Longboat Key, Florida | February 6th, 2018 – The timing just looks perfect for the luxury residential listing in Sarasota’s Lido Shores that our Judy Kepecz-Hays Team put on the market this January. During the past few weeks, we’ve noted that more and more sellers of high-end residences are coming off the fence in anticipation of a strong buying season in the next few months. Toward end-January in Sarasota alone, there were at least 80 newly listed detached single family residences with price quotes of over $1 million.
Notably, the Lido Shores property we have listed with an asking price of $5.75 million counts as one of the top-valued recent offerings in the Sarasota real estate market. Located at 1345 Westway Drive in Lido Shores, this residence flaunts a floor area of 5,305 square feet good for four bedrooms, an office and a media room.
In nearly each of these rooms, the views are so breathtaking, as this residence sits facing the waters of New Pass that separates Lido and Longboat Key. This property offers a thrill for prospective buyers who are boating enthusiasts, with its private boat dock on sailboat water. A private deeded beach access is also bundled with this remarkable new listing that certainly add more luster to the current inventory of luxury residences in the Sarasota property market.
Demand Buildup since December
We can anticipate selling interest to heat up some more, with recent realtor data indicating that demand has picked up particularly in the housing market’s high-end segment. In December last year, sales of residences priced $1 million and above rose by 36.4 percent to 30 residences in Sarasota. A similar uptick during the month was likewise noted in Manatee County where 15 sales were recorded in the same luxury bracket, up 50 percent from December 2016.
Another encouraging note for prospective sellers of luxury properties is that there were fewer high-end residences listed in December compared with the same month in 2016. In Sarasota, there were just 20 listings which came in December, a 47.4 percent drop from the 2016 figure. The listing pace was slow too in Manatee wherein the 55 luxury residences listed during the month represented a 20.3 percent decline from a year earlier.
The inventory of luxury residences in December provides another inspiration to sellers as the stock level also showed declines during the month for both Sarasota and Manatee counties. In Sarasota, the inventory of residential properties priced $1 million upwards declined 12.3 percent, while a 12.8 percent drop was registered in Manatee.
Sellers Rule, But . . .
The inventory declines and fewer listings of luxury residences in December helped in maintaining the current overall housing stock at a 4.2-month supply in Sarasota and at 4.1 months in Manatee. These inventory levels indicate that the market in both counties remain a sellers’ territory as it has been for practically the whole of 2017. Notably, 5.5 months of inventory is the industry benchmark for a balanced market wherein neither buyer nor seller got the edge in pricing.
Nonetheless, don’t let the current sellers’ market be a turnoff if you are hunting for a residence to purchase. As one of the leading realtors in our region, the Judy Kepecz-Hays team can help both buyers and sellers derive maximum benefits from the many opportunities now becoming increasingly available in our market territory. With just a call from you, we can jumpstart a search purchase and/or a marketing pitch for your property. Ring us up or drop us a line anytime, we’ll be more than happy to help.