How are the Sarasota luxury homes selling?

I heard from another Realtor recently that the Sarasota luxury homes market is the healthiest segment of our market. I was curious to see if this was true. Quite often real estate agents, mortgage brokers and others in the real estate industry just loosely throw around facts, figures and opinions. So I went to the MLS system and checked to see how many homes, not condos, that have sold so far this year in Sarasota, Lakewood Ranch and the barrier islands in various price ranges and also how many were still for sale. Here are the numbers:

Sarasota Homes

$0 - $300,000
658 homes sold
908 homes currently for sale.
Roughly a 12.5 month supply

$300,001 - $500,000
654 homes sold
1,477 homes currently for sale
Roughly a 20 month supply

$500,001 - $1,000,000
457 homes sold
1,262 homes currently for sale
Roughly a 25 month supply

$1,000,001 - $2,000,000
119 homes sold
463 homes currently for sale
Roughly a 33 month supply

Above $2,000,000
69 homes sold
332 homes currently for sale.
Roughly a 44 month supply


I don't think there is anything suprising from these figures. Looking at the supply numbers it does not look like the luxury home market in Sarasota is the most active. Perhaps the sales in the luxury home price range have not dropped off as much as the lower price ranges. That would be an interesting study for another day.

The supply numbers are a rough estimate since it is 23rd of the month and many closings are held at the end of the month. The supply figures also assume that no more homes will come on the market and demand will stay constant. Of course, these are unrealistic assumptions.