Longboat Key, Florida | August 16th, 2017 – Now moving forward to the second half of 2017, our Judy Kepecz-Hays Team is elated to be amidst of what looks like another vibrant year for the residential property market. Pending sales as of end-June, we are happy to note, rose at a combined clip of nearly 8 percent for condos and single-family residences in Sarasota and Manatee county.
This increase in pending sales, as shown by statistics of My Florida Regional Multiple Listing Service (MLS), can very well indicate growth in future closed sales. The market in particular looks encouraging for prospective sellers whose property values are in the high-end segment.
Luxury Listings Sell Quicker
These sellers could expect a shorter time to bag a sale. Median time to contract, for instance, in the $1 million-plus range dropped in June by 37.1 percent to 105 days in Sarasota and by 35.5 percent to 162 days in Manatee, the recent MLS data also showed.
Having sold several properties on Longboat Key recently (which helped propel us to our top agent ranking in June), the Judy Kepecz-Hays Team can affirm just how vibrant our market is. At the Tangerine Bay Club, our recent sales of a three-bedroom condo came on the heels of five other residences sold in this upscale condominium earlier this year.
The market track that we have been seeing therefore makes us optimistic on our market’s performance for the whole of 2017. Aside from our recent strong sales, we have placed on the market two more residential listings moving into the last few months of this year.
More Luxury Dwellings Listed
At Islander Club, we listed a two-bedroom condominium just this August. Our listing is notably the sixth residence to be offered for sale in this upscale property since the start of this year, and there could be more. A reported recent rise in residential property values could provide an added incentive for potential condo sellers to engage the market.
The same could be said not only about the market for Longboat Key condos for sale. Buying and selling activity on single family residences is also on an upswing, including houses priced above the $1 million level.
On this luxury market segment, MLS records show Longboat Key adding 16 single family residences with multi-million dollar tag prices since the start of this year. Among these was our listing this July of a 2,800-square foot, four-bedroom luxury residence at Jungle Queen Way north of Joan M. Durante Park.
It’s a Good Time to Sell
The spate of new listings coming onto the market as a whole could be further encouraged by the pronounced increase in the equity of residential properties in the Sarasota–Manatee region. Based on a recent study of ATTOM Data Solutions, there was a 34.2 percent equity gain of residences in the North Port‒Sarasota‒Bradenton metropolitan statistical area (MSA).
This substantial percentage increase represented an average price gain of $61,150 as computed using residential property sales records during this year’s second quarter. ATTOM noted that the pace of equity growth in our MSA comes as the fastest in 10 years and surpasses the 26 percent national average.
These rosy figures are indeed worth considering if you want to sell your residence. Engage the market using our close to 40 years of experience in real estate. Call us at 941 587 1700 for the best deal that you could get on your property for sale.