Why Sarasota Neighborhoods Are Looking Hot to Buyers

November 19, 2021

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Why Sarasota Neighborhoods Are Looking Hot to Buyers

The times are quite encouraging for homeowners in Sarasota planning to sell their residences. The available supply of residential properties in Sarasota is quite limited moving to the end-2021 and into 2022. Many Sarasota neighborhoods thus have become market hotspots, as buyers rush for the best choices.

In September, Sarasota only had 771 active listings of single-family homes, down 49.1 percent from a year earlier. This inventory represents just a 0.8 months’ supply, down from the 2.1 months in September 2020.

Active listings of Sarasota condos and townhouses were likewise low at 316 in September, down 74.7 percent from last year. The month’s inventory for these residential types was just at 0.6 months’ supply. This was nearly an 83 percent decline from 3.5 months last year.

Listings Fly on Just Weeks’ Supply

Notably, a four- to six-month inventory is the normal, balanced supply in the residential property market. The September Sarasota inventory of just weeks’ supply thus boosts demand in neighborhoods where the sales listings truly stand out.

Under this scenario, the Judy Kepecz-Hays Team often observes bidding wars among buyers after open houses. Some properties can also go under contract even before these are advertised in the MLS.

Longboat Key notably offers many neighborhoods where residential sales are sizzling. The town saw more than 60 real estate properties sold in September, 43 of which are condos. Another 31 condominium units and 11 single-family homes were sold in October. The Judy Kepecz-Hays Team also foresees strong sales onwards from November to 2022 in Longboat Key.

Beach Asset Shines Brighter

The $36 million beach renourishment of the town’s coastline is notably helping further enhance the marketability of Longboat residences. This project has six segments and covers from north to south of the island. It thus directly benefits many of the gulf front properties in Longboat.

This project, for instance, is a welcome development for residents and prospective buyers of The Water Club. This condominium, where the Judy Kepecz-Hays Team has a listing, boasts a 600-foot stretch of beachfront living and plenty of high-end amenities.

Eyes on Longboat Key’s North Side and New Development Projects

Two major Longboat Key real estate projects likewise help put the entire Sarasota market on the radar screen of buyers. One of these is the gulf front St. Regis Residences expected to be completed in 2024. About 70 percent of its condo units have been sold even before its groundbreaking.

Also, the new beachfront condominium in Longboat’s northern side, Sage Longboat Key Residences, is another source of market excitement. Reflecting the high demand for Longboat properties, all of its 16 condos went under contract in July 2021. This sellout came just 7 months after the project’s launch.

Notably, a short distance from the Sage project, the Judy Kepecz-Hays Team has also listed a gulf front luxury residence. Located in the town’s Sleepy Lagoon area, this gated property of nearly an acre flaunts a 100-foot beach stretch.

The vibrant Longboat-Sarasota market makes the Judy Kepecz-Hays Team highly optimistic on prospects not only for sellers, also buyers can find the best choices in neighborhood hotspots through our help. Engage us for the top home market opportunities, whether buying or selling.