Luxury Real Estate Year to Date | Sarasota FL | blog.davidbarrhomes.com
The Sarasota luxury real estate market is lagging from a marketing point of view.
I've been posting recently about the state of our local luxury market, and it doesn't seem to have the same vibrancy as other areas such as Miami/Fort Lauderdale, the Florida Keys, or Los Angeles.
Why is this? I have some numbers to back up my suspicions, as well as reasons why luxury home owners should consider other alternatives when it comes to selling their properties in the Sarasota area.
So, first the numbers:
Luxury Homes Sale Price $1,000,000 and above (all figures median):
1/1/2017-3/31-2017 # Sold: 83 $/Square Foot Sold: $452 Days on Market: 96 LP/SP ratio: 94
1/1/2018-3/31/2017 # Sold: 100 $/Square Foot Sold: $455 Days on Market: 78 LP/SP ratio: 93
The number that jumps out at me is the list price to sales price ratio. The median sales price of a home priced over $1,000,000 in Sarasota County in 2018 was $1,509,000. A 7% decrease is $105,630. That's a lot of money to be wrong.
Compare the 93% list price to sales price ratio to the 97% for homes priced under $1 million in 2018.
In a time of widely advertised rising real estate values in Sarasota, the $/square foot for sold luxury homes is flat.
Flat prices and bigger percentage off the listing price should prompt you as a luxury home seller to broaden your choices. When you are ready to sell, interview Realtors like myself who are using state of the art technology and advertising media, especially social media, to expose your property to the right buyers.
I've been posting recently about the state of our local luxury market, and it doesn't seem to have the same vibrancy as other areas such as Miami/Fort Lauderdale, the Florida Keys, or Los Angeles.
Why is this? I have some numbers to back up my suspicions, as well as reasons why luxury home owners should consider other alternatives when it comes to selling their properties in the Sarasota area.
So, first the numbers:
Luxury Homes Sale Price $1,000,000 and above (all figures median):
1/1/2017-3/31-2017 # Sold: 83 $/Square Foot Sold: $452 Days on Market: 96 LP/SP ratio: 94
1/1/2018-3/31/2017 # Sold: 100 $/Square Foot Sold: $455 Days on Market: 78 LP/SP ratio: 93
The number that jumps out at me is the list price to sales price ratio. The median sales price of a home priced over $1,000,000 in Sarasota County in 2018 was $1,509,000. A 7% decrease is $105,630. That's a lot of money to be wrong.
Compare the 93% list price to sales price ratio to the 97% for homes priced under $1 million in 2018.
In a time of widely advertised rising real estate values in Sarasota, the $/square foot for sold luxury homes is flat.
Flat prices and bigger percentage off the listing price should prompt you as a luxury home seller to broaden your choices. When you are ready to sell, interview Realtors like myself who are using state of the art technology and advertising media, especially social media, to expose your property to the right buyers.
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