The second quarter of 2020 has been like a few other economic periods in our history. Every industry everywhere has been affected by the COVID-19 pandemic. In Sarasota, the effect on the real estate market, particularly in the last month of the quarter, has been a marked increase in the pace of sales. Nearly every community and type of inventory have shown declining days on the market relative to the second quarter last year.
The most pronounced trend of the second quarter was a contraction of inventory across every neighborhood and price bracket. Limited access contributed to pent-up demand and buyer urgency that has driven a faster list-to-close timeline and buoyed prices. In Sarasota and across Florida, we are observing a pandemic migration effect as affluent buyers gravitate to our spacious homes, outdoor amenities, and favorable tax environment. Our team inventory has moved quickly, with numerous closings of both single-family and condo properties in the last several weeks alone.
While the initial consumer response to the pandemic has relaxed, we anticipate prolonged market adaptions that reflect both heightened caution and a sense of urgency to secure lifestyle conveniences. Our team offers concierge service to each client. We have enhanced our portfolio with virtual showings as well as remote familiarization with community amenities in order to accommodate long-distance buyers.
The current market is opportune for sellers seeking a premium and for buyers seeking the lifestyle amenities of Sarasota and our surrounding communities. Let our experience work for you.