Longboat Key, Florida | September 11th, 2018 – The real estate market in our Sarasota‒Manatee region remains upbeat as the September quarter draws to a close. As we move forward to the traditionally strong selling season of the year’s last quarter, it is quite heartening to note that closed sales in July rose by 3.1 percent in Sarasota and by a robust 19.2 percent in Manatee.
What’s even more encouraging to note is that both the high-end and mid-priced segments are driving the current market activity. In high-end residences, one industry report indicated that a healthy rise in prices is inducing more sellers to engage the market. This industry reading showed that sale prices of luxury houses in July rose 9.14 percent and surpassed the $1.8 million mark for the first time since January 2011.
Epicenters of Luxury Sales
Another striking trend in the luxury segment comes in the number of the most expensive houses moving on the market in recent months. According to the Mid-Florida MLS, 11 residences priced in excess of $5 million have been sold in the Sarasota-Manatee region as of mid-June.
Most of these luxury sales were in our region’s barrier islands, with three of the recent 11 sales located on the north end and the Manatee side of Longboat Key. At Longboat’s south end, our Judy Kepecz-Hays team listed early this year an iconic $5.5 million Mediterranean-inspired waterfront estate.
Upbeat Mood Spreads South
Our team has also picked up the buoyant market activity in the average-priced residential property market segment. We have listed just this September a 1,605-square-foot residence in Riverwood Park. This property is located in South Sarasota where the average price of residences has been trending around the high $300s in recent months.
Several factors augur well for the rise in demand and prices of available properties in this southern part of the city. Riverwood Park, in particular, is walking distance to superb schools like Riverview High School and Philippi Shore Elementary, thus making this community suitable for young families. The real estate ranking site niche confirms this advantage, rating South Sarasota as No. 1 in the communities with the best public schools in Florida.
Abundant Area Amenities
Local recreational facilities likewise enhance buying interest on the homes for sale in South Sarasota. Many of these facilities could be found at the 60-acre Philippi Estate Park on the southern banks of picturesque Philippi Creek.
The visitors of this pet-friendly park can access its bike and walking trails, as well as its canoe/kayak launch, playground, and picnic areas. Also compliant with the standards of ADA (Americans with Disabilities Act), this park is likewise ideal for wildlife/bird watching.
Retail shops, restaurants and service providers are also abundant in South Sarasota. Some of the popular shopping and dining venues here include those at the Philippi Creek Village on the Tamiami Trail (U.S. 41). Similar consumer outlets are also just a short distance north along this corridor at The Landings which is anchored on a Publix Super Market. Via U.S. 41, residents in the Philippi Creek area can likewise easily access various urban and cultural delights of downtown Sarasota also driving the current uptempo in our real estate territory.
Don’t miss out on the opportunities our property market offers. Call or email our team so we can give you a heads-up on the right approaches to take in a sale or a purchase.