Kepecz-Hays recently put the penthouse in the sky under contract at The Beach Residences with approximately 300-degree views of forever sunrise and sunset views.
 
We also had our Bay Isles Atrium Residence on Longboat Key listed by Steven Kepecz go under contract in less than 6 days!
 
From our observations, buyers’ response to the low inventory has them moving quickly.
 

Why Sales Listings Are Selling Fast

 
The Sarasota real estate market’s performance in November is driving our optimism on sales of high-end residential properties. Throughout the month of November, the Realtors Association of Manatee and Sarasota (RAMS) reported that the median time to contract for condos priced $1 million or more declined to 18 days, down 84.2 percent from the November 2020 pace.
 
This accelerated buying pace is due to the low inventory of high-end Sarasota condominiums for sale. In November, the inventory for these condos dropped 49.75%.
 
The same lack of inventory was felt for luxury single-family residences. November’s active listings for these residential types priced $1 million or more declined 35.1% to 179 luxury homes available in the Sarasota real estate market.
 

More Pay in Cash Even as Prices Soar

 
Another bright note overall is that cash transactions constitute a large percentage of total sales in the local market. RASM noted that of all the November condo sales in Sarasota, 60.9 percent were in paid cash. For single-family homes sold in the county during the month of November, 46.8 percent were cash sales.
 
Notably, these percentages were up from 25.7 percent for condos and 35.7 percent for single-family homes registered in November 2020.
 
Prospective sellers in Sarasota are further bolstered by the record price gains in November. RASM attributed these all-time highs in price spikes to the market’s overall trend of low supply and high demand.
 

Rising Tourist Arrivals: A Bright Omen for New Projects

 
Recent statistics from the Sarasota tourism industry, a sector that significantly impacts real estate sales, likewise fuel our optimism on property prospects this 2022.
 
Figures from the Sarasota tourism industry show rising tourism contribution up to 40% in visitation and 80% in expenditures since June 2021.
 
In 2022, several luxury condominium projects are set to commence in Sarasota, adding more excitement to our market.
 

Longboat and Lido Keys’ Big Bets

 
The focus on Longboat Key for 2022 will be set on the 67 residences of St. Regis Residences & Hotel an $800-million project that includes a 166-room hotel.
 
Lido Key will also be in the spotlight with initial sales already launched for the 65 condos of Rosewood Residences. This is the first standalone residential project of Hong Kong based luxury hotel chain Rosewood Hotel Group.
 
There is much to look forward to in the Sarasota real estate scene for 2022. To share in the opportunities in our hot market, the Judy Kepecz-Hays Team is just a phone call or email away.

Recent Blog Posts

Stay up to date on the latest real estate trends.

Blog

4 Top Beaches on Longboat Key: Where to Soak Up the Sun

September 30, 2024

A Guide to the Best Beaches on Longboat Key: Florida’s Hidden Gem.

Blog

Living the Lido Key Lifestyle: A Paradise by the Sea

September 11, 2024

Embracing Coastal Elegance: Discover the Charm of Lido Key Living.

Blog

Health and Wellness in Sarasota: Yoga, Spas, and Mindful Living

September 2, 2024

Discover the Best Ways to Rejuvenate Mind and Body in Sarasota.

Blog

Discovering Longboat Key: A Lifestyle of Luxury and Tranquility

Judy Kepecz-Hays  |  August 26, 2024

Where Elegance Meets Serene Coastal Living.

Blog

Exploring Sarasota's Most Luxurious Neighborhoods

Judy Kepecz-Hays  |  August 22, 2024

A Journey Through Luxury Neighborhoods in Sarasota.

Silhouetted kayaker casts a line as the sun dips below the horizon, painting the sky in fiery hues.

Blog

Sarasota's Waterfront Wonders: Boating, Fishing, and More

Judy Kepecz-Hays  |  August 14, 2024

Navigating the Coastal Charms and Angler's Paradise of Sarasota's Waterways.

Empty room filled with cardboard boxes, a leaning ladder, and a minimalist bookshelf.

Blog

Streamline Your Startup: Essential Tips for Starting a Business While Moving

Judy Kepecz-Hays  |  August 5, 2024

Launching a home-based business while moving to a new residence presents unique challenges and opportunities.

Blog

Tips for Finding a Home Fit for Entertaining

Judy Kepecz-Hays  |  June 21, 2024

If you're known for your dinner parties, you need a home that's as equipped as you are to handle all those hungry guests.

A brightly lit Ferris wheel dominates a carnival scene, with game booths and colorful prizes.

Blog

Sarasota's Festivals and Events: A Year of Celebration and Entertainment

June 14, 2024

Unveiling the Cultural Tapestry of Sarasota through its Vibrant Festivals and Events.

Work With The Judy Kepecz-Hays Team

Dive into luxury with the Kepecz-Hays Team, renowned realtors for Florida's Central West Coast, emphasizing Longboat Key, Lido Key, and Sarasota. With an impressive $3.4 billion in career sales, our team combines an expansive international network with expert marketing strategies. For buyers, we offer a select range of premier properties and private viewings. Experience the best of Sarasota County — its pristine beaches, arts, paddle sports, and shopping. From insightful neighborhood guides to tips for seamless buying and selling, we're your key to Florida's elite real estate. Choose Kepecz-Hays Team for unparalleled excellence.