Longboat Key, Florida | November 30th, 2019 It may very well be now the time for fence-sitting sellers of high-end U.S. residences to step forward and engage the market. After being timid for nine months, buyers of houses priced at $1.5 million and above flexed their muscles in the 2019 third quarter.
According to a recent industry report, sales of single-family residences priced at over $1.5 million rose by 3.2 percent during the three-month period compared with the same quarter last year. This gain notably came after three straight quarters of sales declines in the luxury real estate segment.
Sarasota Rides in the Uptick
The high-end residential property sector in Sarasota appears on cue with the uptick of the luxury housing market on the national level. Sales of single-family residences in the county priced at over $1 million rose by an estimated 35 percent in the 2019 third quarter, local realtors’ data show. Significantly, this uptrend was sustained in October, as sales of luxury Sarasota residences during the month rose year over year by a hefty 58.8 percent.
The inventory of Sarasota’s prime residences available on the market also looks encouraging for prospective sellers. As of October, the county’s luxury housing market holds a total of 409 active listings of residences, down 3.1 percent compared with last year. During the month, buyers appear moving quicker on luxury houses, too, with median time to contract for these high-end properties down by 11.2 percent.
The current price trend for luxury residences on the national level likewise appears favorable for sellers getting more lucrative offers from wealthy buyers. The same study we noted earlier indicates that the price momentum is shifting upward nationally for luxury houses. The study’s finding showed that the average U.S. sales price of luxury residences in the 2019 third quarter rose annually by 0.3 percent to $1.6 million.
Although the gain was marginal, it broke the consecutive price declines for this market segment during the previous three quarters. Analysts attributed this reversal to the waning fears on a U.S. recession following a faster-than-expected economic growth during this year’s third quarter.
How Luxury Residences Move on the Market
Even amid these market conditions favorable for sellers, some vital marketing efforts still need to be done to address some of the factors that move luxury residential sales. For one thing, a high-end sales listing has to project an air of exclusivity.
The exclusivity tack in marketing luxury real estate is precisely where our Judy Kepecz-Hays team is specialized in. Through the network that we’ve developed for over 40 years, we can help sellers not only in identifying potential buyers. Our team can also assist sellers to verify the qualification of prospective buyers who request for a showing of a luxury residence for sale.
Call us if it’s a high-end residential property is what you plan selling or buying. The high-end real estate segment looks poised for a new run, and we can show how you could gain from this resurgence.