Longboat Key, Florida | May 21st, 2019 – Our Judy Kepecz-Hays Team marvels at the continuing strength of the high-end real estate market segment where we’re one the region’s major players.
According to one recent industry reading, 23 luxury residences priced at over $3 million have been sold since January this year in our market territory covering Sarasota and Manatee counties. Even more remarkable, ownership of seven residential properties, with price tags of over $5 million, has changed hands since the start of 2019. This compares with the three sales posted on this same price range a year earlier.
The unexpected robust performance of the U.S. economy during the 2019 first quarter boosts our hopes on the real estate trade overall. Recent economic data indicate there’s plenty of gas left to drive the market forward, and it offers an opportune time for both sellers and buyers of Manatee and Sarasota real estate properties.
During the first three months of this year, the country’s economy posted a 3.2 percent growth, approximately a full percentage point above economists’ predictions. This off-the-chart performance negates earlier fears that the U.S. economy is headed toward a recession.
What’s now evident is that the American economic recovery from the Great Recession remains firmly in place. This June, this amazing rebound would mark its 10th year, and by July, some sharp observers note, it could erase the longest winning streak for the U.S. economy posted during its 1990s expansion. Notably, this record economic surge of the 1990s onward the new millennium was driven by the advent of the Internet as a tool for doing business.
But all real estate being local, the current factor which inspires us most locally is the more moderate sales price gain in the Sarasota real estate sector. The median price of single family houses in Sarasota during the 2019 first quarter advanced by just 2.6 percent, which compares with the 3.9 percent clip nationally.
On a monthly basis, Sarasota resale price for single family residences posted a 0.7 percent decline for March. This marginal drop is in contrast to a 2 percent rise in the tally for the state of Florida, a trend which could encourage more buyers heading our market territory.
Picks on available residences, moreover, continued to increase in March, with the rise in inventory well pronounced particularly in Sarasota. During the month, the Sarasota inventory of single family residences rose 13.2 percent to 3,515 active listings. The months’ supply of inventory in March stood at 5.3 months for the same residential types in the county, a 12.8 percent improvement from a year earlier.
By segment, the inventory is as healthy on residences priced at over $1 million, wherein the 526 March active listings in Sarasota represent a 9.4 percent increase compared to last year. It is a source of delight for our Judy Kepecz-Hays team that we ourselves have recently been bringing in new market choices in the high-end residential market segment. One of our latest market additions is a $7.5 million market listing in Lido Beach.
Browse through our website or contact us for more market insights in Sarasota as well as in Manatee County. As we move forward in 2019, opportunities appear continuously growing for both buyers and sellers in these two market territories we’re specialized in.
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