Sarasota’s residential real estate market is extraordinary right now, continuing to exceed projections for price and pace. The first quarter of 2021 saw further escalation in the high demand that is driving prices up as average days on market decline. Nearly all metrics across price category, home type, and neighborhood have risen year-over-year, but the increases in the luxury bracket are most notable. Affluent buyers are rapidly absorbing new construction and existing homes, and sellers of luxury inventory are realizing enormous equity gains even after short holding periods. There has been an even greater influx of out-of-market buyers than our high season usually sees, with the number of prospective buyers exceeding the availability of premium listings.
