Limited Inventory is Driving Price Increases

  • Lisa Rooks Morris
  • 05/19/21
We continue to see price escalation stemming from the influx of new buyers and high demand, especially for luxury properties. Throughout Sarasota, premium properties of every style are rapidly going off the market - from waterfront estates on Longboat and Lido to downtown penthouses, homes that offer space and security are highly sought after. The rapid sell-out of Sage LBK is one signal of the long-term interest that high echelon buyers have in securing their luxury retreats, but we've seen exceptional demand for existing inventory as well. The time from listing to closing for luxury condos on Longboat Key and Downtown Sarasota has shortened significantly from historical averages. With increasing demand, that means that there aren't enough properties coming onto the market to replace the inventory that's moving so quickly... and it's making buyers even more willing to pay rising prices.
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