Longboat Key, Florida | January 17th, 2018 – Like most of our colleagues in the real estate trade, our Judy Kepecz‒Hays team looks forward to an upbeat and vibrant residential property market moving onward 2018. Already, we have set Sunday open houses this January for our condo listing at the upscale Sunset Beach.
Priced in the upper $500s, this two-bedroom, 1,358-square-foot condo is one of just seven recent listings in this condominium. Three of these were sold last year, an indicator of how active our current market is.
Demand on an Upswing
In some market readings, residential properties in the price range of our particular Sunset Beach listing (that is, from the $400s up to the $900s) look on the verge of a major upswing. Advantageous for sellers, a drop in new listings at these price points has been noted in 2017.
Meanwhile, an upsurge in demand has been observed toward the end of last year particularly in the Sarasota market territory (where our Sunset Beach listing is). In November, pending sales in Sarasota was estimated to have risen 30 percent for residences priced in the $400s‒$900s range.
Torrid Pace in Luxury Segment
Prospects of our luxury listings are as encouraging, and we look forward to more showings on the Sabal Cove residence that we’ve placed on the market with an asking price of close to $1.5 million. High-end sales listings like this three-bedroom, 3,360-square-foot house are moving fast on the market toward the end of 2017.
Closed sales for residential properties priced $1 million and over surged by 61 percent during the second half of 2017 after a marginal 4 percent gain during the first six months of last year. Pending sales in last year’s second half also rose nearly 60 percent, a marked improvement from the 18 percent gain in the first six months of 2017.
Sweet Spot at the Low End
Current market conditions augur well too for prospective sellers in our Southwest Florida region whose residential property valuations fall under the $200s‒$400s bracket. Buyers’ demand in this price segment has exhibited sustained strength throughout 2017.
Supply is on an average level for these residences, prodding buyers to move faster on purchase opportunities, with the end result of sellers typically receiving multiple offers. Throughout the whole of last year, one industry estimate put at 9 percent the increase in pending and closed sales at the $200s‒$400s price points. New listings in this market segment, saw an 11 percent gain in 2017, indicative of a demand-fueled selling interest.
Showings That Count
To draw the right buyers though, it remains essential that prospective sellers show their residences well on the market. Pre-owned houses are now facing rising competition from newly constructed residences, a significant number of which are positioned in the $200,000‒$400,000 market segment.
Some industry analysts have noted that many buyers are now more inclined to go for new builds. Such an inclination, they say, arises from the new layout trends and upgrade options that builders are now offering extensively on the market.
Our Judy Kepecz-Hays team can help aspiring sellers meet the challenge of these newly built houses coming onto the market. We can assist you in the many important elements required to conduct successful open houses, just like what we’ve set out to do these first weeks of January 2018. Call or e-mail us, and we’ll promptly start the ball rolling toward a closed deal on your residence.