The first quarter of 2021 was largely a continuation of the trends that closed out the year prior – low levels of inventory and high levels of demand that gradually bumped up home values 17% and caused a 27.4% decrease in time on market. Throughout the first quarter, however, new listings coming to market are also on an upward trend indicating the veil of hesitation that hung over potential sellers in 2020 is slowly lifting. Between February and March alone, new listings rose by over 13%. Single-family homes remain in higher demand than condominiums/townhomes, although both show notable increases in demand year over year. It’s worth noting the dramatic shift in our region’s typical seasonality. For the last decade, we have grown accustomed to a cyclical ebb and flow of demand. With accelerated consumer behavior, we will look to the second and third quarters of this year for indications of new market trends.
“More sellers are getting ready to sell. They might have been thinking about it last year, but that inventory is now finally beginning to come to market. That confidence is incredibly important as we move through 2021 to keep up with the steady and strong demand for our region. Regardless if you’re a buyer or seller, your greatest asset of the year will be a professional guide to the market.”
– Drayton Saunders, President
Read the full general market report
Across all three counties, the first quarter of 2021 reported the highest demand and lowest inventory in the luxury market in the last 15 years. Pending sales rose 2-3 times higher than the start of 2020, indicating both confidence in real estate as a sound investment and the demand for our year-round outdoor lifestyle. Driven by buyers from high-tax states, like Illinois and New York, median sales prices also saw notable increases. Single-family homes continue to edge out condominiums/townhomes when it comes to buyer preferences, however, record sales at new resort developments, such as the upcoming Residences at the St. Regis on Longboat Key, indicate concierge-service blended with waterfront living will be highly sought-after in the year ahead.
“There has been a profound shift from a traditional second home to the ‘dual-primary residence’. In this price range, highly amenitized homes are not synonymous with the single-family category. The condominiums and single-family homes selling quickly feature both the necessities and livability of a primary residence with the location of a vacation home.”
– Michael Saunders, Founder, and CEO
Top 10 luxury sales in the 1st quarter
The following luxury sales were successfully facilitated by our experienced agents, who are the reason Michael Saunders & Company commands a strong 30.31% of the $1 million+ luxury property market.
1452 Hillview Dr | Harbor Acres | $13,250,000
401 Quay Commons, PH 1803 | The Ritz-Carlton Residences | $7,828,000
1400 Harbor Dr | Harbor Acres | $7,400,000
539 Norsota Way | Bay Island | $7,000,000
878 Hill Tide Ln | Hill Tide Estates | $6,900,000
401 Quay Commons, PH 1802 | The Ritz-Carlton Residences | $6,675,846
233 Seagull Ln | Bird Key | $6,650,000
814 N Casey Key Rd | Casey Key | $6,250,000
6111 Gulf of Mexico Dr | Sleepy Lagoon | $6,100,000
622 S Owl Dr | Bird Key | $6,000,000
Read the full luxury market report