In every season, sellers and buyers alike want to know the trends that drive their bottom line. Typical of our market, this summer has seen sales slow and inventory withdrawn as market activity tapers with fewer residents and prospective purchasers present. Despite the slow down, the summer months have outperformed last summer, which felt particularly slow. Perhaps most importantly, Sarasota's long term performance continues to show sustained strength, with an increasing proportion of luxury and ultra-luxury inventory.
This light blue graph illustrates the average number of days on market by month since the beginning of 2021. Obviously, the trendline has risen steadily over the last four years, from the rapid pace of 2022 to today. The jagged peaks and valleys illustrate our market's seasonality, While the length of time that listings are on the market is frustrating many sellers, this metric is well below pre-pandemic benchmarks, illustrating a gradual return to our market's historically 'normal' pace. This trend also underscores the importance of a strong debut, with strategic pricing and presentation that attract immediate attention and buyer interest.
The dark blue graph here illustrates long term price performance since the beginning of 2020 through June of this year. The first spike illustrates the surge in demand during the peak pandemic period. The second spike is specifically related to the simultaneous closings of ultra-luxury residences at the St. Regis Longboat Key. While prices are not as strong year-to-date as they were in the first six months of last year, they are more than 14 percent higher than in 2021, illustrating strong market growth over the long-term. With abundant supply offering buyers plenty of choice and time to deliberate, strategic pricing and value are key drivers in motivating transactions right now.
