What is Happening in the Ultra-Luxury $5 Million Plus Real Estate Market?

Probably a lot less than you think! Currently there are 50 properties listed in Sarasota and Manatee counties for $5 million or more. There have been 5 closed sales in the last six months. That equates to
more than 6 years of inventory.

The average days on market for those sales was 266 days but one of them was on the market for almost two years. The even more interesting statistic is that of the 50 active listings, the Average number of days on market is 669.

So, a couple of interesting takeaways. Trends show that if homes in this price range do not sell in the first couple of months of the listing then they tend to take years to sell. Therefore, pricing is critical. The other takeaway – if you are one of the more than 6,000 realtors that belong to the Sarasota Manatee Board that aspire to work in the ultra-luxury market, take note. The paydays are few and far between.

We have been fortunate to have closed on the highest sale so far this year which also happens to be the highest priced condo ever sold in Sarasota. We represented both buyer and seller in that $7,790,000 transaction.

Contact
Joel Schemmel
50 Central Avenue, Suite 110
Sarasota, FL 34236
Phone: 941.587.4894