Luxury Real Estate Market Video Report

Watch the July 2020 Real Estate Market Report video presented by Craig Cerreta, managing broker at Premier Sotheby’s International Realty’s Downtown Sarasota office. Craig explains the reasons why “real estate is on solid ground and there is no reason to believe it is going to change.”

The Luxury Real Estate Market is Trending Up

The current real estate market is a split market. Nationwide, sales are forecasted to end 2020 down 7% to 10% from last year. However, the $1M+ real estate market is expected the be up substantially from the prior year with strongest performance in the second home market.

Scarcity creates interest. The inventory of million-dollar listings has declined by 15.6% year over year. The luxury listing entry point reached $2.97M in May, up 6.1%, outpacing the mid-market’s 1.5% growth. Online views for million-dollar homes is up 7.3%. These are national trends, not isolated the Sarasota or Florida.

Locally, inventory is low while there is growing demand. Today’s buyer wants to buy new or like-new in a good location. Accordingly, appreciation is based on product mix rather than traditional appreciation — location, age of home and upgrades. Sellers who are not updating or staging are at a disadvantage.

Time for a Real Estate Checkup?

Given the favorable real estate market for owners of Luxury Homes, we would like to offer you a Home Evaluation Consultation to give you the opportunity to learn about your home’s value from a professional real estate advisor.

Why is it important to know the current value of your Home?

To determine the equity you have in your home.
To evaluate your overall financial plan — especially considering current real estate appreciation and low mortgage interest rates.
To potentially access funds for deferred maintenance and/or upgrades to further increase your home’s value.
To evaluate whether your current home is providing you with the lifestyle you desire.

We are here to advise you and look forward to connecting in the future. Please feel free to call/text/email any our our team members, or use the contact form below.

When you connect with the Peter G. Laughlin Group, you benefit from the worldwide recognition and savvy of the Sotheby’s brand. Our core values — Inclusive, Dependable, Inspired, Accomplished, Intentional, Notable — form a firm foundation for creating the highest quality of service and results in real estate transactions.