Siesta Key 3rd Quarter 2021 Market Update: Demand Continues to Outpace Inventory
Siesta Key Mid-Year Review 2021 vs. 2020
by Judie Berger, Your Siesta Key Expert
Although not the pandemic-induced ‘frenzy’ of the first two quarters, robust sales activity continued through the end of the third quarter of 2021. Demand for homes and condos continued to outpace available inventory, with new and renovated resale homes selling fast and commanding the highest prices. In many cases multiple offers were received, resulting in homes selling for more than list price. With the continuing under-supply of resale and new homes, early indicators suggest that the recent high demand for homes will continue as we move through the 4th quarter and into what is typically the busiest season of the year, with about half the number of homes that were for sale at this time last year. With cold weather soon arriving in many parts of the country, it is likely that the demand for homes in Sarasota will continue; we can expect competition among buyers, and therefore prices, to continue to rise.
Loan interest rates remain historically low while cash sales in Sarasota remain at an all-time high. Interest continues from buyers in affluent west coast and northern markets, which has also helped drive prices higher and listing-to-contract days lower. Unquestionably, demand for single-family homes in Q3 continues to be most substantial in the $1 million plus luxury market segment. Demand for condos was even more robust – an 83% increase in condos sold in 2021 compared to 2020, with every price point experiencing unprecedented growth. We will be watching closely for any signs of market shifts in Q4 as we move into the new year.
If you’re considering a move and would like to discuss detailed information about market trends in your neighborhood with an experienced professional, please contact me for a confidential consultation. For a full report on Siesta Key and the Sarasota-Manatee area that is sent regularly to my private client list, please contact me at [email protected] or 941.928.3424.