Sarasota Florida Luxury Market Report Fall 2013
The luxury real estate market in Sarasota Florida has been gaining momentum but will it continue? From luxury condos with Sarasota Bay and city skyline views to coastal modern elegant waterfront retreats, luxury knows no bounds in Sarasota. Buyers can find excellent choices in multi-million dollar homes, townhomes and condos for sale in downtown, on or near award winning beaches or away from it all. There is an excellent choice of luxury residences in Sarasota that will satisfy the most discriminating buyer's desires. Sarasota is the perfect global location when it comes to culture venues, entertainment, restaurants, shopping, sailing, boating, fishing, marinas, and beaches.
The super-rich will continue to flock to Los Angeles, New York, San Francisco, and Miami. But according to a recent survey of affluent American consumers "location is still the most important deciding factor in a home purchase, one in five affluent consumers and 24% of ultra affluent consumers say that they are not limited by geography and have the freedom to purchase a property that truly fits their lifestyle." This suggests that buyers are more mobile than ever and Sarasota Florida can be a top destination. Coldwell Banker Previews International® collaborated with the Luxury® Institute LLC to answer some of those questions and reported on them in their Fall 2013 Luxury Market Report.
There are some very interesting trends emerging in the luxury home market. Younger ultra wealthy buyers want full home automation, open spaces for entertaining, outdoor kitchens, pools and home gyms. Generational differences have sports/tennis courts, catering kitchens and staff quarters on the outs. These affluent buyers are mobile and not geographically bound; they're making lifestyle choices based on location.
Transaction Volume By Zip Code
So far year to date the 34236 zip code in Sarasota Florida leads the way with $132.2 million dollars in luxury sales for 2013. That zip code is closely followed by the 34242 zip code with $106.1 million dollars in luxury sales for the same period.
At the end of 2012, there was $187.1 million in luxury residences sold in the 34236 zip code, closely followed by the 34242 zip code with $132.4 million in luxury sales for the year.
Year to date, these two zip codes account for 72% of the luxury sales volume so far in 2013 and accounted for 78% of the luxury sales volume by the end of the year in 2012.
Transactions By Zip Code
So far year to date the 34236 zip code in Sarasota Florida leads the way with 73 luxury sales for 2013. That zip code is closely followed by the 34242 zip code with 58 luxury sales for the same period.
At the end of 2012, there were 98 luxury residences sold in the 34236 zip code, closely followed by the 34242 zip code with 61 luxury sales for the year.
Year to date, these two zip codes account for 70% of the luxury sales so far in 2013 and accounted for 78% of the luxury sales by the end of the year in 2012.
According to the Coldwell Banker Previews International® Fall 2013 Luxury Market Report Luxury homes sales have been strong in nearby Naples with 731 luxury residences sold between June 2012 and June 2013, followed closely by Miami Beach with 581 luxury homes sold during the same period.
Average Sales Price By Zip Code
So far year to date the 34239 zip code in Sarasota Florida leads the way with the highest average sales price at $1,851,226. That zip code is closely followed by the 34242 zip code with an average sales price of $1,828,773 for the same period.
At the end of 2012, the highest average sales price was $2,850,000 in the 34234 zip code, closely followed by the 34239 zip code with an average sales price of $2,649,861.
The 34234 zip code is down the greatest year to date when it comparing average sales price with last year with a negative 38.38% percent change, closely followed by the 34231 zip code with a negative 38.30% percent change.
The 34231 zip code average sales price is up over last year with a positive 8.61% increase. Buyers and Sellers should be cautious in making decisions based data where there are few reported sales since because a single observation could dramatically impact results.
Days On Market By Zip Code
So far year to date the 34238 zip code in Sarasota Florida leads the way with the shortest average days on market at 63. That zip code is closely followed by the 34234 zip code with average days on market of 100 for the same period.
At the end of 2012, the lowest average days on market was 9 in the 34238 zip code, followed by the 34241 zip code with average days on market of 110.
Sarasota Where Sun, Sand, and Sea Meet
This report highlights some of the luxury real estate market trends in Sarasota Florida as of the Fall 2013. Owning a luxury home in Sarasota is about the lifestyle residents enjoy each day. Overwhelming square footage is out and lifestyle amenities are in, from a garden oasis to a separate guest house. It is also about what Sarasota has to offer in the way of indoor or outdoor activities and experiences. Luxury buyers can find can find an excellent choice of multi-million dollar homes, townhomes and condos for sale in downtown Sarasota, at the beaches at Siesta Key, Lido Key, and Longboat Key, or the surrounding areas. While it is true that homes with Sarasota Bay, skyline views or coastal waterfront retreats can be very expensive, there is an excellent selection of homes in Sarasota that will satisfy the most demanding and discriminating buyer's lifestyle. Sarasota is a city of glorified opportunity where residents and visitors can enjoy golfing, swimming, boating, fishing, shooting, baseball, tennis, and more 365 days in the year.
Do you need help buying or selling a luxury residence? If so email me or call me at 941-870-4141. Are you wondering what your luxury residence is worth? Request a no-obligation real estate market analysis. Just looking? Then visit Luxury Homes For Sale Sarasota Florida.
Data Source: Mid-Florida Realtors MLS sales reported between January 1, 2013 and October 10, 2013 and January 1, 2012 and December 31, 2012.
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