Market Update: 1st Quarter 2021 - Demand Outpaces Supply
2021 SIESTA KEY 1st QUARTER REVIEW
by YOUR SIESTA KEY EXPERT, JUDIE BERGER
The past twelve months have been an unprecedented period in our society in many ways but none more impactful than in real estate. The first three months of 2021 elevated real estate activity to a near frenzy level throughout the country, but nowhere is this truer than in our area where price increases and multiple offers have outpaced the majority of the state. What caused the massive surge in real estate activity? Covid? Retiring Baby-boomers? Fear of a stock market adjustment? Politics? Or just the realization that life is precious and short so we should live while we can? Simple answer, all of the above. Though we cannot accurately predict the future we can take a logical look at our recent past to help understand the realities as opposed to the perception. This report compares 1st Quarter 2020 with 1st Quarter 2021 to evidence the actual market impact since Covid-19 began. Incredibly strong demand continues at all price points for the Single-Family Home market, but unquestionably demand is strongest in the $1 Million plus market segments. In Condominiums, lower price points have been in short supply, but with many pending, Condos over $1 Million are undersupplied at this time. Properties going under contract were even stronger in the First Quarter than the quarter prior, thus we anticipate continued strength in closings well into the next quarter. This is not just a Covid-19 phenomenon. Local inventory has been on a downward path for the past couple years; Demand has simply outpaced Supply. This shortage of Supply is expected to continue through 2021, if not longer. For a full report on Siesta Key and the Sarasota-Manatee area that is regularly sent to my private client list, please contact me at 941.928.3424.
SIESTA KEY Single Family Homes: 1ST QUARTER 2021 vs. 2020
SIESTA KEY CONDOS: 1ST QUARTER 2021 vs. 2020
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