Even with our projections about market activity based on months of observing pandemic-driven high demand, the first quarter of 2021 exceeded expectations and blew past prior-year benchmarks. One of the most significant indicators of how this market is reacting to escalated demand is the drastic decline in days on market for all property types and at all price points. The sense of urgency that is motivating buyers is driving transactions to close in about one third the time of historical averages. That has an adjacent effect on available inventory - the supply pipeline, already suppressed by reluctant sellers, is not replenished as quickly as properties are exiting the market.
Excluding the sales at Sage LBK that will remain pending until the development is complete, the LRM Group sold nearly $25 million in real estate in the first quarter. With 12 closings representing both buyers and sellers, the average sale price reflects both our clientele and the market elevation that is characterizing Sarasota and other sought-after Florida communities.
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