Market Realities Set in for Sellers

Market Realities Set in for Sellers

  • Amy Drake
  • 03/28/24

The first quarter is winding to a close, and as it ends, we're reporting on the trends that have prevailed over multiple periods. The current reality is that sellers need to adjust their expectations to many more days on the market than we've seen in recent years and, even more significantly, sellers need to be open-minded about price reductions. Buyers' sense of urgency has waned enormously over the last year for numerous reasons, some universal and some specific to our market. Globally, economic volatility and high interest rates are generally discouraging to buyers even those detached from conventional financing. Locally, our market is saturated with high-end properties, both existing listings and new construction offerings. Buyers have nearly twice as much inventory to choose from now than at this time last year, and the simple supply-demand balance has tipped more in their favor. While it feels like a disadvantage to sellers and it is relative to the circumstances of 2022 and early 2023, the long-term market values in Sarasota remain extremely favorable to sellers. Our average sale price and average price per square foot have gone up continuously, meaning that sellers reap appreciation from their properties even if it is not at the premium that our market once commanded. Current dynamics call for sellers to be highly strategic in pricing and willing to negotiate on price if buyers do not seize on the listing immediately. 

The LRM Group is honored to offer market-leading expertise and honest guidance as you consider a home sale or search. Please contact us for a private consultation at [email protected]

Work With Us

The LRM Group draws on extensive luxury marketing experience and legacy relationships to offer unique value to distinguished clients. Consistently ranking among the highest producers in Sarasota, we attribute our success to unparalleled market insight, constant attention to detail, and rigorous commitment to our clients' priorities.

Follow Us on Instagram