The Neighborhood Report – Siesta Key Activity

 

 

Soaring Siesta Key condominium residences offer spectacular water vistas.

Soaring Siesta Key condominium residences offer spectacular water vistas.

Siesta Key has been bustling with activity for the past three months, according to Siesta Key office branch manager Debbie Judge. We are seeing buyers from all over the world take advantage of 2002 pricing, which is the last time we had a similar amount of inventory under $200,000. No matter what the price range, there are many options for buyers. One significant difference between 2001 and 2009 is the existence of newly/newer built product including two new subdivisions—Coronas Park and Spice Bay—as well as some new condominiums.

 

 

A Look Inside – Statistics

Consider this overview of the stats from the last three months on Siesta Key. We currently have 25 months of condominium inventory and 17 months of single-family home inventory overall. However, it is important to get a closer look to find that different price ranges had different results in terms of months of inventory:

SK Chart

Clearly, the market under $500,000 is performing the best. There are only 12 properties under $200,000. Remember, a balanced market is when the months of inventory are at six months. Sellers need to know that this is still a buyer‘s market for the most part.

Price to Sell – An Important Lesson

Out of the 93 properties that sold in the past three months, only 33 sold at their list price. If we applied that ratio to the active properties—all 637 of them—65 percent are not priced to sell at the average list-to-sell ratio of 89 percent. Based on this statistic, 65 percent of the sellers in the Siesta Key market need to reduce their list price to encourage a buyer to make an offer.

Do price reductions work? They absolutely do. These Siesta Key real estate professionals and knowledgeable sellers made the collaborative decision on their Siesta Key properties to reduce their asking price and ended up under contract: Marlene & George Marshall – within 18 days of the reduction; Jenna Carver – 17 days; Joe Brown & Jessika Arman – 6 days; Alix Wexler & Paul Romley – 6 days!

Debbie’s Bottom Line

If you have ever wanted your own piece of paradise on Siesta Key, it has now become affordable. Can not find what you want for the price on Siesta Key? Try the mainland. Most of Sarasota is only a 15-minute drive, or less, to the beach. Stop by our office at 5100 Ocean Boulevard to find out more about the values on Siesta Key.

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